Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.75 RMB based on the current market price of 24.84 RMB [3][14]. Core Insights - The company reported a revenue of 1.84 billion RMB for Q1 2024, representing a year-on-year increase of 45.3%, and a net profit attributable to shareholders of 100 million RMB, up 15.1% year-on-year [15]. - The European market is expected to continue its rapid recovery, with Q1 2024 revenue growth potentially exceeding 40%, while the US market is projected to grow over 35% [15]. - The company is focusing on enhancing its brand strategy by unifying its brands under "SONGMICS HOME" and aims to expand its product categories while maintaining a value-driven design philosophy [15]. - The report anticipates that the company's earnings per share (EPS) will be 1.25 RMB, 1.50 RMB, and 1.81 RMB for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 21, 17, and 14 [15]. Summary by Sections Company Overview - The company is projected to achieve revenues of 6.07 billion RMB in 2023, 7.52 billion RMB in 2024, and 9.24 billion RMB in 2025, with growth rates of 11.34%, 23.86%, and 22.87% respectively [21]. - The net profit attributable to shareholders is expected to rise from 250 million RMB in 2022 to 500 million RMB in 2024, reflecting a growth rate of 65.08% [21]. Financial Performance - The gross margin for Q1 2024 was reported at 36.0%, a decrease of 0.8 percentage points year-on-year, primarily due to increased shipping costs [15]. - The report highlights a strategic focus on operational efficiency through digitalization and supply chain optimization to enhance profitability [15]. Market Positioning - The company is strategically increasing its presence in the US market and is expected to implement a "full-channel" approach to improve operational efficiency [15]. - The report emphasizes the company's clear strategic direction and operational enhancements aimed at ensuring future growth and performance [15].

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 29.46 [6][27][36] Core Insights - The company reported a revenue of RMB 6.07 billion for 2023, representing a year-on-year growth of 11.34%, and a net profit attributable to shareholders of RMB 413 million, up 65.08% year-on-year [15][27] - In Q4 2023, the company achieved a revenue of RMB 1.94 billion, a 44.98% increase year-on-year, and a net profit of RMB 126 million, up 60.59% year-on-year [15][27] - For Q1 2024, revenue reached RMB 1.84 billion, growing 45.30% year-on-year, with a net profit of RMB 101 million, up 15.06% year-on-year [15][27] Summary by Sections Revenue Breakdown - The furniture series generated RMB 2.71 billion in revenue, up 4.79% year-on-year; the home furnishing series saw revenue of RMB 2.29 billion, up 22.31% year-on-year; the pet series grew rapidly to RMB 519 million, up 37.30% year-on-year; while the outdoor series revenue was RMB 466 million, down 12.26% year-on-year [26][35] - The company has a strong product matrix and new product development capabilities, which are expected to drive future performance growth [26][35] Financial Forecast - The forecast for net profit for 2024-2026 is RMB 493 million, RMB 574 million, and RMB 670 million, reflecting year-on-year growth rates of 19.4%, 16.6%, and 16.6% respectively [27][36] - The current closing price corresponds to a PE ratio of 19 and 16 times for 2024-2025, with a valuation of 24 times PE for 2024 [27][36] Market Position - The company is positioned as a leading cross-border e-commerce enterprise in home furnishing and furniture, with a target price based on a 24 times PE valuation for 2024 [27][36]

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 27.74 CNY per share based on a 23x PE for 2024 [12][16][33]. Core Viewpoints - The company is a leading cross-border e-commerce player focused on home furnishing products, primarily targeting the European and North American markets. It has shown significant revenue growth from 1.595 billion CNY in 2018 to 5.455 billion CNY in 2022, with a CAGR of 36% [41][45]. - The company plans to expand its product categories and market presence, particularly in the U.S. and Latin America, where it currently holds a low market share [2][64]. Summary by Sections Company Overview - The company specializes in home furnishing products and operates mainly through online B2C platforms, with 80.53% of its revenue coming from this channel in 2022. Amazon accounted for 67.61% of its revenue [41][60]. - The company has a stable and experienced core management team, with the founder holding nearly 50% of the shares [32][63]. Financial Performance - Revenue projections for 2024-2026 are 76.74 billion CNY, 93.70 billion CNY, and 112.58 billion CNY, with year-on-year growth rates of 26.34%, 22.10%, and 20.14% respectively. Net profit is expected to be 4.84 billion CNY, 6.17 billion CNY, and 7.63 billion CNY for the same period [12][16][42]. - The company’s EPS is projected to be 1.21 CNY, 1.54 CNY, and 1.90 CNY for 2024-2026, with a 3-year CAGR of 22.72% [12][16]. Market Dynamics - The demand for imported furniture in the U.S. is significant, with 39% of furniture sourced from imports. The company aims to leverage this demand to mitigate domestic overcapacity issues in China's furniture manufacturing sector [45][51]. - The cross-border e-commerce model is seen as a more efficient alternative to traditional foreign trade, shortening transaction chains and enhancing market access [45][51]. Growth Strategy - The company plans to enhance its market share in the U.S. and expand into Latin America and Australia, with a focus on increasing its product offerings and distribution channels [2][64]. - The report highlights the potential for growth in the pet product segment, with expected revenue growth rates of 42%, 35%, and 34% for 2024-2026 [6][34].

维持盈利预测，维持"买入"评级 公司报告 | 季报点评 24Q1 收入 18 亿，同增 45%；归母净利润 1 亿，同增 15%；扣非净利润 1 亿，同增 14%； ①风格化：公司以 Ekho 系列为例，产品以统一的设计语言和独特的设计风 格带给消费者更好的视觉享受；②系列化：客户能够基于一种风格在多种 品类上面进行选择。③性价比：公司并没有使用复杂或者昂贵的材料来实 现风格化和系列化，产品本身可能跟市面上的款式在成本上并没有太大的 差异，但是能够带来更好的视觉享受。 第三方渠道快速增长 风险提示：海外需求下降风险；全球海运费上涨；行业竞争加剧；供应链 建设进度不及预期等。 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 04 月 30 日 | | 投资评级 | | | 行业 | 轻工制造 / 家居用品 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 23.53 元 | | | 目标价格 元 | | 基本数据 | | | A ...

Investment Rating - The report maintains a "Buy" rating for the company [1][20]. Core Views - The company has demonstrated strong revenue growth in Q1 2024, achieving an operating income of 1.842 billion yuan, a year-on-year increase of 45.30%, and a net profit attributable to shareholders of 101 million yuan, up 15.06% year-on-year [1]. - The company is focusing on brand unification, product series development, and global cost reduction while expanding its channels and optimizing logistics [1][3]. - The company aims to enhance its market penetration in the U.S. while continuing to expand in Europe and emerging markets like Mexico and Australia [3]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 36%, a slight decrease of 0.78 percentage points year-on-year, primarily due to fluctuations in shipping costs [1]. - The net cash flow from operating activities reached 438 million yuan, reflecting a significant year-on-year increase of 69.58% [1]. - The company expects improvements in shipping costs in Q2 2024, which will help restore profitability [1]. Future Projections - The company forecasts net profits of 506 million yuan, 600 million yuan, and 737 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.26 yuan, 1.49 yuan, and 1.83 yuan [3][4]. - The projected P/E ratios for the next three years are 18.71, 15.79, and 12.86, indicating a favorable valuation trend [3][4]. Market Position - The company has established a strong presence in the online home goods retail market in Europe and the U.S., leveraging its early mover advantage in cross-border e-commerce [3]. - The report highlights the company's ongoing efforts in digitalization and localized operations to enhance customer experience [3].

现金流表现亮眼，新渠道拓展顺利 [Table_Industry] 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|--------|-------|-------|-----------------------|-----------------------|-------|-------|-------|---------------------| | 图表 1 ：公司三大财务报表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 726 | 2,270 | 2,779 | 3,379 | 营业收入 | 6,074 | 7,567 | 9,265 | 11,264 | | 应收票据 | 0 | 0 | ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-----------------------|-----------------------------------------|--------------|----------------------|--------------------------------|-------------------------------------------|------------------|------- ...

Investment Rating - The report maintains a "Buy" rating for the company [20][21]. Core Insights - The company reported a revenue of 1.842 billion yuan in Q1 2024, representing a year-on-year increase of 45.3%. The net profit attributable to the parent company was 101 million yuan, up 15.1% year-on-year, while the net profit excluding non-recurring items was 96 million yuan, reflecting a 13.6% increase year-on-year [2]. - The company benefits from regional and platform expansion, with a notable increase in sales volume despite slight adjustments in average prices due to consumer downgrade trends. Profit growth has slowed primarily due to external factors such as rising shipping costs and foreign exchange fluctuations [2][6]. - The company has established a brand advantage on the Amazon platform, ranking first in the home furniture category in Germany, France, the UK, and Italy. The North American market is expected to see increased contributions as the company optimizes its operational model and enhances supply chain management [19]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 36.0%, a decrease of 0.8 percentage points year-on-year, while the net profit margin was 5.5%, down 1.4 percentage points year-on-year. The increase in shipping costs and a decline in average prices impacted the gross margin, although the company continues to optimize supply management to mitigate some of these effects [7]. - The operating cash flow for Q1 2024 was 438 million yuan, an increase of 180 million yuan year-on-year. The turnover days for accounts receivable, accounts payable, and inventory were 8.63, 32.76, and 76.11 days, respectively, showing a year-on-year change of -0.68, +7.30, and +3.80 days [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 490 million yuan, 613 million yuan, and 736 million yuan, respectively, with corresponding PE valuations of 21.3X, 17.0X, and 14.2X [20].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved revenue of 1.842 billion yuan in Q1 2024, representing a year-on-year growth of 45.30% [1] - The company has successfully expanded its sales channels, including platforms like SHEIN and TikTok, which are expected to contribute to revenue growth [1] - The company is focusing on its main brand SONGMICS HOME to strengthen its market position and consumer connection [2] Financial Performance - In Q1 2024, the company's net profit attributable to shareholders was 101 million yuan, a year-on-year increase of 15.06% [1] - The gross profit margin for Q1 2024 was 36.0%, a decrease of 0.78 percentage points year-on-year, primarily due to rising logistics costs [2] - The company expects net profits for 2024, 2025, and 2026 to be 510 million, 620 million, and 750 million yuan respectively, with corresponding PE ratios of 20X, 16X, and 13X [2][5] Revenue Growth - The company anticipates revenue growth rates of 11.3%, 23.7%, 22.6%, and 23.1% for the years 2024, 2025, and 2026 respectively [5] - The company has a significant inventory of 448 million yuan in transit as of the end of 2023, up 116% from the previous year [1] Cost Management - The company has implemented supply chain optimizations that have led to a decrease in procurement costs, which may offset some of the increased shipping costs [1] - The financial expenses for Q1 2024 were reported at 25.54 million yuan, with exchange rate fluctuations contributing to losses [2]

证券研究报告·公司点评报告·家居用品 买入（维持） ◼ 业绩简评：2024Q1 公司实现收入为 18.42 亿元，同比+45%；实现归母 净利润为 1.0 亿元，同比+15%；扣非净利润为 0.96 亿元，同比+14%。 低基数下，公司收入实现高增。2023Q1 同期，公司收入为低基数，部分 因家具品类缺货所致；2024Q1 供应链回复后公司收入取得高增。 ◼ 看好消费品出海方向，公司作为领先的跨境家居品牌，值得关注。据海 关总署，2023 年我国跨境电商出口额为 1.83 亿元，同比+19.6%，是景 气度较高的赛道。基于我国消费品供应链优势，我们长期看好消费品出 海大趋势，公司作为出海标的中品牌建设较为优秀、具备物流壁垒的公 司，是稀缺资产。 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 市场数据 相关研究 2024 年一季报点评：收入+45%表现亮眼，汇 兑影响短期利润 2024 年 04 月 25 日 [Table_Tag] [Table_Summary] ...