Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company is a globally recognized internet home brand, often referred to as the online "IKEA," focusing on the research, design, and sales of its own branded home products, which include furniture, home decor, garden, and pet products [2][80] - The company has established a strong presence in the European and North American online home retail markets over the past decade, gaining consumer recognition and achieving significant sales on platforms like Amazon [2][80] - The company has a robust supply chain and logistics system, leveraging China's manufacturing capabilities to optimize costs and enhance product delivery efficiency [2][81] Summary by Sections Company Overview - The company operates under three main brands: SONGMICS, VASAGLE, and Feandrea, and has expanded its product offerings to over 70 countries, serving more than 20 million households globally [80] - The company has a concentrated shareholding structure, with the majority of shares held by the founder and a few key investors, ensuring strong management control [91][103] Industry Analysis - The global furniture and home goods market is experiencing steady growth, with an expected CAGR of 4.06% from 2014 to 2021, and projected revenues to exceed $1.62 trillion by 2025 [2] - The penetration of online retail in the home goods sector is increasing, with significant growth in e-commerce platforms in the U.S. and Europe, where online retail penetration rates have reached 27.47% and 15.80%, respectively [2][11] Financial Performance - The company reported a revenue of 6.07 billion yuan in 2023, with a CAGR of 31% from 2018 to 2023, and a net profit of 413 million yuan, reflecting a 65.08% year-on-year increase [3][97] - The company forecasts net profits of 451 million yuan, 611 million yuan, and 784 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.12 yuan, 1.52 yuan, and 1.95 yuan [3][31] Logistics and Supply Chain - The company has developed a comprehensive logistics network, including self-operated warehouses and partnerships with third-party logistics providers, enhancing its delivery capabilities [2][81] - The company is actively expanding its overseas warehouse capacity, with an additional 123,000 square meters planned for 2024, to support its growing international sales [2][27] Future Outlook - The company aims to continue expanding its market share in Europe and the U.S. while exploring emerging markets such as Mexico and Australia, focusing on brand unification, cost reduction, and channel expansion [3][30]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融行业领涨 A 股宽幅震荡 《市场分析：汽车软件行业领涨 A 股震荡整 理》 2024-07-22 证券研究报告-市场分析 发布日期：2024 年 07 月 23 日 周二 A 股市场低开低走、宽幅震荡，早盘股指低开后震荡回落，沪指盘中 在 2945 点附近获得支撑，午后股指再度震荡回落，盘中银行、医药商业、 铁路公路以及电机等行业表现较好；半导体、有色金属、酿酒以及软件开 发等行业表现较弱，沪指全天基本呈现宽幅震荡的运行特征。当前上证综 指与创业板指数的平均市盈率分别为 12.68 倍、27.80 倍，处于近三年中 位数以下水平，市场估值依然处于较低区域，适合中长期布局。两市周二 成交金额 6669 亿元，处于近三年日均成交量中位数区域下方。新国九条发 布，推动市场走向成熟，提振市场长期信心。基建、制造业投资保持增长， 出口保持较高增长，有力支撑经济企稳向好。金融数据增速略有回落。美 国通胀继续回落，强化美联储降息预期。国内市场有望企稳，未来股指总 体预计将保持震荡格局，同时仍需密切关注 ...

分析师:刘智 登记编码:S0730520110001 liuzhi@ccnew.com 021-50586775 机械 设备更新叠加出海推动周期复苏,未来产 业和自主可控有望推动成长板块行情 ——机械行业月报 发布日期:2024 年 07 月 23 日 投资要点: 证券研究报告-行业月报 同步大市(维持) 机械相对沪深 300 指数表现 机械 沪深300 -31% -25% -20% -15% -10% -5% 0% 6% 2023.07 2023.11 2024.03 2024.07 资料来源:中原证券 相关报告 《机械行业月报:设备更新推动周期复苏,优 势装备制造扬帆出海 》 2024-07-02 《机械行业半年度策略:内需看设备更新、新 质生产力,外需看优势装备出海》 2024-06-28 《机械行业月报:持续关注设备更新+出口产 业链 》 2024-05-30 联系人:马嵚琦 电话: 021-50586973 地址: 上海浦东新区世纪大道1788号16楼 邮编: 200122 ⚫ 7 月中信机械板块下跌 3.09%,跑输沪深 300 指数(2.23%)5.32 个百分点,在 30 个中信一级行业中排名 ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -26% -22% -17% -13% -8% -4% 0% 5% 2023.07 2023.11 2024.03 2024.07 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,964.22 | -0.61 | | 深证成指 | 8,869.82 | -0.38 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,514.92 | -0.68 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,371.39 | - ...

表 2: 港股主要指数表现（单位：点） 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 沪市成交金额 深市成交金额 联系人： 马嵚琦 | --- | --- | --- | |---------------------------------------|----------------------------|-------| | 表 1： A 股主要指数表现（单位：点） | 指数名称 最新价 当天涨跌幅 | | | 上证综指 | 2,964.22 -0.61% | | | 上证 | 50 2,432.55 -0.99% | | | 沪深 | 300 3,514.92 -0.68% | | | 中证 500 | 4,865.98 -0.12% | | | 中证 | 1000 4,826.87 0.11% | | | 深证成指 | 8,869.82 -0.38% | | | 中小 | 100 5,729.67 -0.32% | | | 创业板指 | 1,723.91 -0.09% | | | 万得全 A | 4,218.18 -0.22% | | | ...

资料来源：聚源，中原证券研究所 -26% -22% -18% -13% -9% -5% 0% 4% 2023.07 2023.11 2024.03 2024.07 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,982.31 | 0.17 | | 深证成指 | 8,903.23 | 0.27 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,539.02 | 0.51 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,394.26 | 0.45 | | 中证 500 | 4,872.05 | -0.12 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801. ...

Investment Ratings - The report suggests a cautious approach towards investment opportunities in the lithium battery sector due to a recent decline in the index and underperformance compared to the Shanghai and Shenzhen 300 Index [1] - The semiconductor materials sector is recommended for attention, particularly in sub-industries with high technical difficulty and low domestic replacement rates [1] - The report indicates a positive outlook for the agricultural and forestry sector, suggesting a focus on pig farming and pet food segments that are experiencing a cyclical reversal [1] Core Insights - The lithium battery index fell by 1.74%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 1.92% [1] - The new materials index decreased by 0.19%, while the semiconductor industry is expected to accelerate domestic replacement processes due to geopolitical tensions [1] - The light industry manufacturing sector saw a significant decline of 3.4%, with all sub-sectors reporting losses, particularly in home furnishings due to weak real estate data [1] - The agricultural sector outperformed the benchmark index, with a 3.79% increase, driven by strong performance in pig farming [1] - The pharmaceutical sector's index rose by 1.44%, with a focus on vitamin and anti-aging investment opportunities [1] Summary by Sections Lithium Batteries - The lithium battery index decreased by 1.74%, with global electric vehicle sales reaching 1.3241 million units in May, a year-on-year increase of 25.21% [9] - The report advises cautious attention to investment opportunities in the sector due to ongoing price pressures [9] New Materials - The new materials index fell by 0.19%, with semiconductor materials showing a notable increase of 6.31% [10] - The report highlights the acceleration of domestic semiconductor replacement processes amid geopolitical tensions [10] Light Industry Manufacturing - The light industry manufacturing index dropped by 3.4%, with all sub-sectors declining, particularly home furnishings [12] - The report suggests monitoring companies that may benefit from price increases in the paper sector [12] Agriculture, Forestry, Animal Husbandry, and Fishery - The agricultural sector index rose by 3.79%, outperforming the benchmark index by 1.87 percentage points [13] - The report recommends focusing on pig farming and pet food sectors that are showing signs of recovery [13] Pharmaceuticals - The pharmaceutical index increased by 1.44%, with a recommendation to focus on the vitamin sector and anti-aging concepts [14] - The report notes the potential for growth in innovative drugs and traditional Chinese medicine [14] Securities - The securities index showed a rebound, increasing by 3.34%, outperforming the benchmark index [16] - The report indicates that market volume will be a key factor in determining the extent of future rebounds [16] Machinery - The machinery sector index fell by 1.37%, with semiconductor equipment showing strong performance [17] - The report suggests focusing on sectors benefiting from large-scale equipment updates and cyclical recovery [17] Photovoltaics - The photovoltaic sector rose by 2.69%, with a focus on companies involved in inverter production and other key segments [18] - The report indicates that the industry is undergoing capacity reduction, which may stabilize prices [18] Power and Utilities - The power and utilities index increased by 0.97%, with water power and other generation sectors performing well [19] - The report recommends focusing on stable profit-generating sectors like water and nuclear power [21]

行业周观点 联系人： 马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大 道 1788 号 16 楼 邮编： 200122 ⚫ 电力及公用事业 传媒（中信）板块本期下跌 0.29%，跑输沪深 300 指数（1.92%）2.21pct，成交额 851.52 亿元，环比减少 2.68%。子板块中社交与互动媒体上涨 4.20%，信息搜索与 聚合上涨 1.62%，动漫、互联网广告营销分别下跌 3.26%和 2.11%。建议关注 AI 应 第2页 / 共15页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 ⚫ 计算机 ⚫ 电子 行业资讯及动态： 2、2024 年 6 月，我国新能源汽车动力电池装机量 42.80GWh，同比增长 30.11%，环比增长 7.27%，其中三元装机占比 25.93%。(中国汽车动力电池产业创新联盟) 2. 新材料 1、河南集成电路产量较一季度增长 11.8 倍。7 月 18 日，河南省统计局发布 2024 年上半 年全省经济运行情况，根据地区生产总值统一核算结果，上半年，全省实现地区生产总值（GDP） 31231.44 亿元，按不变 ...

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各位投资者大家下午好接下来我来介绍一下电子行业下半年的投资的策略我的报告提供是半导体新周期开启人工智能创新布置接下来我会主要介绍四个方面的内容那么第一个方面主要会介绍半导体行业投资机会那么第二个方面主要介绍人工智能领域的投资机会 第三部分是投资建议那么最后一个部分是风险提示那么先介绍第一个部分半导体新周期开启,柴链有望延续复苏的态势全球半导体行业大概每隔四五年会经历一轮周期半导体周期所处的阶段可以通过半导体销售额库存水位,全场产能流率,存取价格 半导体设备的销售规片出货量等等指标来进行验证目前我们认为半导体行业已经开启了新一轮的上行周期AI是推动半导体行业成长的重要动员那么在半导体行业我主要讲三个投资方向第一个主要投资方向是存储器 目前纯属于价格已经进入到了上行的趋势当中供给端的产出还是处在收缩中智能手机PC服务器等纯属于主要的下游目前需求正在回暖供需关系在不断的改善纯属于价格有望延续反弹从供给需求库存价格等方面综合考虑纯属于周期目前已经进入到了上行的阶段 全球的半导体存储器市场主要是以DRAM和NAND Flash为主那么DRAM是第一大存储器产品市场份额占比接近60%那么NAND Flash是第二大存储器 ...