财说| 五年三度亏损，德尔未来已看不清未来

Core Viewpoint - 德尔未来 has reported its third consecutive loss in five years, with significant declines in revenue and net profit, indicating severe challenges in the flooring and custom furniture sectors [1][2]. Group 1: Financial Performance - In 2024, the company's operating revenue was 1.525 billion yuan, a year-on-year decrease of 21% [1]. - The net profit attributable to shareholders was a loss of 89.52 million yuan, representing a year-on-year decline of 382% [1]. - The flooring business generated revenue of 1.012 billion yuan, accounting for 66.34% of total revenue, while the custom furniture segment brought in 500 million yuan, making up 52.71% of total revenue, with both segments combined accounting for 99.05% of total revenue [1]. Group 2: Industry Challenges - The decorative materials industry is experiencing overcapacity due to shrinking demand, affecting major competitors like 菲林格尔 and 大亚圣象, which have also reported losses and declining profits [1]. - The company has faced a significant reduction in order volume due to weak market consumption and intensified competition [1]. Group 3: Operational Issues - The custom furniture business has also reported losses, with 苏州百得胜 generating 500 million yuan in revenue, down 32.5% year-on-year, and a net loss of 61.68 million yuan compared to a profit of 14.44 million yuan in the previous year [2]. - The company's capacity utilization rate has dropped significantly, leading to a historical low gross margin of 20.79% and a net profit margin of -5.87% [2]. - Accounts receivable turnover has decreased to 9.21, marking a historical low, resulting in increased bad debt provisions of 37.69 million yuan, up 1.593 million yuan from 2023 [2]. Group 4: Asset and Control Issues - The company has significant restricted assets totaling 521 million yuan, including 148 million yuan in cash and 210 million yuan in other current assets, which are tied up in various guarantees and pledges [2]. - The actual controller of the company, 德尔集团, is facing legal issues, with 11.08 million shares frozen due to judicial reasons, representing 3.11% of its holdings and 1.68% of the company's total shares [3]. - Overall, the company is grappling with high leverage, failed diversification strategies, and the dual freeze of assets and shares, complicating its future outlook [3].