Henglin(SH:603661) 3 6 Ke·2025-05-20 02:02Core Insights - Henglin Home's 2024 annual report highlights significant milestones, including revenue surpassing 10 billion yuan for the first time, with a year-on-year growth of 34.59% [1][2] - The company's OBM (Own Brand Manufacturing) business has seen a remarkable increase, with revenue growing over 600 times in five years, now exceeding OEM/ODM (Original Equipment Manufacturing/Original Design Manufacturing) for the first time [1][10] - The compound annual growth rate (CAGR) from 2020 to 2024 stands at 23.49%, indicating strong and stable growth [2] Revenue and Profitability - Henglin Home achieved a total revenue of 11.03 billion yuan in 2024, with a net profit of 263 million yuan, remaining stable compared to the previous year [1] - The company's cash flow from operating activities reached a record high of 951 million yuan, reflecting strong sales and timely collections [15] Business Strategy and Market Position - The growth in revenue is primarily attributed to the expansion of cross-border e-commerce, with online sales increasing by 196.47% to 4.325 billion yuan [5] - The company has established a multi-dimensional online marketing network, covering major platforms like Amazon, Wayfair, and Walmart, as well as building its independent site [5][9] - Henglin Home's overseas revenue accounted for 89.90% of total revenue, maintaining its position as the number one exporter in the office chair industry [9] Product Performance - The company's diversified product strategy has shown results, with significant revenue contributions from various categories, including office furniture and soft furniture [6] - The soft furniture segment is highlighted as a leading growth area, with a global market expected to reach 80 billion USD by 2024 [6] Investment in R&D - Henglin Home's R&D expenses reached a record high of 226 million yuan, with a focus on maintaining core competitiveness [8] - The company has increased its patent portfolio, with 1,630 effective patents, reflecting its commitment to innovation [8] Future Outlook - The company aims to expand sales channels and support cross-border e-commerce while maintaining its manufacturing base [15] - Henglin Home's strategy includes a dual approach of brand and manufacturing expansion to navigate the competitive landscape [10][14] - The global market for home office furniture is projected to grow significantly, providing opportunities for Henglin Home's continued expansion [15][19]