肥了公司，苦了中小股东！水星家纺：不差钱的优等生，张口再圈10亿

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Mercury Home Textiles, plans to issue convertible bonds worth up to 1.015 billion, primarily for building new industrial bases and smart warehousing, which raises concerns about shareholder dilution [4][5] - The company has shown good growth, with revenue increasing from 2.72 billion in 2018 to 4.21 billion in 2023, representing a CAGR of 9% [6][10] - The company's e-commerce business has been a significant growth driver, with an average annual growth rate of 19% [6] - The company ranks second in market share within the home textile industry, with a 3.62% market share in 2023 [11] Summary by Sections Industry Overview - The home textile industry has a low concentration, with the top 10 companies holding less than 24% of the market share, indicating intense competition [14] - The domestic market has limited growth potential, with negligible growth rates in recent years [14][15] Company Performance - Mercury Home Textiles has a strong online presence, with e-commerce sales accounting for over 50% of total revenue in 2023, significantly higher than its competitors [23][24] - The company has maintained a light asset model, with only 10% of total assets in fixed assets and construction in progress, compared to 17% for its competitor, Luolai [40][41] Financial Metrics - The company has a lower net profit margin compared to its peers, with a non-deductible net profit of 330 million in 2023, the lowest among the three companies analyzed [31] - The gross profit margin for the company in 2023 was 35.1%, which is 7 percentage points lower than Luolai and 16 percentage points lower than Fuanna [34][35] - The return on equity (ROE) for the company is slightly above 10%, which is considered decent but not outstanding compared to its competitors [52] Shareholder Returns - The company has distributed a total of 1.18 billion in cash dividends over the past seven years, significantly lower than Luolai's 3.32 billion and Fuanna's 3.02 billion [56][57] - The company's dividend payout ratio has improved but still lags behind its competitors, indicating a need for better shareholder return strategies [52][58]