Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 4.71, 5.54, and 6.60 RMB respectively, corresponding to PE ratios of 13, 11, and 9 times [5]. Core Insights - The company reported a revenue of 2.55 billion RMB for 2024, a year-on-year increase of 32.6%, and a net profit attributable to shareholders of 680 million RMB, up 67.6% year-on-year. The Q4 2024 results showed a revenue of 700 million RMB, a 49.8% increase year-on-year, with net profit and adjusted net profit of 250 million and 220 million RMB, respectively, reflecting increases of 197.2% and 198.6% [2]. - The company has successfully expanded its customer base and procurement scale, with significant growth in electric sofa sales. For 2024, revenue from smart electric sofas, beds, and accessories reached 1.96 billion, 350 million, and 230 million RMB, representing year-on-year growth of 37.1%, 20.4%, and 20.5% respectively. The company added 96 new retail customers in the U.S. in 2024, including 14 from the top 100 furniture retailers [2][3]. - The gross margin improved significantly, with a full-year gross margin of 39.4%, up 5.4 percentage points year-on-year. In Q4 2024, the gross margin reached 54.3%, an increase of 14.3 percentage points year-on-year, attributed to the ongoing development of the company's own brand and scale effects [3]. - The company has successfully established over 500 "MOTO Gallery" stores in the U.S. by Q1 2025, indicating a strong performance in the end market and validating the feasibility of its own brand store-in-store model [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.55 billion RMB, a 32.6% increase year-on-year, and a net profit of 680 million RMB, up 67.6% year-on-year. Q4 2024 revenue was 700 million RMB, a 49.8% increase year-on-year, with net profits showing substantial growth [2]. Operational Analysis - The company saw a continuous increase in customer acquisition and procurement scale, with electric sofa sales driving revenue growth. The revenue from electric sofas, beds, and accessories for 2024 was 1.96 billion, 350 million, and 230 million RMB, respectively, with significant year-on-year growth rates [2][3]. Financial Metrics - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, while Q4 2024 gross margin reached 54.3%, up 14.3 percentage points year-on-year. The company effectively controlled expenses, with sales, management, and R&D expense ratios showing favorable trends [3]. Brand Development - The company has made significant progress in developing its own brand, with the successful establishment of over 500 MOTO Gallery stores in the U.S. by Q1 2025, enhancing its market presence and brand recognition [4].
匠心家居：业绩超预期，自主品牌建设加速推进-20250423