Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved significant revenue and profit growth in 2024, with revenue reaching 2.55 billion yuan, up 32.6% year-on-year, and net profit attributable to shareholders at 680 million yuan, up 67.6% year-on-year [4][5]. - The company's strong performance is attributed to increased internal R&D investment, successful new product launches, and significant growth in direct retail customer numbers [5]. - The company has established over 500 "MOTO Gallery" store-in-store locations in the U.S. and expanded into Canada, enhancing its retail network in North America [6]. - The gross margin improved to 39.4% in 2024, up 5.4 percentage points year-on-year, driven by lower raw material prices and an increase in the revenue share of higher-margin products [6][8]. - The company plans to distribute a cash dividend of 5.0 yuan per 10 shares and increase its share capital by 3 shares for every 10 shares held [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.55 billion yuan and a net profit of 680 million yuan, with a significant increase in Q4 revenue and profit [4][5]. - The company’s revenue from smart electric sofas, smart electric beds, and accessories reached 1.96 billion yuan, 350 million yuan, and 230 million yuan respectively, with year-on-year growth rates of 37.1%, 20.5%, and 20.5% [5]. Customer and Market Expansion - 90.5% of the company's products were sold in the U.S., with 84.0% produced in Vietnam [5]. - The company added 96 new retail customers in 2024, including 14 from the top 100 furniture retailers in the U.S., indicating a strengthened customer base [5]. Cost and Profitability - The gross margin for 2024 was 39.4%, with a notable increase in Q4 gross margin to 54.3% [6][8]. - The company’s operating expenses decreased to 8.0% of revenue, down 3.1 percentage points year-on-year, with significant reductions in financial expenses due to increased foreign exchange gains [7]. Future Projections - The company’s net profit forecasts for 2025-2027 have been raised to 800 million yuan, 950 million yuan, and 1.14 billion yuan respectively, reflecting a strong growth outlook [8]. - The projected EPS for 2025, 2026, and 2027 are 4.81 yuan, 5.66 yuan, and 6.84 yuan, with corresponding P/E ratios of 13, 11, and 9 [8][9].
匠心家居（301061）：2024年年报点评：业绩高速增长，自主品牌建设初见成效