Investment Rating - The investment rating for the company is "Buy-A" with a target price of 105.17 CNY, maintaining the rating [5]. Core Views - The company has demonstrated strong performance in its financial results, with a revenue of 2.548 billion CNY in 2024, representing a year-on-year growth of 32.63%. The net profit attributable to shareholders reached 683 million CNY, up 67.64% year-on-year [1]. - The company is actively advancing its independent brand strategy, with significant progress in the overseas market, particularly in the United States, where the "MOTOGallery" project has established over 500 store-in-store locations across 32 states [2]. - The company has successfully expanded its customer base, adding 96 new retail customers in 2024, all of which are U.S. retailers, enhancing its customer structure and channel resources [3]. Financial Performance - In 2024, the company's revenue from electric sofas was 1.955 billion CNY, a year-on-year increase of 37.13%, while electric beds generated 346 million CNY, up 20.45% [2]. - The gross profit margin for 2024 was 39.35%, an increase of 5.40 percentage points year-on-year, while the net profit margin was 26.80%, up 5.60 percentage points [11]. - The company plans to distribute a cash dividend of 5.0 CNY for every 10 shares and to increase capital by converting reserves into shares at a ratio of 3 shares for every 10 shares held [1]. Customer and Market Expansion - The company has seen a significant increase in procurement amounts from its top 10 customers, with nine out of ten reporting growth, and three customers exceeding 100% growth [3]. - As of Q1 2025, the company’s retail customers in the U.S. accounted for 88.19% of its total U.S. furniture customers, with sales to U.S. retailers contributing 64.75% of total revenue [10]. - The company’s retail channel layout in the U.S. has shown significant effectiveness, with a focus on large retailers driving steady growth [10]. Future Projections - The company is expected to achieve revenues of 3.162 billion CNY, 3.850 billion CNY, and 4.631 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.10%, 21.73%, and 20.29% [15]. - The projected net profits for the same years are 794 million CNY, 931 million CNY, and 1.107 billion CNY, with growth rates of 16.25%, 17.25%, and 18.90% [15].
匠心家居（301061）：业绩延续靓丽表现，自主品牌建设成效显著