◆HOMETEX是世界两大家纺展会之一，由100多个商业附属机构和众多商会和协会提供支持。 ◆土耳其和邻国建筑业的发展推动了家用纺织业的发展。 ◆向土耳其出售产品有可能达到10亿美元的潜在进口额，而中东和北非地区有35亿美元的潜在进口额。 HOMETEX是欧洲、美国、中东和非洲市场内最大的家纺展会，是世界领先的家纺展览平台。 HOMETEX作为世界上最负盛名的家用纺织品博览会之一，吸引了国际同业人士在伊斯坦布尔汇集。在 上届展会上，700多家国内外公司展示了他们的新产品，在5天内来自135个国家的贸易商超17万人次参 观了此展，业务量约为150万美元，远远超出预期。HOMETEX家纺博览会由土耳其家纺协会 （TETSIAD）联合主办，展会的成功举办确定了此展将成为全球家纺行业的的时尚风向标。 HOMETEX被业内人士描述为迄今为止家纺行业最成功的平台。 ◆25亿的潜在家用纺织品买家可通过仅3小时的长途飞行距离抵达此处，对于来自欧洲、海湾国家、俄 罗斯和独联体、以及中东和非洲地区的观众来说是最方便的区位。 ◆欧洲国家尤其是西班牙、葡萄牙、比利时、德国、意大利等以及世界领先的家用纺织品制造商长期以 来一直倾向于国 ...

公司报告 | 年报点评报告 水星家纺（603365） 证券研究报告 受益家纺补贴，打造优势单品 公司发布 24 年报和 25 年一季报 国补提振家纺销售 2024 年 3 月 13 日，国务院发布《推动大规模设备更新和消费品以旧换新 行动方案》，提出推动家装消费品换新。 2024 年 7 月 24 日，国家发改委、财政部发布《关于加力支持大规模设备 更新和消费品以旧换新的若干措施》，支持地方提升消费品以旧换新能 力，安排超长期特别国债资金，用于支持地方自主提升消费品以旧换新能 力。 2024 年 10 月下旬起，上海、江苏等地将家纺类产品纳入消费补贴范围， 提振了消费信心，促进了品牌家纺企业的销售增长，尤其是线上渠道因高 覆盖率和平台补贴带动效果明显。 25Q1：营收 9 亿，同比+1%；归母净利润 0.9 亿，同比-4%；扣非归母净利 润 0.8 亿，同比-10%； 24Q4：营收15亿，同比+4%；归母净利润1.6 亿，同比+24%；扣非归母净 利润 1.5 亿，同比+31%； 24A：营收42 亿，同比-0.42%；归母净利润4亿，同比-3%；扣非归母净利 润 3 亿，同比+2%。 分渠道，1）24 年 ...

公司报告 | 年报点评报告 水星家纺（603365） 证券研究报告 受益家纺补贴，打造优势单品 公司发布 24 年报和 25 年一季报 25Q1：营收 9 亿，同比+1%；归母净利润 0.9 亿，同比-4%；扣非归母净利 润 0.8 亿，同比-10%； 24Q4：营收15亿，同比+4%；归母净利润1.6 亿，同比+24%；扣非归母净 利润 1.5 亿，同比+31%； 24A：营收42 亿，同比-0.42%；归母净利润4亿，同比-3%；扣非归母净利 润 3 亿，同比+2%。 分渠道，1）24 年电商营收 23 亿，同比-4%，毛利率 43%，同比+3pct； 2）加盟营收 13 亿，同比+1%，毛利率 37%，同比-1pct； 3）直营营收 3 亿，同比-7%，毛利率 53%，同比-1pct。 同时，公司拟每 10 股派发现金红利 9 元（含税），加上回购，合计派发 3.6 亿，派息率为 97%。 国补提振家纺销售 2024 年 3 月 13 日，国务院发布《推动大规模设备更新和消费品以旧换新 行动方案》，提出推动家装消费品换新。 2024 年 7 月 24 日，国家发改委、财政部发布《关于加力支持大规模设备 ...

公司发布2024 年报与2025 第一季度报告，2024 年实现营收/归母净利润/扣非净利润分别为41.93 亿/3.67 亿/3.33 亿，同比-0.42%/-3.28%/+1.77%。Q4 单季度实现营收/ 归母净利润/ 扣非净利润分别为 15.1/1.57/1.49 亿， 同比+3.65%/+23.56%/+30.98%，受益于家纺补贴与公司内部积极调整，业绩改善明 显。 2025Q1 实现营收/归母净利润/扣非后归母净利润分别为9.26/0.90/0.76 亿，同比+1.20%/-3.79%/-9.84%。 此外，公司拟每10 股派发现金红利9 元（含税），现金分红和回购金额3.55 亿，合计占归母净利润比例 高达96.84%。 电商渠道毛利率提升，加盟渠道展现韧性，直营渠道营收下滑。2024 年线上实现营收22.99 亿元（同 比-3.75%），但毛利率提升显著3.19pct 至42.96%，主因线上产品结构优化以及促销力度减弱。线下业 务加盟/直营收入分别为13.33/3.25 亿元(同比+1.46%/-6.51%)，毛利率分别为37.39%/52.86%，分别同 比-0.53/-1.05pct。 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 电商毛利率提升，关注智能家纺进展 [Table_Title2] 水星家纺(603365) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603365 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 19.9/10.73 | | 目标价格： | | 总市值(亿) | 42.55 | | 最新收盘价： | 16.2 | 自由流通市值(亿) | 41.81 | | | | 自由流通股数(百万) | 258.06 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/扣非归母净利/经营性现金流分别为 41.93/3.67/3.33/5.16 亿元、同比增长- 0.42%/-3.28%/1.77%/4.58%，未达到股权激励目标（24 年净利润增长 4%-6%）。非经主要为政府补助 0.22 亿 元（同比下降 60.31%）；剔除资产及信用减值损失、公允价值变动、资产处置收益后归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown stable performance over 2024, but faced pressure in Q1 2025, with a significant decline in revenue and net profit. The company remains a leader in the home textile industry, and its high dividend payout provides stable returns for investors [1][10]. - In 2024, the company achieved a revenue of 3.01 billion yuan, a year-on-year decrease of 0.6%, and a net profit of 540 million yuan, down 5.2% year-on-year. The first quarter of 2025 saw a more pronounced decline, with revenue dropping 17.8% and net profit falling 54.1% [5][6]. Summary by Sections Financial Performance - In 2024, the company’s revenue and net profit showed a slight decline, with revenue at 3.01 billion yuan and net profit at 540 million yuan. The first quarter of 2025 reported revenue of 540 million yuan and net profit of 56.14 million yuan, reflecting a significant year-on-year decline [5][6]. - The company’s gross margin improved to 56.1% in 2024, with a slight increase in various product categories [8][15]. Revenue Breakdown - In 2024, the revenue from different product categories was as follows: bedding sets (39.7%), comforters (39.8%), and pillows (7.2%), with respective year-on-year changes of -0.2%, -1.6%, and -2.8% [7]. - Revenue from various sales channels in 2024 showed a decline in e-commerce sales by 7.4%, while franchise and direct sales saw slight increases of 1.4% and 1.8%, respectively [7]. Dividend and Shareholder Returns - The company proposed a cash dividend of 0.62 yuan per share for 2024, resulting in a dividend payout ratio of 96%. The current dividend yield is 7.9% based on the stock price as of April 29, 2025 [5][10]. Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 548 million yuan, 574 million yuan, and 596 million yuan, respectively, with corresponding EPS of 0.65 yuan, 0.68 yuan, and 0.71 yuan [10][11].

公司2024 年收入同比下滑0.6%至30.11 亿元，净利润同比下滑5.22%至5.42亿元。分季度看：2024 年Q4 收入同比增长1.75%至11.24 亿元，净利润同比增长10.28%至2.49 亿元。2025 年Q1 收入同比下滑17.8% 至5.36 亿元，净利润同比下滑54.12%至0.56 亿元。2024 年分红比例：每 10 股派发现金红利6.2 元（含 税），股利支付率超过了95%。当前市值对应2025PE13X、2026PE12X，维持强烈推荐评级。 2024 年经营性净现金流3.66 亿元，同比降52.18%。主要是2024 年经营活动现金流入规模同比下降了 2%，而购买商品、接受劳务支付的现金增加了15%。 2025Q1 公司收入同比下降17.8%至5.36 亿元，净利润同比下降54.12%至0.56 亿元。净利润降幅较大的 原因在于：1、毛利率同比提升0.26pct 至54.47%。2、期间费用率上升，其中销售费用率同比提升 9.61pct 至36.44%，管理费用率同比提升0.72pct 至4.45%，研发费用率同比下降0.7pct 至2.86%，财务费 用率为-0.41%（去年 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to maintain stable performance in 2024 despite a weak macro consumption environment, with a projected revenue of 3.011 billion yuan, a slight decrease of 0.6% year-on-year, and a net profit of 542 million yuan, down 5.2% year-on-year. The gross margin is expected to improve by 0.43 percentage points to 56.05% [1][3] - The company maintains a high dividend payout ratio of 95.8%, proposing a dividend of 6.2 yuan per 10 shares, totaling 520 million yuan [1][3] - The first quarter of 2025 is anticipated to see a double-digit revenue decline, with net profit significantly impacted due to increased sales expenses [1][3] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 3.011 billion yuan, with a net profit of 542 million yuan. The gross margin improved to 56.05%, while the net margin decreased to 18.01% [1][4] - The first quarter of 2025 is projected to have a revenue of 536 million yuan, down 17.8% year-on-year, and a net profit of 56 million yuan, down 54.1% year-on-year [1][3] Revenue Breakdown - Revenue by channel in 2024 showed steady growth in direct sales (+1.8%) and franchise sales (+1.4%), while online sales declined by 7.4%. Group purchases grew by 5.1% [2] - Revenue by product category indicated that the bedding category generated 1.2 billion yuan, a decrease of 1.6%, while the set category remained stable with a slight decrease of 0.17% [2] Future Outlook - The company is expected to benefit from a rebound in wedding demand and consumer stimulus policies in 2025, with projected net profits of 550 million yuan, 587 million yuan, and 622 million yuan for 2025, 2026, and 2027 respectively [3][39] - The target price is maintained at 8.9 to 9.6 yuan, corresponding to a price-to-earnings ratio of 14 to 15 times for 2025 [3][39]

Core Viewpoint - The company has demonstrated strong performance in its home textile exports and new materials business, indicating a solid competitive advantage and growth potential in the textile industry [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.346 billion yuan, a slight increase of 0.11% year-on-year, and a net profit of 348 million yuan, representing a growth of 21.39% [1]. - The home textile segment generated a revenue of 3.853 billion yuan, a year-on-year decrease of 1.67%, but the gross profit margin improved to 23.31%, an increase of 2.55 percentage points from 2023 [1]. Group 2: Domestic Market Strategy - The company is focusing on expanding its domestic market, achieving a revenue of 743 million yuan in the home textile business during the reporting period [2]. - The company has launched new products under the "Furui" and "Jieyu" brands and is enhancing the management of channel partners and direct stores to attract new customers [2]. Group 3: New Materials and Other Business Segments - The new materials business has become a significant growth driver, with revenue from coating materials reaching 202 million yuan, a year-on-year increase of 49.63% [2]. - The company has established a marine engineering division to target the marine transportation anti-corrosion market and has successfully entered the supplier system of major state-owned enterprises [3]. - The company has made substantial progress in its electrolyte additive business, achieving a revenue of 177 million yuan from VC products, a remarkable growth of 472.49% [3].