丨证券研究报告丨 行业研究丨点评报告丨家庭装饰品 [Table_Title] 家居行业点评：中央资金支持国补延续全年， 有望持续支撑家居需求 报告要点 [Table_Summary] 据新华社报道，消费品以旧换新加力扩围政策没有变化，补贴资金使用进度符合预期，约占全 年一半，其中 1-5 月家装厨卫"焕新"数量接近去年全年，后续 7 月和 10 月将分批下达 Q3 和 Q4 国补对应的中央资金。家居景气进入磨底、弱稳定阶段，家居国补接续有望托底需求，地产 企稳乃至回升是看涨期权。优选确定性高股息+中长期有竞争力的公司。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% 事件评论 风险提示 1、各地家居以旧换新政策落地不及预期；2、地产销售及竣工低预期；3、行业竞争持续加剧。 %% %% research.95579.com 1 家庭装饰品 cjzqdt11111 [Table_Title 家居行业点评：中央资金支持 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for FY2025, with a focus on the challenges faced in domestic sales and a slight slowdown in international sales [1][2]. Revenue Summary - For FY2025, the company achieved a main revenue of 16.903 billion HKD and a net profit of 2.063 billion HKD, representing a year-on-year decrease of 8% and 10% respectively [1]. - In FY2025H2, the revenue was 8.597 billion HKD and net profit was 0.924 billion HKD, showing a decline of 9% and 21% year-on-year [1]. - Domestic sales faced pressure with a 17% decline in furniture sales, while online and offline sales decreased by 18% and 11% respectively [1]. - International sales showed a slight increase of 4%, with North America and Europe growing by 1% and 11% respectively [1]. Profitability Summary - The company experienced improvements in gross margin and operating profit margin due to raw material price reductions and cost control measures [2]. - The gross margin and net profit margin for FY2025 increased by 1.1 and decreased by 0.3 percentage points respectively [2]. - The average unit costs for various materials decreased, with leather and chemicals seeing reductions of 6.7% and 9.8% respectively [2]. - Advertising and management expenses decreased by 30% and 22% respectively, while tariff expenses dropped significantly by 89% due to increased shipments from Vietnam [2]. Future Outlook - Domestic sales are expected to face ongoing pressure from the real estate and consumer environment, but there are marginal benefits from national subsidies for home furnishings [3]. - The company plans to restructure its dealer and store layout to enhance operational efficiency and improve brand presence through new online channels [3]. - For international sales, if the current low tariff levels in the U.S. persist, the impact may remain manageable, with advantages in overseas production capacity becoming more evident [3]. - The company maintains a dividend payout ratio of 51%, with projected net profits for FY2026 to FY2028 expected to be 2.4 billion, 2.59 billion, and 2.85 billion HKD respectively, corresponding to PE ratios of 6.9, 6.3, and 5.8 times [3].

经营展望：挖潜&控费是方向，优化组织架构助力南方市场的发展&坚定执行出海战略。 事件描述 公司2024 年实现营收/归母净利润/扣非净利润52.58/3.85/3.40 亿元，分别同比-14%/-35%/-38%；其中 2024Q4 对应15.83/1.19/1.07 亿元，分别同比-28%/-51%/-52%；2025Q1 分别对应8.18/0.42/0.36 亿元，分 别同比-0.3%/-11%/-8%。 事件评论 2024Q4 以来国补显效&零售降幅收窄，2025Q2 延续改善可期。零售端2024Q4-2025Q1收入同比-12%， 环比2024Q3 的-15%已有收窄，国补持续显效，尤其是同期直营业务同比+92%，与全国补贴推进有 关。展望后续，2025Q1 末合同负债同比+9%，预计2025Q2改善趋势延续可期。大宗端2024Q4/2025Q1 收入分别同比-37%/-56%，受大环境影响有所承压。分品类：2024 年厨柜/衣柜/木门收入同 比-16%/-15%/-9%，2025Q1 分别同比-16%/+10%/+42%。 经营维度2024Q4/2025Q1 盈利向好/基本稳定。2024Q4 毛利率 ...