"如果客户要求去越南，我们肯定要去。但你能读懂政策，你应该根据国家政策和搭建好的平台去做 B2C，没必要去建厂"，安吉康禹家具总经理张康对智通财经记者表示。 张康习惯将美国称为"老美"，与几乎所有出口美国的公司一样，他公司的美线订单暂停生产，客户们在 等待和观望这场关税战的走向。 4月24日，张康收到公司澳大利亚客户Joey（化名）发来的邮件。Joey业务重点在美国，邮件中，Joey称 他需要一到两周时间来决定目前的订单是不是继续暂停，因为关税的变化非常大，他需要观察关税变 化。 "如你所知，我们希望在中国保持业务，但如果关税长期对中国保持不变。我们将会在五月的晚些时候 去寻找可以取代中国的国家来解决美国的订单"，Joey写道。 康禹家具主要生产椅子，比如电竞椅、赛车椅、办公椅等，公司曾进入安吉椅业企业前50名，美线出口 占比约20%。 安吉被誉为"中国椅业之乡"，根据安吉2022年统计数据，像康禹这种椅业工业企业有1200余家，椅业规 上企业313家。"安吉发布"2024年7月发文称，安吉是全国最大的办公椅生产基地，年产值规模突破400 亿元，产量占国内市场1/3、出口量占全国1/2。另外，安吉家具类主板上 ...

事件描述 公司2024 年实现营业收入/归母净利润/扣非净利润47.49/2.96/2.93 亿元，同比+34%/-1%/+40%；其中 2024Q4 实现营业收入/归母净利润/扣非净利润13.59/0.71/0.69 亿元，同比+31%/-18%/+391%；2025Q1 实现营业收入/归母净利润/扣非净利润10.10/0.58/0.54 亿元，同增18%/35%/26%。 2024 年扣非净利率同比提升，毛利率略有下降，销售/管理费用优化。2024 年毛利率为21.6%，同降 1.2pcts，主因沙发市场、跨境电商竞争激烈（内销/外销毛利率同比+0.9/-1.8pcts，沙发/配件/休闲椅毛利 率同比-6.6/-5.4/-3.1pcts，线上/线下毛利率同比-3.1/-0.4pcts）。2024 年费用率明显优化，销售+管理+研 发三项费用率合计同降2.4pcts，财务费用率同升0.9pct 主因汇兑收益波动，扣非净利率同升0.25pct（若 还原汇兑收益影响估计同升约1pcts）。2024 年归母净利率同降2.2cpts 至6.2%主因2023 年政府补助及征 收补偿收益基数较高影响。2024Q4 毛利 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's performance in 2024 is in line with expectations, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 4.749 billion, 296 million, and 293 million yuan respectively, representing year-on-year growth of 34%, -1%, and 40% [2][6]. - In Q4 2024, the company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.359 billion, 71 million, and 69 million yuan, showing year-on-year growth of 31%, -18%, and 391% [2][6]. - For Q1 2025, the company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.010 billion, 58 million, and 54 million yuan, with year-on-year increases of 18%, 35%, and 26% [2][6]. Summary by Sections Financial Performance - The company expects steady revenue growth in 2024, with foreign sales and domestic sales increasing by 37% and 26% respectively. The revenue from self-owned brands and non-self-owned brands grew by 31% and 35% respectively [12]. - The company achieved a gross profit margin of 21.6% in 2024, a slight decrease of 1.2 percentage points year-on-year, primarily due to intense competition in the sofa market and cross-border e-commerce [12]. - The net profit margin attributable to the parent company decreased by 2.2 percentage points to 6.2% in 2024, influenced by a high base from government subsidies and compensation income in 2023 [12]. Globalization and Competitive Advantage - The company is enhancing its global capacity and customer base, with expectations for rapid growth in its Romanian base and standing out in overseas markets [12]. - The company is focusing on expanding its market share in the top ten GDP countries and key customers, while also promoting domestic self-owned brand sales through both online and offline channels [12]. Dividend Policy - The company maintains a stable dividend policy, distributing 152 million yuan in cash dividends in 2024, with a dividend payout ratio of 51.44%. A mid-term dividend plan for 2025 is also in place, aiming to increase the frequency of dividends [12].

拥有业内知名板材品牌"莫干山"的浙江升华云峰新材股份有限公司(以下简称"云峰新材")IPO(首次公开 募股)之路再生变数。 云峰新材成立于1995年，主要产品包括人造板、木地板、科技木以及衣柜、橱柜、木门等定制家居成 品。2023年3月，上交所依法受理了云峰新材首次公开发行股票并在主板上市的申请文件，同年6月，上 交所对其进行了问询，今年4月，因公司撤回申请文件，上交所决定终止对其首次公开发行股票并在主 板上市的审核。而在此前不到1个月，云峰新材及IPO中介机构连收3份监管警示，违规情况包括未说明 商标授权模式下个别经销商和OEM(原始设备制造商，俗称代工)供应商由同一自然人控制的情况等。 值得注意的是，在云峰新材的经销商中，频繁出现前员工或主要股东近亲的身影，相关经销商实木地 板、复合地板的单价明显高出均价。此外，其毛利主要来源并非核心业务，而是商标授权。报告期内的 2021年至2023年，公司商标授权费占主业毛利比例持续增长，从44%出头增长到接近50%，2023年商标 授权费毛利金额高达3.44亿元。有业内人士认为，云峰新材暴露出的内控缺陷与信披瑕疵，不仅折射出 企业自身管理短板，更触发了监管机构对其上 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 25Q1 业绩接近翻倍，超市场预期 [Table_Title2] 浙江正特(001238) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 001238 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 33.85/19.09 | | 目标价格： | | 总市值(亿) | 32.80 | | 最新收盘价： | 29.82 | 自由流通市值(亿) | 9.54 | | | | 自由流通股数(百万) | 31.98 | [Table_Summary] 事件概述 24 年公司收入/归母净利/扣非归母净利/经营性现金流分别为 12.37/-0.14/-0.08/0.12 亿元，同比增长 13.35%/-182.70%/-126.64%/-80.62%，经营业绩下降的原因在于销售费用及管理费用增加。非经主要为汇兑及 理财产品投资亏损 0.11 亿元；经营性现金流高于归母净利主要由于经营性应付项目增加。24Q4 公 ...

开源证券股份有限公司吕明,骆扬,蒋奕峰近期对乐歌股份（300729）进行研究并发布了研究报告《公司信 息更新报告：海外仓业务收入高增，盈利能力短暂承压》，给予乐歌股份买入评级。 海外仓业务：2024年实现收入24.2亿元(+154.8%)，毛利率10.4%(-2.3pct)，全年包裹发货数量超1100万 个，截至2024年末，公司在全球拥有21个自营海外仓共66.2万平，另外公司首个自建仓已动工，预计2025 年末投入使用。跨境电商业务：2024年实现收入20.3亿元(+14.3%)，其中独立站收入8.2亿元(+22.0%)，电 动沙发、人体工学椅等新品逐渐起量。公司目前已经搭建了覆盖境内、境外、线上、线下多类型以及自主 渠道为主的多元化销售模式，线性驱动升降系统产品年产能力已提升至250万套，生产规模全球领先。展 望未来，我们看好随着美国电商渗透率持续提升，中国跨境电商品牌力不断加强，海外仓需求大幅提升； 线上线下（300959）多渠道赋能下公司跨境电商业务持续拓展，跨境电商与海外仓业务双轮驱动公司整体 收入持续高增。 风险提示：海外市场不及预期、海外仓拓展不及预期、跨境电商竞争加剧。 证券之星数据中心根据 ...

Core Viewpoint - The company reported strong revenue growth for 2024, with a total revenue of 4.75 billion, reflecting a year-on-year increase of 34.2%, while net profit slightly decreased by 0.6% to 296 million [1] Revenue Performance - The company achieved 3.606 billion in overseas sales for 2024, a year-on-year increase of 36.8%, with a gross margin of 20.98%, down by 1.81 percentage points [2] - Domestic sales reached 1.122 billion in 2024, up 26% year-on-year, with a gross margin of 23.84%, an increase of 0.89 percentage points [4] Product Performance - In 2024, revenue from various product categories included 3.416 billion from office chairs, 645 million from sofas, and 910 million from height-adjustable desks, with significant growth in height-adjustable desks at 137.6% year-on-year [5] Cost and Profitability - The company's gross margin for 2024 was 21.64%, a decrease of 1.24 percentage points, influenced by currency fluctuations and declining margins in sofa products [6] - The adjusted net profit margin improved to 6.16% in 2024, an increase of 0.26 percentage points [6] Future Outlook - The company forecasts revenues of 5.7 billion, 6.74 billion, and 7.72 billion for 2025 to 2027, with corresponding net profits of 380 million, 480 million, and 580 million, indicating a positive growth trajectory [7]

Macro and Strategy Research - The Central Political Bureau meeting emphasized the need to "make good use of existing policies," indicating sufficient incremental reserves to address current economic conditions [2][4] - The meeting acknowledged the positive economic trends and the need for high-quality development to counter external uncertainties, while also recognizing the challenges posed by domestic instability and external shocks [3][4] - Fiscal policies are set to accelerate, with a focus on increasing bond issuance and ensuring support for employment and enterprises, while monetary policies will provide additional support for the real economy [4][5] - Consumer spending remains a priority, with policies aimed at expanding domestic demand and enhancing service consumption to stabilize the economy [5][6] - The meeting highlighted the importance of fostering new productive forces and addressing key core technology challenges, particularly in the technology sector [6] - Measures to stabilize foreign trade and support struggling enterprises were reiterated, with a commitment to high-level opening-up and assistance for businesses affected by external pressures [8] Company Research Oppein Home Group (603833) - The company reported a revenue decline of 16.93% to 18.925 billion yuan in 2024, marking the first instance of both revenue and profit decline in its 30-year history [11] - Despite the revenue drop, the company improved its profitability and operating cash flow through supply chain reforms and cost management, achieving a gross margin increase of 1.75 percentage points to 35.91% [11][12] - The company’s contract liabilities saw significant growth by 96.60% year-on-year by the end of 2024, indicating potential recovery in performance as domestic furniture sales improve [12][13] Aima Technology (603529) - The company achieved a revenue of 6.232 billion yuan in Q1 2025, reflecting a year-on-year growth of 25.82%, with net profit increasing by 25.12% to 605 million yuan [15] - The company benefited from the "old-for-new" policy, which significantly boosted sales and improved product structure, leading to enhanced profitability [15][16] - Aima's operating cash flow surged by 91.14% in Q1 2025, demonstrating effective operational efficiency and cash management [15]

近期顶固集创(300749)发布2025年一季报，证券之星财报模型分析如下： 经营业绩 顶固集创(300749)在2025年一季度实现了营业总收入2.05亿元，较去年同期下降6.97%。尽管营业收入有 所减少，但公司的归母净利润达到了511.01万元，同比大幅上升155.00%，扣非净利润为-53.16万元，同 比上升95.42%。这表明公司在控制成本方面取得了一定成效。 盈利能力 本报告期内，顶固集创的盈利能力显著提升，毛利率达到21.54%，同比增加了11.08%；净利率为 2.49%，同比增幅高达159.12%。这些数据显示出公司在提高产品附加值和服务质量上的努力。 费用控制 公司在费用控制方面也表现出色，销售费用、管理费用及财务费用总计为4101.58万元，占营收比例为 20.01%，相比去年同期减少了2.61个百分点。 资产与负债 截至本报告期末，顶固集创的货币资金为2.26亿元，同比增长20.26%；应收账款为8164.27万元，同比 减少了39.27%；有息负债则从1.41亿元增加到2.5亿元，增幅为77.46%。 综上所述，虽然顶固集创在2025年一季度实现了盈利增长，但在现金流管理和每股净资 ...

爱丽家居以构建"在北美、为北美"的区域化供应链闭环为目标，实现美国子公司产能逐步爬坡，墨西哥 工厂目前完成大客户验厂，即将投产。北美生产基地的构建增强了公司供应链韧性与服务能力，为业绩 稳定增长提供保障。据悉，公司对墨西哥子公司工厂AGV（自动导引车）全过程测试落地，规划设计 从原材料到半成品到成品的全工序自动化物流，同时实现多品种多规格更柔性化生产的智能工厂，减少 管理成本。 此外，公司进行全球组织管理变革，业务流程重塑，加强集团业财一体化管理。在数据安全方面不断加 强管理，引入堡垒机及全栈运维平台，实现全球网络节点，数据运维统一管理。 在产品研发方面，公司深耕新型材料研发，拓展产品多样性，升级现有产品，部署智能化生产线，未来 将聚焦生物基材料与循环经济，巩固技术优势。在产品销售上，公司通过创新服务、拓展合作与销售渠 道，巩固与知名品牌合作业务范围已覆盖北美、欧洲、东南亚等地区。公司与国际知名地板用品贸易商 等建立了稳定的合作关系，连续多年获得其"最佳合作伙伴"称号。公司被纳入HomeDepot（家得宝）等 全球知名家居建材超市的供应链体系，间接为该等终端客户提供PVC（聚氯乙烯）弹性地板产品。 本报讯 （ ...