中源家居（603709）公告，2024年营业收入16.02亿元，同比增长45.42%。归属于上市公司股东的净亏 损4173.9万元，去年同期净利润2135.99万元。基本每股收益-0.34元／股。公司2024年度拟不派发现金 红利，不送红股，不以资本公积转增股本。 ...

| 证券代码：603898 | 证券简称：好莱客 | 公告编号：2025-019 | | --- | --- | --- | | 债券代码：113542 | 债券简称：好客转债 | | 广州好莱客创意家居股份有限公司 关于2024年度及2025年第一季度主要经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州好莱客创意家居股份有限公司（以下简称"公司"）根据《上海证券交 易所上市公司自律监管指引第 3 号行业信息披露：第十五号——家具制造》的要 求，现将公司 2024 年度及 2025 年第一季度主要经营情况披露如下： 一、公司的经营情况 （一）2024 年度的经营情况 1、主营业务分产品情况 | 分产品 | 营业收入（元） | 营业成本（元） | | 营业收 | 营业成 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 入比上 | 本比上 | | 毛利率比上年增减 | | | | | （%） | 年增减 | 年增减 | ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》及其附件 《第十五号——家具制造》的要求，梦百合家居科技股份有限公司（以下简称"公司"） 统计了 2025 年第一季度主要经营数据，具体情况如下： 一、报告期内各产品类型的盈利情况 梦百合家居科技股份有限公司 2025 年第一季度主要经营数据公告 证券代码：603313 证券简称：梦百合 公告编号：2025-034 四、报告期内实体门店情况 | 门店类型 | 上年末数量（家） | 本报告期新开 | 本报告期关闭 | 本报告期期末数量 | | --- | --- | --- | --- | --- | | | | （家） | （家） | （家） | | MLILY梦百合 | | | | | | 直营店 | 174 | 8 | 13 | 169 | | 经销店 | 848 | 16 | 50 | 814 | | 小计 | 1,022 | 24 | 63 | 注 983 | | 上海里境 | | | | | | 直营店 ...

证券研究报告 | 2025 年 04 月 28 日 晨会集萃 制作：产品中心 重点推荐 《策略|行业比较周报——震荡期后续主线的思考》 1、复盘市场历次底部区域，趋势性上涨前往往会经历多次反弹的下跌期 和 w 型磨底期，较为典型的磨底期成交量先收缩后放量，以过渡开启上 涨行情。2、站在后验的角度，主线必然是政策确定性与产业逻辑确定性 的双击。我们判断，市场主线往往是一个长期逻辑，当某行业本身不具备 长期逻辑或行业的长期逻辑被证伪，由于短期逻辑与长期标准背离，尽管 在磨底期上涨，但可能不会发展成为主线。主要有三种情况：1）防御属 性行业，资金只是短期避险。这种情况多见于电力公用、必选消费等行业， 磨底期结束后资金风险偏好回升，防御板块的吸引力降低。2）行业的政 策支持的逻辑短期相对更弱。如 2005 年民营经济政策催化下的电力板块。 3）行业在磨底期后格局并未优化。如 2016 年上半年磨底期的有色板块， 上涨的本质是供给侧改革驱动的预期行情，但随着产能的释放，需求的证 伪，行业逻辑回归现实，并未发展成主线。 风险提示：1）过去历史经验仅供参考；2）风格分类仅供参考；3）政策 出台和落地具备不确定性。 《策略| ...

Core Viewpoint - Henglin Co., Ltd. achieved significant revenue growth in 2024, marking a historical milestone with total revenue surpassing 10 billion yuan for the first time, despite a slight decrease in net profit [1][2]. Financial Performance - In 2024, the company reported total revenue of 11.029 billion yuan, a year-on-year increase of 34.59% [1]. - The net profit attributable to shareholders was 263 million yuan, a slight decrease of 0.02% compared to the previous year [1]. - The net profit excluding non-recurring items was 281 million yuan, reflecting a year-on-year growth of 19.45% [1]. - Operating cash flow net amount reached 951 million yuan, a record high, with a year-on-year growth of 112.75% [2]. - As of the end of 2024, the company's cash balance was 1.66 billion yuan, also a record high, increasing by 23.88% year-on-year [2]. - The net asset scale has seen consistent growth, reaching 3.696 billion yuan by the end of 2024 [2]. Company Overview - Henglin Co., Ltd. is a national high-tech enterprise specializing in the research, production, and sales of office chairs, sofas, massage chairs, and other health-oriented seating and household furniture [5]. - The company holds a leading market share in the office furniture manufacturing sector, particularly in office chair manufacturing and exports [5]. Strategic Initiatives - The company adopted a strategy of "innovation-driven, continuous improvement" and pursued a dual-track approach of "manufacturing and brand going global" to navigate complex global economic conditions and changing consumer demands [5]. - Henglin Co., Ltd. emphasizes a diversified development, professional operation, and differentiated competition model, aiming to create a synergistic effect through efficient production, precise service, and continuous innovation [5]. Research and Development - In 2024, the company's R&D expenditure reached 226 million yuan, the highest since its listing [6]. - The company holds a total of 1,630 valid patents, with an increase of 185 patents year-on-year, including 142 invention patents, which increased by 34 [6]. Shareholder Returns - The company announced a profit distribution plan, proposing a cash dividend of 7.2 yuan per 10 shares (including tax), totaling 100 million yuan, which accounts for 38.06% of net profit [6]. - Since its listing, Henglin Co., Ltd. has distributed a total of 478 million yuan in cash dividends and has repurchased shares amounting to 100 million yuan [6].

Summary of Key Points Core Viewpoint - Four companies have terminated their IPO review process across the Shanghai, Shenzhen, and Beijing stock exchanges, indicating potential challenges in the IPO market and regulatory scrutiny faced by these companies [1][2]. Group 1: Company-Specific Issues - Zhejiang Shenghua Yunfeng New Material Co., Ltd. (Yunfeng New Material) faced regulatory warnings prior to its IPO termination due to undisclosed control relationships between certain distributors and OEM suppliers [1][2]. - The company’s sales model includes both distributor and trademark licensing modes, with findings revealing that key distributors and OEM suppliers were controlled by the same individual [1][2]. - Xiamen Duyuan Outdoor Products Co., Ltd. (Duyuan Outdoor) withdrew its IPO application after a prolonged review period of 22 months, with its application initially accepted in June 2022 but later stalled [2][3]. Group 2: Financial Performance - Duyuan Outdoor reported revenues of 193 million, 352 million, and 310 million yuan from 2020 to 2022, with net profits of approximately 53.83 million, 75.50 million, and 70.72 million yuan respectively, indicating a decline in 2022 [3]. - The company attributed its performance decline to adverse factors such as fluctuations in the shipping market, the Russia-Ukraine conflict, and inflation [3]. - A significant portion of Duyuan Outdoor's revenue comes from international sales, with overseas sales accounting for over 82% of its main business income during the reporting period [3]. Group 3: Market and Regulatory Environment - Tianhe Environmental Technology Co., Ltd. (Tianhe Environmental) terminated its IPO review after nearly two years, with its revenue primarily derived from the coal sector, which constituted 76.74%, 87.49%, and 77.71% of its income from 2021 to 2023 [4][5]. - The company faced inquiries regarding its growth potential and market positioning in light of domestic coal policies and the dual carbon goals, indicating regulatory scrutiny on its future growth prospects [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5][10] - Despite challenges in the real estate market, the direct sales channel experienced growth, with revenue from direct sales reaching 0.83 billion yuan, up 0.6% year-on-year [6][7] - The company is actively pursuing a home furnishing strategy, with a significant increase in the number of large clients and a rise in multi-category collaborative sales [7][10] Revenue Performance - The company’s revenue by product for 2024 was as follows: cabinets 5.45 billion yuan (down 22.5%), wardrobes 9.79 billion yuan (down 18.1%), bathrooms 1.09 billion yuan (down 3.6%), and wooden doors 1.13 billion yuan (down 17.7%) [6] - The revenue by channel showed direct sales at 0.83 billion yuan (up 0.6%), distribution at 14.04 billion yuan (down 20.1%), and bulk sales at 3.05 billion yuan (down 15.1%) [6] Profitability and Margins - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8][10] - The gross margin by product was as follows: cabinets 35.6%, wardrobes 39.4%, bathrooms 27.8%, and wooden doors 25.7% [8] Cost and Expenses - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales expenses rising due to increased advertising costs [9][10] - The fourth quarter of 2024 saw an expense ratio of 24.5%, up 3.6 percentage points year-on-year [9] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 20.574 billion yuan and 22.953 billion yuan, respectively, reflecting a 6% downward adjustment [10] - The company is expected to benefit from government policies aimed at boosting consumer spending in the home furnishing sector, which may enhance market confidence [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5] - Despite the overall market downturn, the direct sales channel experienced growth, while the distribution and bulk channels faced challenges [6][7] - The company is actively pursuing a home furnishing strategy, which is expected to enhance market share in the future [10] Revenue Performance - In 2024, the company’s revenue from various products was as follows: kitchen cabinets 5.45 billion yuan, wardrobe 9.79 billion yuan, bathroom 1.09 billion yuan, and wooden doors 1.13 billion yuan, with year-on-year changes of -22.5%, -18.1%, -3.6%, and -17.7% respectively [6] - The direct sales channel generated 830 million yuan, a year-on-year increase of 0.6%, while the distribution and bulk channels saw declines of 20.1% and 15.1% respectively [6] Gross Margin and Profitability - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8] - The gross margin for the fourth quarter of 2024 was 36.9%, reflecting a year-on-year increase of 2.3 percentage points [8] Cost Structure - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 10.0%, 6.9%, 5.4%, and -1.3% respectively [9] Market Outlook - The home furnishing consumption subsidy policy is expected to boost consumer enthusiasm and industry confidence, with a special fund of 300 billion yuan aimed at promoting consumption upgrades [9] Financial Forecast - The company’s revenue forecast for 2025 and 2026 has been slightly adjusted to 20.574 billion yuan and 22.953 billion yuan, respectively, with net profit forecasts of 2.768 billion yuan and 3.044 billion yuan [10] - The earnings per share (EPS) for 2025-2027 are projected to be 4.54 yuan, 5.00 yuan, and 5.46 yuan, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 12 times [10]

Financial Overview - The total operating revenue of Henglin Co., Ltd. for Q1 2025 reached 2.654 billion yuan, an increase of 12.74% year-on-year, while the net profit attributable to shareholders was 51.8647 million yuan, a decrease of 49.49% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 52.6501 million yuan, down 48.89% year-on-year [1] Key Financial Indicators - The accounts receivable of Henglin Co., Ltd. were significantly high, with accounts receivable accounting for 718.04% of the latest annual net profit [3] - The operating cash flow per share was -0.39 yuan, a decrease of 134.51% year-on-year, indicating cash flow pressure [3] Debt Situation - The company's interest-bearing debt was 2.686 billion yuan, a decrease of 15.95% year-on-year, but the interest-bearing asset-liability ratio remained at 26.28%, necessitating ongoing monitoring of its debt situation [4] Business Model and Performance Evaluation - The company's performance relies heavily on research and marketing efforts, with a return on invested capital (ROIC) of 5.07% last year, indicating average capital returns [5] - The net profit margin was 2.41%, suggesting low added value for the company's products or services [5] Summary - Overall, Henglin Co., Ltd. exhibited weak performance in Q1 2025, particularly in net profit and cash flow, which showed significant declines. The company needs to focus on improving accounts receivable collection and cash flow, while also managing debt levels to ensure future stability [6]