眼看着五一放假了，全国各地的旅游市场又要火爆，这期间不仅有国内游客，还会迎来大量国外游客，尤其我们对很多国家都 实行了落地免签，而且购物后还能销售退税，届时少不了游客前来购物游玩。 这不还没有到假期，刚五一前夕，就有大量美国游客涌入我国，但是美国游客到了我们这里不去旅游也不吃美食，那为何而 来？ 原来自从中美博弈出口商品关税增加后，我们销售美国的商品大幅涨价，美国游客对我们的商品极度依赖，很多都是日常生活 必需品，不选择我们的根本没有替代，但是又承受不仅美国市场增加的售价，为此只能借着旅游借口，前来我国采购各种商 品。下面看看美国游客都为了买啥而来呢？ 众所周知，美国没有制造业，他们早在30年前就把企业搬到了我国和东南亚，尤其是服装鞋帽，美国只做品牌，世界知名品牌 都是美国企业的，但是需要我们生产，我们生产销售到美国，过去都是非常实惠，而如今都涨价多倍，所以美国游客这次到访 主要购买一些衣服。 2、电子产品 从手机到笔记本电脑和电视，再到生活小电器，美国主要从我们进口，他们的苹果也是我们组装，而如今的价格美国游客都无 法承受，为此只能自行来我国购买，这样价格更低，而且还能退税，这比在美国便宜很多倍。 3、红酒 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.749 billion yuan in 2024, representing a year-on-year growth of 34.22%, while the net profit attributable to the parent company was 296 million yuan, a slight decline of 0.56% year-on-year. In Q4 2024, the revenue reached a historical high of 1.359 billion yuan, with a year-on-year increase of 30.94%, but the net profit decreased by 17.67% year-on-year. In Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit increased by 34.81% year-on-year [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenues of 4.749 billion yuan, with a year-on-year growth of 34.22%. The net profit attributable to the parent company was 296 million yuan, down 0.56% year-on-year. The Q4 2024 revenue was 1.359 billion yuan, up 30.94% year-on-year, while the net profit was 71 million yuan, down 17.67% year-on-year. For Q1 2025, the revenue was 1.01 billion yuan, up 17.93% year-on-year, and the net profit was 58 million yuan, up 34.81% year-on-year [3][4] Sales Growth - The company experienced sustained high demand with new customers, channels, and projects accelerating. In 2024, the revenue from various product lines included office chairs (3.416 billion yuan), sofas (645 million yuan), massage chairs (240 million yuan), and others, showing significant year-on-year growth rates [4] Strategic Investments - The company is strategically investing in building its own brand and developing new businesses, which has temporarily impacted the net profit margin. The gross margin for 2024 was 21.64%, down 1.24 percentage points year-on-year. The net profit margin was 6.24%, down 2.18 percentage points year-on-year [5] International Expansion - The company has established two overseas production bases in Vietnam and Romania, enhancing its competitive advantage. The Vietnam base has been operational since 2018, while the Romania base began production in 2023, supporting the company's ability to meet global customer demands [6][7] Future Outlook - The company is transitioning from a primarily export-oriented model to a balanced approach of domestic and international sales, along with a focus on its own brand. Revenue projections for 2025-2027 are 5.625 billion yuan, 6.425 billion yuan, and 7.116 billion yuan, respectively, with corresponding net profits of 363 million yuan, 439 million yuan, and 518 million yuan [8][10]

Group 1 - The company plans not to distribute profits or increase capital reserves for the year 2024, with unallocated funds to be used for operational liquidity [3] - The company operates in the soft furniture industry, specifically in memory foam products, which is classified under the furniture manufacturing sector [4][5] - The global mattress market has shown stable growth over the past decade, with a consumption volume increase from $26.1 billion in 2014 to $30.2 billion in 2023, although there has been a decline in demand due to macroeconomic factors in recent years [5][6] Group 2 - The online sales channel has become a significant change in the mattress market, with online penetration expected to rise from 16% in 2019 to 23% in 2023 [7] - The U.S. mattress market is the largest globally, with a consumption volume increase from $6.699 billion in 2014 to $9.098 billion in 2023, reflecting a compound annual growth rate of 3.46% [7] - The European mattress market is also substantial, with a consumption volume exceeding $6 billion in 2023, and countries like Germany and France showing high import consumption ratios [8] Group 3 - The company is a pioneer in the memory foam home products sector in China, focusing on enhancing deep sleep and changing consumer habits regarding mattress firmness [11][12] - The company has established multiple production bases globally, including in Serbia, the U.S., Thailand, and Spain, and has developed several core technologies in home product manufacturing [12] - The company has a stable customer base and distribution channels, exporting products to over 110 countries and regions [12] Group 4 - The global functional sofa market is projected to reach $41.6 billion by 2027, with a compound annual growth rate of 7.9% from 2020 to 2027 [9] - The Chinese functional sofa market is experiencing rapid growth, with a market size of approximately 12.68 billion yuan in 2022, a 24% increase from 2021 [9] - The smart electric bed market is also expanding, with the U.S. market expected to reach $4.72 billion by 2027, growing at a compound annual growth rate of 14.5% [10] Group 5 - The company employs a diversified sales model, including direct sales through stores, e-commerce platforms, and partnerships with hotels [20][21] - The company has upgraded its store formats to enhance customer experience, including various themed experience centers [21] - The company utilizes a combination of order-based and inventory-based production models to meet market demand efficiently [26]

中国经济网北京4月25日讯亚振家居（603389）(603389.SH)今日收报6.58元，跌幅5.19%。 亚振家居昨晚发布关于筹划控制权变更事项复牌的公告。因亚振家居控股股东上海亚振投资有限公司(以下简称"控股股东"或"亚振投资")筹 划控制权变更事项已取得进一步进展，经公司向上海证券交易所申请，公司股票(证券代码：603389，证券简称：亚振家居)将于2025年4月 25日(星期五)开市起复牌。 公司于2025年4月17日收到公司控股股东的通知，控股股东正在筹划公司股份协议转让事宜，该事项可能导致公司控制权发生变更。鉴于上 述事项正在洽谈当中，尚存在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第4号——停复牌》等有关规定，经公司向上海证券交易所申请，公司股票(证券代 码：603389，证券简称：亚振家居)于2025年4月18日(星期五)开市起停牌。 同时，亚振投资及其一致行动人浦振投资、恩源投资不可撤销地承诺，自本次股份转让完成之日至本次要约收购完成之日止，亚振投资及 其一致行动人浦振投资、恩源投资放弃各 ...

在关税变化的背景下，以智能电动软体家具为核心业务的匠心家居（301061），正在思考如何调整经营 策略。 匠心家居近日公布的业绩显示，公司2024年营业收入达到25.48亿元人民币，同比增长32.63%，实现三 年连续增长；扣除股份支付费用后的全年净利润为6.83亿元人民币，同比增长67.64%；扣非后归属上市 公司股东净利润6.14亿元，同比大涨72.47%；毛利率达到39.35%，较上年同期增长67.64%；资产总额提 升22.05%，达到43.46亿元。 匠心家居是典型的家具出口企业，近年来逐渐打开在海外市场的局面，业绩呈现出良好的业绩上升势 头。 然而加征关税阴云之下，匠心家居正面临重大挑战：超过90%的产品均销往美国市场，在关税压力之 下，下一步该怎么办？ 北美为核心市场，从代工到成立自主品牌 匠心家居的总部位于常州，主要业务为智能电动沙发、智能电动床及其核心配件的研究、设计、开发、 生产、销售及服务。 在公司成立之初的2002年，匠心家居主要从事美国家用健身品牌的健身器材与抬升椅等产品的OEM代 工，产品由此打开海外市场。2021年，在经过近20年的代工业务之后，匠心家居开始推出自主智能软体 家具 ...

Core Insights - Henglin Co., Ltd. showcased its intelligent massage ergonomic chair at the 137th Canton Fair, focusing on the Latin American market, which attracted significant attention from international buyers [1][3]. Group 1: Product Launch and Market Response - The intelligent massage ergonomic chair, priced at four times that of ordinary chairs, incorporates lumbar massage functionality and has a battery life of up to 4 hours, leading to high interest from buyers [3]. - A Uruguayan buyer confirmed a trial order after experiencing the product, highlighting the trust in Henglin due to its established relationship with a major local retailer [3]. Group 2: Market Strategy and Opportunities - Latin America, with over 600 million people and rising high-end consumption demand, is seen as a new opportunity for Henglin, shifting focus from traditional markets in Europe and the U.S. [4]. - Henglin has already made inroads into the region, supplying products to major retailers in Venezuela and Peru, indicating a growing recognition of quality among Latin American consumers [4]. Group 3: Future Outlook and Innovation - Henglin aims to accelerate the development of smart home product lines in response to diverse global market demands, viewing the Latin American market as just the starting point [6]. - The company plans to leverage technological advancements and market opportunities to drive innovation and adapt to international competition [6].

慕思股份（001323）公告，2024年营业收入56.03亿元，同比增长0.43%。归属于上市公司股东的净利润 7.67亿元，同比下降4.36%。基本每股收益1.95元/股，同比下降2.99%。公司拟以截至报告披露日总股本 4亿股扣除已回购股份631.08万股后的股本3.94亿股为基数，每10股派发现金红利10元(含税)，送红股0 股(含税)，不以公积金转增股本。 ...

文/梧桐小新 4月21日，上交所公布对浙江升华云峰新材股份有限公司主板IPO终止审核的决定，直接原因是公司及保荐机构东兴证券撤回申报。 资料显示，云峰新材早于 2021年 10 月申报上交所主板IPO，并预披露招股说明书，后续全面注册制平移至交易所受理。平移后，公司IPO 申报于 2023年3月3日获 得受理，后于同年6月收到交易所问询，但一直未披露问询函及相关回复。公司本次申报IPO拟募资12.4939亿元。 一、2023年净利润超3亿，但资产负债率有所提升 云峰新材成立于1995年12月，主要从事室内装饰材料及定制家居成品的设计、研发、生产和销售，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。公司"莫干山"品牌胶合板销量行业排名第二。 报告期各期末，公司存货余额分别为26,867.48万元、34.353.07 万元34,147.68万元和 37,608.40万元。报告期各期末，公司存货跌价准备余额分别为 578.05 万元、 612.73 万元、550.03 万元和 688.15万元。 报告期内，发行人合并资产负债率与同行业可比公司对比如下： | 公司名称 | 2024. 6. ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年年报，2024全年实现营收25.5亿元，同比+32.6%，实现归母净利润6.8亿元，同比+67.6%，剔 除股份支付费用影响后同比+66.7%。4Q2024实现营收7.0亿元，同比+49.8%，实现归母净利润2.5亿元，同比 +197.2%。2024年度拟向全体股东每10股派发现金股利5.0元，以资本公积转增股本方式向全体股东每10股转增 3股。 点评： 业绩高速增长，自主品牌建设成效显著 2024年公司营收利润高速增长，主要原因系：1、公司持续加强内部研发投入、扩大外部创新合作范围，2024 年推出多款新品，有效拓展了市场空间；2、公司自主品牌建设成效显著，直销零售商客户数量显著增加；3、 公司持续 ...

事件： 公司发布2024年年报，2024全年实现营收25.5亿元，同比+32.6%，实现归母净利润6.8亿元，同比+67.6%，剔 除股份支付费用影响后同比+66.7%。4Q2024实现营收7.0亿元，同比+49.8%，实现归母净利润2.5亿元，同比 +197.2%。2024年度拟向全体股东每10股派发现金股利5.0元，以资本公积转增股本方式向全体股东每10股转增 3股。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 查看完整报告 2024年度公司毛利率为39.4%，同比+5.4pcts。分产品看，2024年公司智能电动沙发/智能电动床/配件的毛利率 分别为39.5%/39.3%/38.2%，分别同比+6.9/+2.9/+2.9pcts。 4Q2024毛利率为54.3%，同比+14.3 ...