转自：中国质量报 目前全球产业链进入深度调整重构期，合规已成为各类经贸组织和跨国企业持续健康发展、依法规范管 理的基本要求，企业面临国内外合规监管的双重机遇挑战。试点培育公平竞争合规管理体系标杆企业， 既推动企业自我规范，打造诚信经营、守法自律、公平竞争的企业文化，提升企业治理能力和品牌形 象，推动地区经济高质量发展，又引导全社会共同培育和倡导公平竞争文化，推动竞争生态持续改善， 积极为高质量发展赋能。 海沧区市场监管局相关负责人表示，该局将继续发挥职能作用，持续指导辖区企业开展合规管理体系建 设，不断提升企业规范化、现代化管理水平，推动企业从"要我合规"向"我要合规"转变。 本报讯 （王逸欣 王思源 记者江 岱）近日，在福建省厦门市海沧区市场监管局指导下，厦门松霖科技股 份有限公司（以下简称"厦门松霖科技"）获颁全国首张经营者公平竞争合规管理体系认证证书，为优化 营商环境提供了创新实践样本。 公平竞争是市场经济的内在要求，合规守正是企业的立身之本。随着全球化、信息化和法治化进程不断 加深加快，合规已成为现代企业管理的重要组成部分。在全球化进程加速和法治化建设深化的背景下， 福建省市场监管局率先启动"商业秘密 ...

Core Viewpoint - The company is utilizing temporarily idle raised funds for cash management to enhance investment returns while ensuring the safety and liquidity of the funds [1][2][12]. Summary by Relevant Sections Cash Management Products - The types of cash management products include structured deposits and notice deposits [1]. - The entrusted party for these products is Industrial Bank, Xiamen Wenbin Branch [1]. Redemption and Investment Amounts - The total redemption amount is RMB 85 million [1]. - The investment amounts are RMB 36 million in structured deposits and RMB 5 million in notice deposits [1]. Approval Procedures - The company held board and supervisory meetings on December 16, 2024, to approve the use of idle raised funds for cash management, with a maximum limit of RMB 350 million [1][2]. Financial Performance - The company raised a total of RMB 603 million from the public issuance of convertible bonds, with a net amount of RMB 600.8 million after deducting related expenses [4]. - The company’s total assets as of December 31, 2024, were approximately RMB 4.36 billion, with total liabilities of about RMB 1.19 billion [11]. Cash Management Implementation - The cash management amount used is RMB 41 million, sourced from temporarily idle funds from the 2022 public issuance of convertible bonds [3]. - The expected annualized return rates for the structured deposit are between 1.5% and 2.27%, while the notice deposit has a return rate of 1% [2][6]. Impact on Company Operations - The use of idle funds for cash management is designed to improve fund utilization efficiency without affecting the normal use of raised funds for investment projects [12]. - The company has implemented internal controls to manage risks associated with cash management investments [10].

事件：公司拟以集中竞价方式回购股份，金额0.85~1.7 亿元，回购价格不超过10.90 元/股。 制造回流美国本土及刺激内需背景下，业绩弹性释放可期：一方面，公司美国生产基地运营效率稳步提 升，美东、美西生产基地已逐步实现美国床垫市场的本土化供应，24 全年已实现盈利，伴随美国线上 业务的持续发力以及大型连锁商超等零售渠道客户的开发，北美市场的利润贡献有望凸显；另一方面， 国内消费补贴政策加码，公司持续推进店态升级与渠道多元化，通过MLILY 梦百合、NISCO里境和 VALUE 榀至品牌及品类的融合，打造一站式全屋家居消费场景，有望不断提升国内市场竞争力和品牌 影响力，我们看好公司后续业绩弹性的释放。 利润拐点已现，维持"买入"评级：我们维持2025-2027 年归母净利润预测为3.07/4.64/5.73 亿元，2025- 2027 年对应EPS 分别为0.54/0.81/1.00 元，当前股价对应2025-2027 年PE 分别为15/10/8 倍。我们认为公 司充分计提信用减值后资产质量已得以提升，看好制造业回流美国本土及刺激内需背景下，公司的利润 弹性释放，维持"买入"评级。 风险提示：内需刺激政 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 11.03 billion yuan for 2024, representing a year-on-year increase of 34.6%, while the net profit attributable to the parent company remained stable at 263 million yuan, showing a slight decrease of 0.02% [1] - The first quarter of 2025 saw a revenue of 2.65 billion yuan, up 12.7% year-on-year, but the net profit dropped by 49.5% to 52 million yuan [1] - The report highlights that the pressure on profits in Q4 was mainly due to significant asset and credit impairment provisions totaling approximately 210 million yuan, including a goodwill impairment of 79 million yuan related to the brand "Chef Doctor" [1] - The company is expected to see stable growth driven by cross-border e-commerce expansion and regional market development [1][2] Revenue Breakdown - In 2024, the revenue from various segments was as follows: Office Furniture 3.55 billion yuan (+2.4%), Soft Furniture 1.43 billion yuan (+10.8%), Panel Furniture 1.02 billion yuan (-8.8%), New Material Flooring 1.53 billion yuan (+2.9%), and Other segments 3.46 billion yuan (+331.1%) [2] - The cross-border e-commerce segment is anticipated to continue its strong performance, with an expected increase in overseas supply chain shipping ratios and price adjustments to counteract tariff disruptions [2] Manufacturing and Capacity - The manufacturing base in Vietnam achieved a revenue of 2.49 billion yuan in 2024, reflecting a year-on-year increase of 24.7%, with net profit margins improving to 9.3% [3] - The company plans to actively explore non-U.S. markets and domestic markets, with stable growth expected in office chairs and sofa manufacturing [3] Profitability and Financial Metrics - In Q1 2025, the company's gross margin was 16.3%, down 10.4 percentage points year-on-year, while the net margin was 2.0%, down 3.3 percentage points [4] - The report projects net profits for 2025 to be 400 million yuan, with corresponding P/E ratios of 9.3X, 8.0X, and 7.1X for the years 2025, 2026, and 2027 respectively [4][5] Financial Projections - The company is expected to achieve total revenue of 12.12 billion yuan in 2025, with a growth rate of 9.9% [5] - The projected net profit attributable to the parent company for 2025 is 400 million yuan, representing a year-on-year growth of 52.1% [5]

德尔未来（002631）公告，2025年第一季度营业收入1.94亿元，同比下降23.86%。净亏损3250.28万 元，去年同期净亏损2151.27万元。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates operational resilience and is actively expanding its overseas business and integrating AI technology [3] - The company is a leading player in the domestic mattress industry, benefiting from increasing consumer acceptance of mid-to-high-end soft bed products [5] - The company plans to distribute a cash dividend of 10.0 yuan per 10 shares, totaling an expected cash dividend distribution of 394 million yuan [2] Financial Performance Summary - In 2024, the company achieved revenue of 5.603 billion yuan, a year-on-year increase of 0.43%, and a net profit of 767 million yuan, a year-on-year decrease of 4.36% [2] - The company's cash flow from operating activities was 1.091 billion yuan, a year-on-year decrease of 43.63% [2] - The gross margin for 2024 was 50.08%, a decrease of 0.21 percentage points year-on-year, while the net margin was 13.70%, a decrease of 0.69 percentage points year-on-year [4] Product and Market Analysis - The company's main business in furniture manufacturing generated revenue of 5.522 billion yuan in 2024, contributing 98.56% to total revenue [3] - The mattress segment achieved revenue of 2.679 billion yuan, a year-on-year increase of 3.78%, while the bed frame segment saw a slight decrease in revenue [3] - The company reported a 61.07% increase in overseas revenue, reaching 155 million yuan, indicating successful overseas market expansion [3] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 6.017 billion yuan, 6.436 billion yuan, and 7.011 billion yuan respectively [5] - Earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.99 yuan, 2.15 yuan, and 2.30 yuan respectively [5] - The company is expected to maintain a stable gross margin around 51.1% in 2025 [7]