国内家居行业掀起新一轮上市热潮，多家知名家居企业相继进入IPO排队阶段。5月20日，北京商报记者梳理了解到，今年以来，已有超过10家家居企业进 入IPO排队阶段，涵盖家具制造、智能家居、家装服务等多个细分领域。家居企业相继IPO的背后，是行业整体表现低迷。中国建材流通协会发布的数据显 示，2024年全国规模以上建材家居卖场累计销售额为1.49万亿元，同比下降3.85%。资本市场热捧与行业渐冷现实形成鲜明对比。在这场IPO热潮中，上市或 许只是企业转型的第一步。 业内人士指出，家居企业存在行业低迷与转型的双重压力。一方面，房地产下行周期导致传统家居需求持续下滑；另一方面，消费升级和数字化转型的浪潮 迫使企业加大研发投入，对企业本就承压的利润空间形成进一步挤压。资本能否真正激活市场潜力仍待观察。 IPO热潮走起 2025年开年以来，家居行业IPO热度持续攀升。玫瑰岛、悍高集团、林氏家居等企业相继递交上市申请，北交所成为中小家居企业的新战场。 已在新三板挂牌的玫瑰岛，今年欲再闯北交所。北京商报记者了解到，玫瑰岛已向中国证券监督管理委员会广东监管局提交了向不特定合格投资者公开发行 股票并在北交所上市的辅导备案材料；2 ...

高端装备：2024&2025Q1 业绩回顾及展望 20250518 摘要 • 部分高端装备制造领域公司业绩超预期，如春风动力、捷昌驱动、隆鑫通 用和宗申动力等，主要受益于去年 11 月开始的抢出口潮流和中美关税谈 判的缓和效应，预计二季度仍可能延续超预期表现。 • 新国标的实施将推动复合集流体产业链发展，因其经济性和易于大规模商 业化落地，头部电池厂已具备稳定供货能力。材料商将在二季度末启动新 一轮资本开支，设备龙头东威科技有望受益。 • 机床链自 2025 年一季度以来营收同比增幅超预期，汽车零部件领域资本 开支踊跃，但国际贸易壁垒加剧扰动。头部企业坚持全球化布局，与 AI 相 关的 AIDC 服务器加工及人工机器人产业拉动了订单需求。 • 国产数控系统及相关滚动元件硬件企业，如华中数控、豪尔达和浩志机电 等，受益于内需市场的开拓，预计 2024 年和 2025 年将实现双高位数增 长。 • 2025 年工业机器人市场前景乐观，汽车和 3C 电子仍是主要拉动领域。尽 管 2024 年价格战导致部分企业财务状况恶化，但今年一季度销售回暖信 号明显，与华为等 AI 大厂的深度合作将备受关注。 Q&A 始反弹，公 ...

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].

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]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company has demonstrated strong revenue growth, with a 34.2% year-on-year increase in revenue for 2024, reaching 4.75 billion yuan, while net profit slightly decreased by 0.6% to 300 million yuan [1][10]. - The company is focusing on high-quality development, aiming to achieve sales targets and expand its customer base, channels, and projects [1]. - The global capacity layout is expected to mitigate tariff impacts, with significant investments in production bases in Vietnam and Romania [3][4]. Revenue Breakdown - In 2024, the office chair segment generated 3.4 billion yuan, up 33.5% year-on-year, with a gross margin of 25% [2]. - Sofa revenue reached 650 million yuan, a 19.6% increase, with a gross margin of 9.1% [2]. - The height-adjustable desk segment saw a remarkable growth of 137.6%, generating 90 million yuan in revenue [2]. Operational Efficiency - The company's gross margin for 2024 was 21.6%, a decrease of 1.2 percentage points year-on-year, while the net profit margin was 6.2%, down 2.2 percentage points [3]. - The company is implementing advanced management systems to enhance operational efficiency and is focusing on local supply chain development [3]. Export and Domestic Sales Strategy - Export revenue for 2024 was 3.61 billion yuan, up 36.8% year-on-year, with a gross margin of 21% [4]. - Domestic sales reached 1.12 billion yuan, a 25.9% increase, with a gross margin of 23.8% [5]. - The company plans to strengthen brand building and product innovation to drive domestic sales growth [5]. Financial Forecast - The company expects net profits of 370 million yuan, 440 million yuan, and 510 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9X, 7X, and 6X [6][10].

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]

证券代码：300729 证券简称：乐歌股份 公告编号：2025-010 债券代码：123072 债券简称：乐歌转债 一、重要提示 所有董事均已出席了审议本报告的董事会会议。 毕马威华振会计师事务所（特殊普通合伙）宁波分所对本年度公司财务报告的审计意见为：标准的无保 留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为毕马威华振会计师事务所（特殊普 通合伙）宁波分所。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 公司经本次董事会审议通过的利润分配预案为：以341,308,620为基数，向全体股东每10股派发现金红利 3元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 报告期内，公司主营业务收入来自智能家居、智慧办公产品的销售，和公共海外仓跨境物流服务收入。 1、 ...