永艺股份（ [Table_StockNameRptType] 603600） 公司点评 大力开拓非美市场，自主品牌业务占比持续提升 | | | | [Table_BaseData] 收盘价（元） | 11.40 | | --- | --- | | 近 12 个月最高/最低（元） | 14.77/8.26 | | 总股本（百万股） | 330 | | 流通股本（百万股） | 300 | | 流通股比例（%） | 90.80 | | 总市值（亿元） | 38 | | 流通市值（亿元） | 34 | [公司价格与沪深 Table_Chart] 300 走势比较 [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyReport] 相关报告 1.新客户新渠道加快放量，25Q1 业绩 持续增长 2025-04-26 2.永艺股份：内外销并重，积极研发 智能化产品 2025-03-08 3.2024Q3 营收高增长，新客户新 ...

本报讯 （记者冯思婕）8月25日晚间，永艺家具股份有限公司（以下简称"永艺股份（603600）"）发布 了2025年半年度报告。报告期内，公司实现营业收入21.89亿元，同比增长6.66%；实现归母净利润1.33 亿元，同比增长4.92%；经营活动产生的现金流净额为1.36亿元，较上年同期大幅增长了1548.97%。 在当前的国际贸易环境下，永艺股份优质成熟海外产能的优势凸显，公司位于国内、越南和罗马尼亚的 三大生产基地可以协同满足客户全球采购需求，进一步提高竞争优势。 同时，永艺股份正加快推进从"外销和ODM/OEM（代工生产）模式为主"向"内外销并重、自主品牌和 ODM/OEM模式并行"的战略转型。外销方面，坚持"数一数二"市场战略，以大客户价值营销为主要手 段，同时积极发展跨境电商，不断拓宽海外市场销售渠道。 永艺股份始终坚持将技术创新作为企业发展的驱动力。今年上半年，公司研发费用达0.81亿元，同比增 长17.57%，占当期营业收入的3.71%，并新获得了发明专利6项、实用新型专利56项、外观设计专利13 项。 同日，永艺股份发布了2025年半年度分红方案，计划向全体股东每股派发现金红利0.16元（含 ...

证券研究报告 永艺股份 (603600 CH) 外销平稳增长，自主品牌快速发展 | 华泰研究 | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 26 日│中国内地 | 家居用品 | 目标价(人民币): | 15.52 | 公司公布上半年业绩：收入 21.89 亿元/同比+6.7%；归母净利润 1.33 亿元/ 同比+4.9%，对应归母净利率 6.1%/同比-0.1pct。其中二季度公司实现收入 11.78 亿元/同比-1.4%；归母净利润 0.75 亿元/同比-10.3%。上半年在贸易 政策不确定性提升、终端需求承压的背景下，公司外贸收入实现稳增，内贸 收入实现较快增长，凸显经营韧性；Q2 收入同比略有下滑，我们判断主要 是关税政策不确定性增加导致渠道商备货相对审慎所致。我们认为，外贸端 公司全球化产能布局领先，越南工厂已实现对美订单的全覆盖，罗马尼亚生 产基地正加快新品导入和产能爬坡，同时大力开拓非美客户、发力跨境电商 等，有望稳步扩大业务规模；内贸端加快自主品牌建设，内贸收入有望延续 亮眼表现，维持"增持" ...

Core Viewpoint - The company demonstrated robust revenue growth in 2024, with a notable increase in new customers, channels, and projects, while maintaining a strong performance in both domestic and international markets [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 4.749 billion, net profit attributable to shareholders of 296 million, and net profit excluding non-recurring items of 293 million, reflecting year-on-year changes of +34%, -1%, and +40% respectively [1]. - For Q4 2024, the company reported operating revenue of 1.359 billion, net profit attributable to shareholders of 71 million, and net profit excluding non-recurring items of 69 million, with year-on-year changes of +31%, -18%, and +391% respectively [1][2]. - In Q1 2025, the company achieved operating revenue of 1.010 billion, net profit attributable to shareholders of 58 million, and net profit excluding non-recurring items of 54 million, with year-on-year increases of 18%, 35%, and 26% respectively [1][4]. Revenue Breakdown - In 2024, the company’s revenue from external sales increased by 37%, while domestic sales grew by 26%. Revenue from proprietary brands rose by 31%, and non-proprietary brands increased by 35% [2]. - Online sales grew by 8%, while offline sales surged by 38%. The North American trade team contributed significantly to revenue growth, and domestic proprietary brands experienced rapid growth [2]. - Product-wise, revenue from office chairs, sofas, massage chairs, and height-adjustable desks increased by 34%, 20%, 1%, and 138% respectively, accounting for 72%, 14%, 5%, and 2% of total revenue [2]. Profitability Metrics - The gross profit margin for 2024 was 21.6%, a decrease of 1.2 percentage points, primarily due to intense competition in the sofa market and cross-border e-commerce [3]. - The company optimized its expense ratios, with total sales, management, and R&D expense ratios decreasing by 2.4 percentage points. The net profit margin attributable to shareholders decreased by 2.2 percentage points to 6.2% due to a high base effect from government subsidies in 2023 [3]. - In Q4 2024, the gross profit margin decreased by 3.4 percentage points, with variations in expense ratios across sales, management, R&D, and financial expenses [3]. Future Outlook - The revenue growth in Q1 2025 aligns with expectations, with a gross profit margin of 20.6%, down 1.5 percentage points due to a decline in the delivery volume of high-margin products [4]. - The company is focusing on global capacity and business expansion, aiming to enhance its competitive advantage through increased market share overseas and the growth of domestic proprietary brands [4]. - The company plans to actively address losses in specific segments and leverage its experience in the Vietnam base to cover all U.S. business needs, while also expanding into non-U.S. markets [4]. Dividend Policy - The company maintained a stable dividend policy, distributing 152 million in cash dividends for 2024, with a dividend payout ratio of 51.44% [5]. - A mid-term dividend plan for 2025 has been established, with expectations of a dividend yield exceeding 5.5% based on projected net profits [5].

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 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]