Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.82 CNY, while the current stock price is 10.34 CNY [5]. Core Views - The company is focusing on expanding its smart home segment and has launched a new service model for its integrated home solutions, which has shown significant growth despite market pressures [2][3]. - The company is expected to see a recovery in revenue and profit margins in the coming years, with projected revenues of 23.13 billion CNY, 24.45 billion CNY, and 26.50 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 21.11%, 5.72%, and 8.39% [11][12]. Financial Performance Summary - In 2024, the company reported a revenue of 1.91 billion CNY, a decrease of 15.69% year-on-year, and a net profit of 0.81 billion CNY, down 62.93% year-on-year [1]. - The gross margin for 2024 was 33.41%, a decline of 1.66 percentage points compared to the previous year, primarily due to support provided to distributors [4]. - The company’s net profit margin for 2024 was 4.22%, down 5.38 percentage points year-on-year, with a significant drop in Q4 2024 [11]. Business Segment Performance - The integrated home solutions channel saw a revenue increase of over 60% in 2024, indicating strong demand for this service model [2]. - The sales of overall wardrobes and supporting furniture decreased by 18.59% to 1.44 billion CNY in 2024, while kitchen cabinet sales increased slightly by 0.95% to 299 million CNY [2]. - The company has expanded its international presence, generating 8 million CNY in revenue from international markets in 2024 [2]. Future Outlook - The company is expected to continue its focus on the integrated home strategy and smart home innovations, which are anticipated to drive future revenue growth [11]. - The projected net profit for 2025 is 2.16 billion CNY, representing a significant increase of 167.95% compared to 2024 [11][12].

2025 年 05 月 09 日 好莱客(603898.SH) 整装持续向好， 开拓智能家居新赛道 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具 ...