Investment Rating - The investment rating for the company is "Buy-A" with a target price of 33.67 CNY, based on a projected PE of 10.8x for 2025 [4][9][13]. Core Views - The company is positioned as a leading exporter of office furniture, benefiting from a recovery in U.S. home demand and a robust cross-border e-commerce strategy. The integration of multiple quality acquisitions is expected to gradually contribute to performance, with long-term growth prospects remaining strong [9][11][13]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.03 billion CNY, a year-on-year increase of 34.59%, while the net profit attributable to shareholders was 263 million CNY, a slight decrease of 0.02% [1]. - The first quarter of 2025 saw revenues of 2.65 billion CNY, up 12.74% year-on-year, but net profit dropped by 49.49% to 52 million CNY [1]. - The gross margin for 2024 was 18.64%, down 5.15 percentage points year-on-year, primarily due to increased shipping costs [4][11]. Business Segment Performance - The company's OBM (Original Brand Manufacturer) business generated 5.94 billion CNY in revenue in 2024, a significant increase of 76.97%, accounting for 53.86% of total revenue [2]. - International revenue reached 9.89 billion CNY in 2024, a growth of 48.88%, while domestic revenue fell by 27.45% to 1.11 billion CNY [3]. Strategic Initiatives - The company is actively expanding its cross-border e-commerce operations, establishing overseas warehouses for efficient logistics and building independent online platforms to enhance brand visibility [3][8]. - The company is also focusing on a "big home" strategy, upgrading product systems and expanding categories to enhance competitiveness [8][9]. Future Projections - Revenue forecasts for 2025-2027 are projected at 12.72 billion CNY, 14.51 billion CNY, and 16.80 billion CNY, with year-on-year growth rates of 15.30%, 14.07%, and 15.79% respectively [9][11]. - Net profit forecasts for the same period are 390 million CNY, 467 million CNY, and 577 million CNY, with growth rates of 48.44%, 19.53%, and 23.58% respectively [9][11].

2025 年 05 月 18 日 恒林股份(603661.SH) 据国家统计局与海关总署，2024 年我国家具及其零件出口 4830 亿 元，同比增长 7.0%，其中，办公金属家具/办公木家具/带软垫的木 框架坐具/带软垫的金属框架坐具/木质可调节高度的转动坐具/非木 质 可 调 节 高 度 的 转 动 坐 具 累 计 出 口 额 75.1/100.37/477.96/493.03/3.39/248.74 亿元，同比 +22.7%/+15.52%/+3.28%/+9.84%/+23.94%/+9.2%。 分销售模式看，24 年公司 OBM 业务营业收入为 59.40 亿元，同比增 加 76.97%，占比达到总营业收入的 53.86%。 分产品看，1）24 年办公家具销售收入为 35.52 亿元，同比增长 2.37%。 2）24 年板式家具实现销售收入 10.21 亿元，同比下降 8.83%。3）24 年新材料地板收入为 15.33 亿元，同比增长 2.89%。4）24 年软体家 具收入为 14.27 亿元，同比增长 10.83%。 分地区看，1）24 年国际营收 98.87 亿元，同比增长 48.88%。2） ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 恒林股份(603661) 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 110.29 亿 元（同比+34.6%），归母净利润 2.63 亿元（同比-0.02%），扣非归母净利润 2.81 亿元（同比+19.5%）；单 Q4 收入 32.18 亿元（同比+33.0%），归母净利润-0.03 亿元（23Q4 亏损 1.03 亿元），扣非归母净利润 0.16 亿元（23Q4 亏损 1.03 亿 元）。25Q1 收入 26.54 亿元（同比+12.7%），归母净利润 0.52 亿元（同比 -49.5%），扣非归母净利润 0.53 亿元（同比-48.9%）。Q4 利润承压主要系年末 资产&信用减值集中计提（合计损失约 2.1 亿），其中厨博士商誉减值为 0.79 亿 元（厨博士商誉已计提完毕）。我们预计 Q1 跨境电商扩张驱动收入稳健增长， 盈利能力环比已稳定修复。 跨境高增，基本盘稳定。24 年办公家居/软体家居/板式家居 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].