3、公司的主营业务为从事智能电动沙发、智能电动床及其核心配件的研发、设计、生产和销售。公司 的主要产品为单椅、组合沙发、机构件、电机、电控装置。 来源：新浪证券-红岸工作室 12月31日，匠心家居跌0.59%，成交额8838.63万元，换手率0.64%，总市值207.39亿元。 异动分析 养老概念+人民币贬值受益+智能家居+一带一路 1、公司进军康养产业，产品有康养机构智能床，多体位康复治疗床，家里护用智能床等产品。 2、根据2024年年报，公司海外营收占比为99.49%，受益于人民币贬值。 4、根据2025年4月11日互动易回复：公司越南生产基地自建成以来，始终坚持本地化建设、本地化运营 的原则，在人员管理、工艺制造、设备投入及供应链协同等方面，已具备完整的独立制造能力。公司核 心产品均在越南境内完成开发、加工与装配，不属于"转口贸易"模式。公司将继续秉持合规、透明、高 效的运营理念，持续提升全球供应链体系的稳定性与交付能力。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入522.27万，占比0.06%，行业排名5/76，连续3日被主力资金增仓；所 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][7]. Core Insights - The company focuses on smart electric sofas and has a stable ownership structure with significant employee incentives, leading to rapid growth in performance [6][20]. - The U.S. functional sofa market is steadily expanding, with the company increasing its market share due to strong supply chain capabilities and product innovation [6][44]. - The company's revenue is projected to grow significantly, with expected revenues of 33.24 billion, 41.67 billion, and 49.93 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 30.44%, 25.35%, and 19.82% [7][8]. Summary by Sections Basic Information - The company, established in 2002, specializes in the research, production, and sales of smart electric sofas and beds, with a concentrated ownership structure where the actual controller holds 68.28% of shares [6][20]. - Revenue grew from 896 million yuan in 2017 to 2.548 billion yuan in 2024, with a CAGR of +16.11%, while net profit increased from 104 million yuan to 683 million yuan, achieving a CAGR of +30.87% [29][31]. Industry Analysis - The U.S. functional sofa market is projected to reach 13.75 billion USD by 2024, with a penetration rate of 42.8%, driven by high consumer spending and market education by leading brands [6][44][51]. - The competitive landscape is concentrated, with the top 10 companies holding a significant market share, and the company is expected to increase its market share to 4% by 2024 [6][44]. Company Highlights - The company is enhancing cost efficiency through vertical integration and global supply chain strategies, which allow it to offer high-quality products at competitive prices [6][14]. - A strong sales team focused on the U.S. market is aiding in customer expansion, with the number of "store-in-store" locations exceeding 500 in North America by early 2025 [6][14]. - The company is diversifying its customer base, reducing revenue concentration risk, with the top five customers accounting for 45.51% of total revenue in 2024 [6][14]. Profit Forecast - The company forecasts revenues of 33.24 billion, 41.67 billion, and 49.93 billion yuan for 2025, 2026, and 2027, with net profits of 9.05 billion, 11.07 billion, and 13.33 billion yuan respectively [7][8].

2025年，家居行业出海迈入战略深耕阶段。家居行业突破传统欧美市场依赖，在东南亚、拉美、非洲等 新兴市场开辟增长新曲线。同时，企业加速从"代工出海"向"品牌出海"转型。北京商报记者了解到，头 部企业全球化布局持续提速。5月，爱丽家居墨西哥工厂正式投产；9月，顾家家居拟投资11.24亿元， 在印度尼西亚建设顾家家居海外生产基地；11月，东方雨虹全资子公司拟以自有资金合计出资约1.44亿 元收购巴西Novakem公司60%股权；同月，中源家居拟出资1600万美元投资建设越南生产基地项目。 业内人士表示，2025年是家居出海从规模扩张向质量提升的关键一年。新兴市场的深度开拓与品牌化转 型，让中国家居从供应链优势转向价值优势。未来，唯有以技术创新为内核、以本地化运营为支撑，才 能在全球市场竞争中构建长期壁垒。 海外多元布局 2025年，国内家居企业出海进入多区域、全链条布局的密集推进期。从东南亚的深度渗透到拉美的全新 突破，从生产基地的本土化落地到品牌门店的全球化铺开，头部企业以多元化布局推动家居企业全球化 发展。 东南亚凭借地缘优势和消费升级潜力，成为家居企业出海的核心枢纽。2025年，顾家家居在东南亚双线 布局。 ...

东南亚凭借地缘优势和消费升级潜力，成为家居企业出海的核心枢纽。2025年，顾家家居在东南亚双线布局。顾家家居越南平阳新工厂投产后，与平福工厂 形成互补，专注北美电动沙发市场；印尼项目选址中爪哇省三宝垄市肯德尔工业园。 顾家家居表示，布局海外市场，是为落实国际化战略，加大市场辐射的深度和广度。后续，公司将在印尼注册全资或控股的具有独立法人资格的项目生产和 销售公司作为本项目实施主体。 2025年，家居行业出海迈入战略深耕新阶段。家居行业突破传统欧美市场依赖，在东南亚、拉美、非洲等新兴市场开辟增长新曲线。同时，企业加速从"代 工出海"向"品牌出海"转型。北京商报记者了解到，头部企业全球化布局持续提速。11月，东方雨虹全资子公司拟以自有资金合计出资约1.44亿元人民币收 购巴西Novakem公司60%股权；同月，中源家居拟出资1600万美元投资建设越南生产基地项目。9月，顾家家居拟投资11.24亿元在印度尼西亚中爪哇省三宝 垄市肯德尔工业园内建设顾家家居海外生产基地；5月，爱丽家居墨西哥工厂正式投产。 业内人士表示，2025年是家居出海从规模扩张向质量提升的关键一年。新兴市场的深度开拓与品牌化转型，让中国家居从供应 ...

12月23日，匠心家居涨1.45%，成交额1.29亿元。两融数据显示，当日匠心家居获融资买入额876.69万 元，融资偿还764.33万元，融资净买入112.36万元。截至12月23日，匠心家居融资融券余额合计2503.92 万元。 融资方面，匠心家居当日融资买入876.69万元。当前融资余额2416.09万元，占流通市值的0.11%，融资 余额低于近一年50%分位水平，处于较低位。 融券方面，匠心家居12月23日融券偿还300.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量8405.00股，融券余额87.83万元，超过近一年90%分位水平，处于高位。 资料显示，常州匠心独具智能家居股份有限公司位于江苏省常州市星港路61号，成立日期2002年5月31 日，上市日期2021年9月13日，公司主营业务涉及智能电动沙发、智能电动床及其核心配件的研发、设 计、生产和销售。主营业务收入构成为：智能电动沙发78.76%，配件12.06%，智能电动床8.34%，其他 0.84%。 截至9月30日，匠心家居股东户数7450.00，较上期增加38.17%；人均流通股19393股，较上期减少 27. ...

人保转型混合A（005953）成立日期2018年6月21日，最新规模5793.17万。今年以来收益24.23%，同类 排名3553/8170；近一年收益23.15%，同类排名3488/8139；成立以来收益11.07%。 人保转型混合A（005953）基金经理为刘石开。 截至发稿，刘石开累计任职时间1年95天，现任基金资产总规模18.58亿元，任职期间最佳基金回报 52.98%， 任职期间最差基金回报-1.01%。 资料显示，常州匠心独具智能家居股份有限公司位于江苏省常州市星港路61号，成立日期2002年5月31 日，上市日期2021年9月13日，公司主营业务涉及智能电动沙发、智能电动床及其核心配件的研发、设 计、生产和销售。主营业务收入构成为：智能电动沙发78.76%，配件12.06%，智能电动床8.34%，其他 0.84%。 从基金十大重仓股角度 12月22日，匠心家居跌5.08%，截至发稿，报105.36元/股，成交6981.04万元，换手率0.45%，总市值 230.49亿元。 数据显示，人保资产旗下1只基金重仓匠心家居。人保转型混合A（005953）三季度持有股数1.31万股， 占基金净值比例为1. ...

Core Viewpoint - The company plans to invest 150.38 million yuan in establishing a smart furniture production base in Cambodia through a wholly-owned subsidiary in Hong Kong, aiming to enhance its global production capacity and competitiveness in the smart furniture market [1][3]. Group 1: Investment Details - The total investment for the Cambodia smart furniture production base project is 150.38 million yuan, with 123.04 million yuan allocated for construction and equipment, and 27.34 million yuan for working capital [1]. - The project will have an annual production capacity of 200,000 smart electric sofas, 100,000 smart electric beds, and 200,000 smart electric sofa accessories upon completion [1]. Group 2: Strategic Objectives - The investment aims to expand overseas production capacity, optimize global industrial layout, and enhance the company's ability to respond to international trade barriers [3]. - The project is expected to better meet the demand for smart furniture products in North America and global markets, thereby improving the company's overall competitiveness and profitability [3].

Group 1 - The core viewpoint of the news is that Jiangxin Home has seen a stock price increase of 5.09%, reaching 102.36 CNY per share, with a total market capitalization of 22.393 billion CNY [1] - Jiangxin Home specializes in the research, design, production, and sales of smart electric sofas, smart electric beds, and their core components, with the main revenue sources being smart electric sofas (78.76%), components (12.06%), smart electric beds (8.34%), and others (0.84%) [1] Group 2 - According to data, a fund under Renbao Asset holds a significant position in Jiangxin Home, with Renbao Transformation Mixed A (005953) owning 13,100 shares, accounting for 1.97% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 21.95% and a one-year return of 25.29%, with a total fund size of 57.9317 million CNY [2] Group 3 - The fund manager of Renbao Transformation Mixed A is Liu Shikai, who has been in the position for 1 year and 69 days, with the fund's total asset size at 1.858 billion CNY [3] - During Liu's tenure, the best fund return was 48.5%, while the worst was -3.22% [3]

Core Insights - Jiangxin Home Furnishing experienced a stock price increase of 5.15%, reaching 90.47 CNY per share, with a total market capitalization of 19.792 billion CNY [1] Company Overview - Jiangxin Home Furnishing Co., Ltd. was established on May 31, 2002, and went public on September 13, 2021. The company is located at Xinggang Road 61, Changzhou, Jiangsu Province [1] - The main business activities include the research, design, production, and sales of smart electric sofas, smart electric beds, and their core components. The revenue composition is as follows: smart electric sofas 78.76%, components 12.06%, smart electric beds 8.34%, and others 0.84% [1] Fund Holdings - According to data, Huabao Fund has a significant holding in Jiangxin Home Furnishing through its Huabao Consumption Upgrade Mixed Fund (007308), which held 15,600 shares, accounting for 2.9% of the fund's net value, ranking as the ninth largest holding [2] - The fund has a total size of 49.5712 million CNY and has achieved a year-to-date return of 2.85%, ranking 7,296 out of 8,138 in its category [2] Fund Manager Performance - The fund manager of Huabao Consumption Upgrade Mixed Fund is Bo Yu, who has been in the position for 4 years and 82 days. The fund's total asset size is approximately 49.5694 million CNY [3] - During Bo Yu's tenure, the best fund return was -17.35%, while the worst return was -37.38% [3]

Core Insights - The stock of Jiangxin Home fell by 1.07% on November 12, with a trading volume of 82.1851 million yuan [1] - As of September 30, Jiangxin Home reported a revenue of 2.511 billion yuan for the first nine months of 2025, representing a year-on-year growth of 35.80% [2] - The company has distributed a total of 628 million yuan in dividends since its A-share listing, with 468 million yuan distributed in the last three years [3] Financing and Margin Trading - On November 12, Jiangxin Home had a net financing buy of -3.6113 million yuan, with a total financing balance of 26.4923 million yuan [1] - The financing balance of 25.6571 million yuan accounts for 0.13% of the circulating market value, which is below the 50th percentile level over the past year [1] - The company had a high margin trading balance of 835,200 yuan, exceeding the 90th percentile level over the past year [1] Shareholder Structure - As of September 30, the number of shareholders increased by 38.17% to 7,450, while the average circulating shares per person decreased by 27.62% to 19,393 shares [2] - The top ten circulating shareholders include notable funds such as Yongying Ruixin Mixed A and Hong Kong Central Clearing Limited, with significant increases in holdings [3]