丨证券研究报告丨 行业研究丨点评报告丨家庭装饰品 [Table_Title] 家居行业点评：中央资金支持国补延续全年， 有望持续支撑家居需求 报告要点 [Table_Summary] 据新华社报道，消费品以旧换新加力扩围政策没有变化，补贴资金使用进度符合预期，约占全 年一半，其中 1-5 月家装厨卫"焕新"数量接近去年全年，后续 7 月和 10 月将分批下达 Q3 和 Q4 国补对应的中央资金。家居景气进入磨底、弱稳定阶段，家居国补接续有望托底需求，地产 企稳乃至回升是看涨期权。优选确定性高股息+中长期有竞争力的公司。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% 事件评论 风险提示 1、各地家居以旧换新政策落地不及预期；2、地产销售及竣工低预期；3、行业竞争持续加剧。 %% %% research.95579.com 1 家庭装饰品 cjzqdt11111 [Table_Title 家居行业点评：中央资金支持 ...

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 ...

股票简称：好太太 股票代码：603848 广东好太太科技集团股份有限公司 二〇二五年五月十六日 地点：广州 广东好太太科技集团股份有限公司 目 录 议案七 关于公司及子公司 2025 年度向银行申请综合授信额度的议案 .. 47 议案八 关于公司 2025 年度预计为子公司提供担保额度的议案 ........ 49 议案十三 关于变更公司注册资本并修订《公司章程》的议案 ......... 65 广东好太太科技集团股份有限公司 广东好太太科技集团股份有限公司 本次股东大会所采取的表决方式是现场投票和网络投票相结合的方式。采用 上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 2025 年 5 月 16 日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为 2025 年 5 月 16 日的 9:15-15:00。 现场会议时间：2025 年 5 月 16 日 14 点 00 分 现场会议地点：广州市番禺区化龙镇金阳二路 12 号公司会议室 会议召集人：公司董事会 参会人员：股东、股东代理人、董事、监事、高级管理人员及见证律师等。 主持 ...

2025 年 04 月 30 日 公司研究 评级：增持(维持) | 研究所： | | | --- | --- | | 证券分析师： | 林昕宇 S0350522110005 | | | linxy01@ghzq.com.cn | | 证券分析师： | 赵兰亭 S0350524080004 | | | zhaolt@ghzq.com.cn | | 联系人 ： | 孙馨竹 S0350124060027 | | | sunxz@ghzq.com.cn | [Table_Title] 盈利水平保持稳健，分红比例维持高水平 ——奥普科技（603551）2024 年年报点评 | 相对沪深 300 表现 | | | 2025/04/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 奥普科技 | -3.2% | -3.6% | -1.0% | | 沪深 300 | -3.6% | -1.1% | 4.2% | | 市场数据 | | | 2025/04/29 | | 当前价格（元） | | | 10.22 | | 52 周价格区间（元） | | | 9.06-12. ...

Revenue Performance - In 2024, the company achieved revenue of 1.557 billion yuan, a year-on-year decrease of 8%, with Q4 2024 revenue declining by 15% to 488 million yuan [1][3] - For Q1 2025, revenue was 259 million yuan, reflecting an 11% year-on-year decline [2][3] - The decline in revenue is attributed to weak consumer demand, although there was significant growth in smart product sales [3] Product Analysis - In 2024, revenue from smart home products and traditional drying racks decreased by 7% and 19% year-on-year, respectively [3] - Smart home product sales increased by 19%, while traditional drying rack sales fell by 21% [3] - The average selling price of smart products dropped to 866 yuan due to industry price wars, with expectations of price stabilization in Q1 2025 [3] Profitability Insights - Gross margin faced pressure due to changes in product mix, with Q4 2024 and Q1 2025 gross margins at 37.6% and 47.9%, respectively, reflecting year-on-year declines of 15.5 and 4.0 percentage points [4] - The increase in sales, management, and financial expense ratios indicates that expenses are rising faster than revenue growth, impacting profitability [4] - The net profit margin for Q1 2025 was 12.9%, showing a recovery trend compared to the previous quarter [4] Strategic Outlook - The company is well-positioned in the smart drying market, holding a market share of approximately 40%, and is expected to benefit from government subsidies starting in March 2025 [5] - The company plans to expand its product range beyond smart drying racks to include smart locks, curtains, and other smart home products, aiming for a comprehensive smart home ecosystem [5] - Profit forecasts for 2025-2027 project net profits of 280 million, 330 million, and 380 million yuan, with corresponding price-to-earnings ratios of 20, 17, and 15 [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's revenue performance is under pressure, with expectations for demand recovery driven by national subsidies. The company has a solid foundation in smart drying products and aims to expand into multiple categories to drive future growth. The company has a market share of approximately 40% in the smart drying sector and anticipates a gradual recovery in revenue following the implementation of national subsidies in March 2025 [9][10]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 1.557 billion, net profit attributable to shareholders of 248 million, and net profit excluding non-recurring items of 244 million, representing year-on-year declines of 8%, 24%, and 24% respectively. In Q4 2024, the expected revenue is 488 million, with net profit attributable to shareholders at 58 million and net profit excluding non-recurring items at 54 million, reflecting year-on-year declines of 15%, 35%, and 42% respectively. For Q1 2025, the company is expected to generate revenue of 259 million, with net profit attributable to shareholders at 33 million and net profit excluding non-recurring items at 32 million, showing year-on-year declines of 11%, 40%, and 43% respectively [2][7][9]. Revenue and Profit Analysis - The company faces significant operational pressure in 2024, with an overall revenue decline of 8%. In Q4 2024, the revenue decline is projected at 15%. However, the decline in Q1 2025 is expected to narrow to 11%. The sales performance of smart home products is expected to grow, while traditional drying rack products are projected to decline by 19% [13]. The gross margin is under pressure due to changes in product mix, with Q4 2024 and Q1 2025 gross margins at 37.6% and 47.9% respectively, reflecting year-on-year declines of 15.5 and 4.0 percentage points [13]. Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 280 million, 330 million, and 380 million for the years 2025 to 2027, corresponding to price-to-earnings ratios of 20, 17, and 15 times respectively [9].

在技术创新方面，好太太同样不遗余力。公司持续加大研发投入，积极引进高端研发人才，不断完善研 发体系和创新机制。通过持续的技术突破和产品优化，好太太成功推出了一系列具有行业领先水平的智 能家居产品，如自主研发的晾衣机蓝鲸动力系统、智能门锁人脸识别技术等。这些创新产品不仅极大地 提升了用户的使用体验，也为公司赢得了更广泛的市场份额和良好口碑。 在渠道布局上，好太太同样表现出色。公司全面深化市场覆盖，实现了全渠道布局和精细化运营。通过 巩固传统经销商渠道优势、积极拓展线上电商渠道和新兴社交电商平台，好太太成功实现了线上线下 （300959）的协同发展，进一步提升了品牌知名度和市场占有率。同时，公司还积极与房地产商、家装 公司等合作伙伴开展战略合作，共同开拓智能家居市场的新蓝海。 在质量管理方面，好太太始终坚守品质至上的原则。公司建立了完善的质量管理体系和严格的检测标 准，从原材料采购到成品出厂的每一个环节都进行了细致入微的质量控制。通过不断提升产品质量和服 务水平，好太太成功赢得了消费者的广泛信赖和高度认可。此外，公司还积极践行绿色环保和可持续发 展理念，致力于为消费者提供更加健康、环保的智能家居产品。 综上所述， ...