Q4 业绩明显改善，维持高分红率 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整盈利预测并引入 2027 年的盈利预测，预计公司 20252027 年每 股收益分别为 1.47、1.57 和 1.68 元（原 2526 年为 1.34 和 152 元），参考可比公 司，给予 2025 年 14 倍 PE 估值，对应目标价 20.58 元，维持增持评级 风险提示：行业竞争加剧、终端消费需求减弱、新开店不及预期等 水星家纺 603365.SH 公司研究 年报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年05月12日） | 16.42 元 | | 目标价格 | 20.58 元 | | 52 周最高价最低价 | 18.82/10.73 元 | | 总股本流通 A 股（万股） | 26,267/25,806 | | A 股市值（百万元） | 4,313 | | 国家地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 05 月 13 日 | 周 月 月 12 月 绝对表现% 1.61 13.09 6.83 4.87 相对表现% 1.57 9.35 ...

Q4 业绩明显改善，维持高分红率 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整盈利预测并引入 2027 年的盈利预测，预计公司 2025-2027 年每 股收益分别为 1.47、1.57 和 1.68 元（原 25-26 年为 1.34 和 1.52 元），参考可比公 司，给予 2025 年 14 倍 PE 估值，对应目标价 20.58 元，维持"增持"评级 风险提示：行业竞争加剧、终端消费需求减弱、新开店不及预期等 水星家纺 603365.SH 公司研究 | 年报点评 | | 增持 （维持） | | --- | --- | | 股价（2025年05月12日） | 16.42 元 | | 目标价格 | 20.58 元 | | 52 周最高价/最低价 | 18.82/10.73 元 | | 总股本/流通 A 股（万股） | 26,267/25,806 | | A 股市值（百万元） | 4,313 | | 国家/地区 | 中国 | | 行业 | 纺织服装 | | 报告发布日期 | 2025 年 05 月 13 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | - ...

要问什么职业最需要经常住酒店？那一定是明星了，因为工作的原因，他们不得不常年漂泊在 外地，所以住酒店也就成为了常事。 那么，什么样的酒店才符合明星们那高贵的身份呢？除了有特殊赞助的酒店外，大部分明星都 愿意选择 希尔顿酒店 。 一般的希尔顿酒店都是五星级的，少部分更是超五星级的，其奢华程度不言而喻。 不过，大多数有钱 人愿意入住希尔顿，并不是因为其酒店奢华， 而是因为它家的枕头。 因为人的颈部曲线复杂，并不是直愣愣的一条线。 软硬适中 贴合颈部，枕着它睡觉，轻柔舒适 就像枕着云睡觉一样！整个头部和颈椎都很放松！ 不到50块，天天睡希尔顿！ 而且 有人喜欢枕高枕头，也有人喜欢枕低枕 头， 普通的枕头，很难给到我们360°无死角的支 撑。 更别说，大多数人睡觉，都不止一种姿势。 而希尔顿酒店的枕头设计得非常巧妙！ 巧妙之处就在于"千人千面"，几乎每个人都可以睡到适合自己的高度，枕在上面，超舒 服，让 人有一种根本不想起床的感觉～ 作为一名对床品挑剔，认枕头的人，给大家强烈推荐这款 【SLEEP KEEPER睡眠管家】 R标 希 尔顿联名康尔馨高端款枕芯——云柔枕！ 怎么给大家描述呢？ 那支撑力、回弹力，就像为脖子 ...

公司发布2024 年报与2025 第一季度报告，2024 年实现营收/归母净利润/扣非净利润分别为41.93 亿/3.67 亿/3.33 亿，同比-0.42%/-3.28%/+1.77%。Q4 单季度实现营收/ 归母净利润/ 扣非净利润分别为 15.1/1.57/1.49 亿， 同比+3.65%/+23.56%/+30.98%，受益于家纺补贴与公司内部积极调整，业绩改善明 显。 2025Q1 实现营收/归母净利润/扣非后归母净利润分别为9.26/0.90/0.76 亿，同比+1.20%/-3.79%/-9.84%。 此外，公司拟每10 股派发现金红利9 元（含税），现金分红和回购金额3.55 亿，合计占归母净利润比例 高达96.84%。 电商渠道毛利率提升，加盟渠道展现韧性，直营渠道营收下滑。2024 年线上实现营收22.99 亿元（同 比-3.75%），但毛利率提升显著3.19pct 至42.96%，主因线上产品结构优化以及促销力度减弱。线下业 务加盟/直营收入分别为13.33/3.25 亿元(同比+1.46%/-6.51%)，毛利率分别为37.39%/52.86%，分别同 比-0.53/-1.05pct。 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 电商毛利率提升，关注智能家纺进展 [Table_Title2] 水星家纺(603365) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603365 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 19.9/10.73 | | 目标价格： | | 总市值(亿) | 42.55 | | 最新收盘价： | 16.2 | 自由流通市值(亿) | 41.81 | | | | 自由流通股数(百万) | 258.06 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/扣非归母净利/经营性现金流分别为 41.93/3.67/3.33/5.16 亿元、同比增长- 0.42%/-3.28%/1.77%/4.58%，未达到股权激励目标（24 年净利润增长 4%-6%）。非经主要为政府补助 0.22 亿 元（同比下降 60.31%）；剔除资产及信用减值损失、公允价值变动、资产处置收益后归母净利 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has shown stable performance over 2024, but faced pressure in Q1 2025, with a significant decline in revenue and net profit. The company remains a leader in the home textile industry, and its high dividend payout provides stable returns for investors [1][10]. - In 2024, the company achieved a revenue of 3.01 billion yuan, a year-on-year decrease of 0.6%, and a net profit of 540 million yuan, down 5.2% year-on-year. The first quarter of 2025 saw a more pronounced decline, with revenue dropping 17.8% and net profit falling 54.1% [5][6]. Summary by Sections Financial Performance - In 2024, the company’s revenue and net profit showed a slight decline, with revenue at 3.01 billion yuan and net profit at 540 million yuan. The first quarter of 2025 reported revenue of 540 million yuan and net profit of 56.14 million yuan, reflecting a significant year-on-year decline [5][6]. - The company’s gross margin improved to 56.1% in 2024, with a slight increase in various product categories [8][15]. Revenue Breakdown - In 2024, the revenue from different product categories was as follows: bedding sets (39.7%), comforters (39.8%), and pillows (7.2%), with respective year-on-year changes of -0.2%, -1.6%, and -2.8% [7]. - Revenue from various sales channels in 2024 showed a decline in e-commerce sales by 7.4%, while franchise and direct sales saw slight increases of 1.4% and 1.8%, respectively [7]. Dividend and Shareholder Returns - The company proposed a cash dividend of 0.62 yuan per share for 2024, resulting in a dividend payout ratio of 96%. The current dividend yield is 7.9% based on the stock price as of April 29, 2025 [5][10]. Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 548 million yuan, 574 million yuan, and 596 million yuan, respectively, with corresponding EPS of 0.65 yuan, 0.68 yuan, and 0.71 yuan [10][11].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to maintain stable performance in 2024 despite a weak macro consumption environment, with a projected revenue of 3.011 billion yuan, a slight decrease of 0.6% year-on-year, and a net profit of 542 million yuan, down 5.2% year-on-year. The gross margin is expected to improve by 0.43 percentage points to 56.05% [1][3] - The company maintains a high dividend payout ratio of 95.8%, proposing a dividend of 6.2 yuan per 10 shares, totaling 520 million yuan [1][3] - The first quarter of 2025 is anticipated to see a double-digit revenue decline, with net profit significantly impacted due to increased sales expenses [1][3] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 3.011 billion yuan, with a net profit of 542 million yuan. The gross margin improved to 56.05%, while the net margin decreased to 18.01% [1][4] - The first quarter of 2025 is projected to have a revenue of 536 million yuan, down 17.8% year-on-year, and a net profit of 56 million yuan, down 54.1% year-on-year [1][3] Revenue Breakdown - Revenue by channel in 2024 showed steady growth in direct sales (+1.8%) and franchise sales (+1.4%), while online sales declined by 7.4%. Group purchases grew by 5.1% [2] - Revenue by product category indicated that the bedding category generated 1.2 billion yuan, a decrease of 1.6%, while the set category remained stable with a slight decrease of 0.17% [2] Future Outlook - The company is expected to benefit from a rebound in wedding demand and consumer stimulus policies in 2025, with projected net profits of 550 million yuan, 587 million yuan, and 622 million yuan for 2025, 2026, and 2027 respectively [3][39] - The target price is maintained at 8.9 to 9.6 yuan, corresponding to a price-to-earnings ratio of 14 to 15 times for 2025 [3][39]