公司报告 | 半年报点评 豪美新材（002988） 证券研究报告 收入稳步增长，毛利率同比下滑拖累业绩 毛利率同比下滑，反内卷政策出台铝价阶段性回暖 25H1 公司综合毛利率为 10.7%，同比-1.44pct，Q2 单季度毛利率为 10.71%， 同比-1.56pct。25H1 原材料铝期货结算价均价为 20317 元/吨，同比增加 519 元/吨，涨幅为 2.62%，截至 8 月 25 日，铝期货结算价 20820 元/吨，8 月份以来铝均价同比涨幅为 7.73%。受国内反内卷举措频出，铝价有望受 到阶段性提振，公司毛利率有望恢复。 费用率小幅提升，现金流同比改善 25H1 公司期间费用率为 7.96%，同比+0.01pct，销售、管理、研发、财务 费用率分别为 1.59%、1.66%、3.22%、1.48%，同比-0.19pct、-0.09pct、+0.19pct、 +0.11pct，综合影响下公司净利率为 2.56%，同比-1.38pct，Q2 净利率为 2.64%，同比-1.15pct。25H1 公司经营活动现金流净额为 0.67 亿，同比多 流入 0.82 亿，收、付现比分别为 89%、87%，同 ...

内容概要：节能门窗，作为绿色建筑的关键组成部分，正逐渐成为市场新宠。过去十年，房地产行业的 迅猛发展，虽然带来了经济的繁荣，但也催生了一些房地产商为了追求利润而忽视质量，导致优质门窗 的发展受阻。然而，近几年受绿色建筑理念的普及和人们生活水平提升影响，节能门窗发展速度逐步加 快。国家政策的推动以及对建筑节能的更高要求，使得节能门窗在绿色技术、绿色建材的领域中脱颖而 出，受到了越来越多的关注和青睐。数据显示，2023年节能门窗行业市场规模达到2600亿元。但到了 2024年中国节能门窗行业市场规模有所下降，这主要受房地产市场传导及家装预算压缩等影响，节能门 窗零售消费疲弱。但随着绿色建筑的持续发展，以及老旧小区改造需求的增加，我国节能门窗行业市场 规模在2025年有望达到2700亿元。 相关上市企业：坚朗五金（002791）、森鹰窗业（301227）、*ST嘉寓（300117）、海螺新材 （000619）、豪美新材（002988）、兴发铝业（00098）、恒尚节能（603137）、南山铝业 （600219）、江山欧派（603208）、中国铝业（601600）等。 相关企业：浙江瑞明门窗股份有限公司、安徽省仕航建 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 10.494 billion, with a net profit attributable to shareholders of CNY 1.371 billion, representing a year-on-year growth of 8.69% [2] - For Q1 2025, the company reported operating revenue of CNY 2.038 billion and a net profit of CNY 0.151 billion [2] - The proposed cash dividend for 2024 is CNY 10 per 10 shares, totaling CNY 1.063 billion, which accounts for 77.54% of the net profit attributable to shareholders [2] Brand Performance - The Sofia brand generated CNY 9.448 billion in revenue with an average order value of CNY 23,370, supported by 1,797 dealers and 2,503 stores [2] - The Milan brand achieved CNY 0.510 billion in revenue, marking an 8.09% increase, with 530 dealers and 559 stores [3] - The Simi brand reported revenue of CNY 0.166 billion, with 156 dealers and 161 stores [3] - The Huaher brand generated CNY 0.166 billion in revenue, supported by 264 dealers and 279 stores [3] Channel Performance - Revenue from the dealer channel reached CNY 8.523 billion [4] - The integrated channel (direct and dealer) generated CNY 2.216 billion, reflecting a year-on-year growth of 16.22% [4] - The bulk channel contributed CNY 1.321 billion, while the direct channel reported CNY 0.359 billion, up 14.00% [4] - The overseas market has established 22 dealers and is involved in approximately 80 engineering projects globally [4] Cost and Profitability - Sales expenses totaled CNY 1.011 billion, with a sales expense ratio of 9.64% [5] - Management expenses were CNY 0.792 billion, with a management expense ratio of 7.55% [5] - R&D expenses amounted to CNY 0.374 billion, representing 3.57% of revenue [5] - The overall gross margin for the furniture manufacturing industry was 34.73%, a decrease of 0.73% year-on-year [6] Strategic Initiatives - The company is focusing on enhancing quality and efficiency through refined expense management and supply chain control [7] - The "1+N+X" model is being implemented to deepen market penetration and attract diverse retail distributors [9] - The company is actively expanding its overseas market presence, with a focus on engineering business development and retail channel expansion [10] - Future plans include dynamic adjustments to the store and channel matrix based on regional conditions [12] Market Outlook - The home furnishing industry is undergoing significant adjustments due to market demand contraction and ecological restructuring [14] - The company is proactively addressing the renovation needs of existing homes and is preparing for the challenges of the stock market era [14] - The integrated channel is expected to maintain growth potential, with ongoing efforts to capture front-end traffic [15]