近日，水星家纺"全球引领，共塑未来"2025战略发布暨秋冬整训会在绍兴隆重举行。发布会上，国际权 威咨询机构弗若斯特沙利文(Frost & Sullivan)郑重宣布：水星家纺专业床品全球销量第一[1]。 权威认证：全球专业床品领导者实至名归 沙利文大中华区主管合伙人兼总裁王晨晖揭晓了多项市场地位声明：水星家纺凭借卓越的市场表现，成 功问鼎专业床品全球销量第一。同时，水星家纺在多个核心细分品类持续领跑市场：连续两年全球被芯 销量第一[2]、连续四年全国被芯销量第一[3]、连续三年全国结婚床品销量第一[4]、连续三年全国健康 睡眠床品销量第一[5]、连续两年全国儿童床品销量第一[6]、连续两年全国蚕丝被销量第一[7]。这份耀 眼的成绩单，是水星家纺产品力、渠道力与品牌力的综合体现，为其全球引领战略提供了有力的市场根 基。 同时，现场还发布了《2025 中国被芯白皮书》。今年是被芯白皮书调研发布的第六年，从2020年起， 水星家纺受中国家用纺织品行业协会委托，联合中国睡眠研究会，对国人睡眠问题进行调研，定期发布 被芯白皮书，剖析国民睡眠状态，研究消费者的被芯使用习惯，并科普健康睡眠、品质生活的新理念。 科技破局： ...

近日，广东省市场监督管理局发布关于2025年羽绒被、羽绒服装、蚕丝被、羊绒针织衫等4种产品质量专项监督抽查情况的通告。 通告显示，本次抽查共发现不合格产品6款，不合格产品涉及富安娜、雅兰等知名品牌，引发市场高度关注。 | 序 | 产品 | 受检单位 | 标称生产 | 标称生产单 | 产品名称 | 规格型号 | 主要不合格项目 | 生产日期 | 承检机构 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 릉 | 种类 | | 单位 | 位所在地 | | | | 或批号 | | | 1 | 羽绒被 | 深圳茂业百货 | 宜庭家纺 | 安徽省滁州 | 科米可水洗 鹅绒春秋被 | | | | 广东产品质量监督检验研 | | | | 有限公司华强 北分公司 | 有限公司 | 市 | 四件套-被 | 200*23 0cm | 防钻绒性 | 1 | 究院 | | | | | | | 芯 | | | | | | 2 | 羽绒戒被 | 深圳市雅兰家 | 深圳市雅 兰家纺科 | 广东省深圳 | EC 甄医习习 | | | | 广东产品质量监督检验研 ...

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]