证券研究报告 梦百合 (603313 CH) 内外贸营收稳增，利润符合预期 | 华泰研究 | | | 中报点评 | | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | | 家居用品 | 目标价(人民币): | 10.81 | 公司发布 2025 年半年报：1H25 公司实现营收 43.16 亿元/同比+9.4%；归 母净利润 1.15 亿元/同比+118%，符合业绩预告指引（归母净利润 1.0~1.2 亿元）。其中 Q2 实现营收 22.73 亿元/同比+6.8%，归母净利润 5583 万元 /同比+70.4%。公司利润端显著改善，我们判断主要原因有：1）记忆绵床 垫、记忆绵枕等重点品类毛利率同比提升；2）国内自主品牌建设和海外 OBM 转型，业务结构持续改善；3）信用减值损失计提较去年同期减少。展望后 续：1）全球化产能布局领先，北美本土产能优势突出，欧洲市场积极拓展， 收入稳增可期；2）国内发力品牌及渠道建设，记忆棉品类在内销家居企业 中具备独特性，看好公司未来内外贸发展，维 ...

Core Viewpoint - The company, Dream Lily Home Technology Co., Ltd., is preparing for its 2024 annual shareholder meeting, focusing on maintaining shareholder rights and ensuring orderly proceedings. The company reported a revenue of 8.449 billion yuan for 2024, a year-on-year increase of 5.94%, but a net loss of 151 million yuan, a decrease of 242.04% compared to the previous year [4][24]. Group 1: Company Overview - Dream Lily Home Technology Co., Ltd. aims to enhance its global market competitiveness and accelerate market expansion [4]. - The company achieved a revenue of 14.36 billion yuan from its ODM business, marking a year-on-year growth of 48.72% [4]. - The company has established a strong partnership with major European clients, contributing to the growth of its ODM business [4]. Group 2: Market Performance - The European market has seen continuous double-digit growth in the company's main business revenue for two consecutive years [4]. - The North American market has stabilized, with a reduction in revenue decline by 12.20 percentage points compared to the previous year [5]. - The company's online brand EGOHOME ranked among the top 20 best-selling mattress products on Amazon [5]. Group 3: Strategic Initiatives - The company is focusing on enhancing its ODM and OBM business models, with plans to strengthen regional market development and expand its customer base [11]. - The company aims to promote its brand internationally, particularly in the U.S. market, leveraging local supply chain advantages [11]. - The company plans to optimize its offline channels and enhance brand awareness through various marketing strategies [12]. Group 4: Financial Performance - The company reported a net profit attributable to shareholders of -151 million yuan for 2024, with a significant decrease in profitability [25]. - The total assets of the company decreased by 4.40%, with current assets amounting to 442.29 million yuan [24]. - The company’s cash flow from operating activities was -395.10 million yuan, a decrease of 8.87% compared to the previous year [24]. Group 5: Governance and Compliance - The company’s supervisory board has conducted regular meetings to ensure compliance with legal and regulatory requirements [20]. - The supervisory board has confirmed that the company’s financial management and internal controls are sound and comply with relevant regulations [22][23]. - The company has adhered to proper procedures regarding related party transactions and external guarantees [22].