志邦家居 20251125 Q&A 志邦家居在面对行业传统业务普遍承压的情况下，如何通过产品力、渠道开拓、 品牌推广和数字化建设来提升公司的核心竞争力？ 志邦家居在当前市场环境下，面临着需求量减少和消费能力降低的挑战。为应 对这些挑战，公司在产品力方面进行了重新规划，重点体现在以下几个方面： 在渠道开拓方面，公司重点关注以下两点： 1. 家装渠道：消费者通常先选择家装公司再选择我们的产品，因此我们将 在已有传统合作基础上，更加注重新型家装公司的合作。这些新型公司 1. 整家一体化解决方案：公司致力于提供完整的品类，以满足客户对整家 一体化解决方案的需求。橱柜和衣柜作为双核心品类，将继续深入发展， 带动软体家居、木门墙板等全品类的发展。 2. 产品独特性：公司强调产品的独特性，使其在市场不景气时期更具吸引 力。通过回归产品本身和客户价值，提升产品魅力。 3. 细分渠道匹配：不同渠道背后的客户群体需求各异，公司将根据这些细 分渠道精准匹配相应的产品。例如，整装渠道需要快捷且性价比高的产 品，高端个性化家装公司则需要更高档且柔性化强的产品。 4. 功能与好用性：公司更加注重产品的好用性，包括功能设计、收纳功能 等， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603801 证券简称：志邦家居 公告编号：2025-087 债券代码：113693 债券简称：志邦转债 志邦家居股份有限公司 关于2025年三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 二、投资者提出的主要问题及公司回复情况 在本次说明会上，公司对预征集问题及网络文字互动的问题给予了答复，主要问题及答复如下： 问题1：行业传统业务普遍承压，公司在产品力、渠道开拓、品牌推广、数字化等方面有哪些能够在未 来提升公司核心竞争力的创新举措？ 答：产品力方面，当前家居行业市场已从增量市场转向存量市场，消费者总体需求减少。近期公司已着 手重新规划产品体系，提升产品竞争力。本次产品规划一方面要遵循整家一体化的战略，要有完整的产 品品类以提供整家一体化解决方案；另一方面要体现产品的独特性，让产品更有魅力。真正在行业不景 气的环境下凸显出产品力，回归到产品本身、客户价值本身。产品力构建时，一是要把衣柜、橱柜作为 双核心品类带动全品类的发展，包括 ...

国海证券研报指出，顾家家居中报业绩亮眼，2025H1收入利润双位数增长。公司内贸零售企稳向好， 外贸收入持续增长。结构性增长靓丽，多品类布局持续推进。效率驱动，"效本费"工作持续收获成效。 另外，9月2日，顾家家居发布公告，公司拟使用人民币11.24亿元投资建设顾家家居印尼自建基地项 目，项目计划于2025年三季度启动，总体建设周期计划为4年，建设期内部分产线陆续投产，预计在全 部建成后的3年内达纲，达纲时预计实现年营业收入约25.20亿元。公司是我国软体家居龙头，内贸聚焦 客厅、卧室、餐厅三大空间，通过整家策略发展定制业务，持续进行产品与渠道拓展，外贸持续高景 气，成长性可期，首次覆盖，给予"买入"评级。 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 11.03 billion yuan for 2024, representing a year-on-year increase of 34.6%, while the net profit attributable to the parent company remained stable at 263 million yuan, showing a slight decrease of 0.02% [1] - The first quarter of 2025 saw a revenue of 2.65 billion yuan, up 12.7% year-on-year, but the net profit dropped by 49.5% to 52 million yuan [1] - The report highlights that the pressure on profits in Q4 was mainly due to significant asset and credit impairment provisions totaling approximately 210 million yuan, including a goodwill impairment of 79 million yuan related to the brand "Chef Doctor" [1] - The company is expected to see stable growth driven by cross-border e-commerce expansion and regional market development [1][2] Revenue Breakdown - In 2024, the revenue from various segments was as follows: Office Furniture 3.55 billion yuan (+2.4%), Soft Furniture 1.43 billion yuan (+10.8%), Panel Furniture 1.02 billion yuan (-8.8%), New Material Flooring 1.53 billion yuan (+2.9%), and Other segments 3.46 billion yuan (+331.1%) [2] - The cross-border e-commerce segment is anticipated to continue its strong performance, with an expected increase in overseas supply chain shipping ratios and price adjustments to counteract tariff disruptions [2] Manufacturing and Capacity - The manufacturing base in Vietnam achieved a revenue of 2.49 billion yuan in 2024, reflecting a year-on-year increase of 24.7%, with net profit margins improving to 9.3% [3] - The company plans to actively explore non-U.S. markets and domestic markets, with stable growth expected in office chairs and sofa manufacturing [3] Profitability and Financial Metrics - In Q1 2025, the company's gross margin was 16.3%, down 10.4 percentage points year-on-year, while the net margin was 2.0%, down 3.3 percentage points [4] - The report projects net profits for 2025 to be 400 million yuan, with corresponding P/E ratios of 9.3X, 8.0X, and 7.1X for the years 2025, 2026, and 2027 respectively [4][5] Financial Projections - The company is expected to achieve total revenue of 12.12 billion yuan in 2025, with a growth rate of 9.9% [5] - The projected net profit attributable to the parent company for 2025 is 400 million yuan, representing a year-on-year growth of 52.1% [5]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has shown robust revenue growth, achieving a total revenue of 11.03 billion yuan in 2024, a year-on-year increase of 34.6%. However, the net profit attributable to the parent company remained flat at 263 million yuan, indicating a slight decline in profitability [1][5] - The report highlights the company's focus on cross-border e-commerce and regional expansion as key drivers for growth, with expectations for stable revenue growth in 2025 [2][3] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 110.29 billion yuan, with a net profit of 263 million yuan, and a non-recurring net profit of 281 million yuan, reflecting a year-on-year growth of 19.5% [1] - The Q1 2025 revenue was 26.54 billion yuan, a 12.7% increase year-on-year, but the net profit dropped by 49.5% to 52 million yuan due to significant asset and credit impairment losses [1][4] Business Segments - The office furniture, soft furniture, panel furniture, new material flooring, and other segments generated revenues of 35.5 billion, 14.3 billion, 10.22 billion, 15.33 billion, and 34.63 billion yuan respectively in 2024, with the other segment showing a remarkable growth of 331.1% attributed to cross-border e-commerce performance [2] - The manufacturing base in Vietnam achieved a revenue of 24.94 billion yuan in 2024, with a net profit margin increase to 9.3% due to improved capacity utilization [3] Profitability and Cash Flow - The company's gross margin for Q1 2025 was 16.3%, down 10.4 percentage points year-on-year, while the net margin was 2.0%, down 3.3 percentage points [4] - Operating cash flow for Q1 2025 was negative 55 million yuan, primarily due to increased bill payments, but inventory and receivables turnover days showed stability [4][7] Future Outlook - The company expects to maintain steady growth in cross-border e-commerce and plans to expand into non-US markets and domestic markets, particularly in office chairs and sofas [3][2] - Projections for net profit from 2025 to 2027 are 400 million, 466 million, and 529 million yuan respectively, with corresponding P/E ratios of 9.3X, 8.0X, and 7.1X [4][5]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].