公 司 报 告│ 公 司 年 报 点 评 事件： 恒林股份发布 2023 年年报&2024Q1 季报：2023 年公司实现营收 81.95 亿 元，同比+25.78%，实现归母净利润 2.63 亿元，同比-26.60%，扣非净利润 2.35 亿元，同比-27.32%；Q4 公司实现营收 24.19 亿元，同比+28.34%，实 现归母净利润-1.03 亿元，扣非净利润-1.03 亿元，主要系 2023 年计提减 值 2.8 亿元。2024Q1 公司实现营收 23.54 亿元，同比+38.98%，实现归母净 利润 1.03 亿元，同比+31.20%，扣非归母净利润 1.03 亿元，同比+33.96%。 ➢ 跨境电商拥抱多平台，制造业务拓张新版图 公司跨境电商涵盖 Amazon 等美国线上零售平台和 Tiktok、TEMU 等国内出 海电商平台，并于北美设立了 5 个仓储配送中心，2023 年电商业务持续实 现高增，营收 16.21 亿元，同比+60.50%，其中 Tiktok 家居类目销量排名 首位。制造端永裕 14.9 亿收入并表带动营收增长，2023 年 ODM/OEM 业务 营收 48.15 亿元，同比+ ...

恒林股份（603661.SH）2023 年年报及 2024 年一季报点评 邮箱：xuhaoliang@mszq.com 邮箱：dujiaxin@mszq.com ➢ 事件：恒林股份发布 2023 年年报&2024 年一季报，2023 全年公司实现营 业收入/归母净利润/扣非归母净利润 81.95/2.63/2.35 亿元，同比变动 25.78%/- 26.60%/-27.32%。2023 年单 Q4 公司实现营业收入/归母净利润/扣非归母净利 润 24.19/-1.03/-1.03 亿元，同比变动 28.34%/-277.18%/-1667.67%。2024 年 单 Q1 公司实现营业收入/归母净利润/扣非归母净利润 23.54/1.03/1.03 亿元， 同比增长 38.98%/31.20%/33.96%。 ➢ 跨境电商持续高增，积极拥抱多平台。分产品看，2023 年办公家具/软体家 具/板式家具/新材料地板分别实现收入 34.7/12.9/11.2/14.9 亿元，同比变动 3.6%/3.0%/-17.7%/557.2%，办公椅及沙发 23H2 受益于去库优化，板式家具 或受大客户需求及厨博士地产链业务影 ...

买入（维持） 股价走势 | --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 25.14 | | 资产负债率 (%,LF) | 64.87 | | 总股本 ( 百万股 ) | 139.07 | | 流通 A 股 ( 百万股 ) | 139.07 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|-------|--------|--------|--------|-------|--------------------------------|---------|--------|--------|--------| | 恒林股份三大财务预测表 \n[ 资产负债表（百万元） Table_Finance] | 2023A | 2024E | 2025E | 2026E | | 利 ...

代工延续恢复，跨境电商持续高增 -32% -16% 0% 16% 32% 48% 64% 80% 2023-04 2023-08 2023-12 2024-04 恒林股份 沪深300 1、《恒林股份（603661.SH）：全产业链布局、多团队 配合，高斜率成长—跨境电商专题》2024-01-05 2、《恒林股份（603661.SH）：ODM 延续修复，跨境电 商贡献增量》2023-10-29 3、《恒林股份（603661.SH）：永裕并表贡献增量，大 家居模式稳步推进》2023-08-29 证券研究报告 | 年报点评报告 财务报表和主要财务比率 2023A 5484 1340 1474 177 62 1821 609 4099 22 2330 463 1284 9583 4400 1372 1981 1047 1735 1269 465 6135 49 139 1149 2088 3399 9583 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 现 ...

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------|----------------------------------|--------------------------|-------------|--------------------------------|---------------------------------------------|------------|-------------------| | [Table_MainInfo] [Table_Title] 恒林股份 | (603661) | | | [Table_industryInfo] | ...

相关研究 风险提示：跨境电商业务发展不及预期，海外消费修复不及预期。 证券的投资评级： 以报告日后的 6 个月内，证券相对于市场基准指数的涨跌幅为标准，定义如下： 买入（Buy） 增持（Outperform） 中性 (Neutral) 减持 (Underperform) ：相对强于市场表现 20％以上； ：相对强于市场表现 5％～20％； ：相对市场表现在－5％～＋5％之间波动； ：相对弱于市场表现 5％以下。 行业的投资评级： 以报告日后的 6 个月内，行业相对于市场基准指数的涨跌幅为标准，定义如下： 看好（Overweight） 中性 (Neutral) 看淡 (Underweight) ：行业超越整体市场表现； ：行业与整体市场表现基本持平； ：行业弱于整体市场表现。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议；投 资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以 获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。申银万国使用自己的行业分类体系，如果您对我们的行业 ...

Financial Performance - The company's operating revenue for 2023 reached ¥8,194,590,708.91, representing a 25.78% increase compared to ¥6,514,925,235.00 in 2022[20]. - Net profit attributable to shareholders decreased by 26.60% to ¥263,098,990.52 in 2023 from ¥358,422,346.69 in 2022[20]. - Basic earnings per share (EPS) for 2023 was ¥1.91, down 27.10% from ¥2.62 in 2022[21]. - The weighted average return on equity (ROE) fell to 7.80% in 2023, a decrease of 3.59 percentage points from 11.39% in 2022[21]. - The total assets of the company increased by 8.88% to ¥9,583,012,872.52 at the end of 2023, compared to ¥8,801,606,636.16 at the end of 2022[20]. - The net cash flow from operating activities for 2023 was ¥447,337,212.97, a decline of 29.10% from ¥630,947,779.32 in 2022[20]. - The adjusted net profit excluding non-recurring items for 2023 was ¥234,938,902.95, down 27.32% from ¥323,244,685.71 in 2022[20]. - The company reported a significant drop in net profit in the fourth quarter of 2023, with a loss of ¥102,865,631.49 attributable to shareholders[24]. Revenue Breakdown - In 2023, the company achieved a revenue of 8.195 billion CNY, marking a significant growth in its overall performance[29]. - The manufacturing business (OEM/ODM) generated revenue of 4.815 billion CNY, representing a year-on-year increase of 29.09%[31]. - The e-commerce segment reported revenue of 1.621 billion CNY, with a remarkable growth of 60.50% compared to the previous year[32]. - Revenue from overseas markets amounted to ¥6,641,004,218.38, with a year-on-year growth of 33.96%[78]. - The office furniture segment achieved revenue of RMB 3,470,105,269.88, with a gross profit margin of 23.43%, up 2.06% year-on-year[97]. Market Position and Strategy - The company holds a significant market share in office furniture manufacturing, particularly in office chair production, ranking among the top tier in the industry[49]. - The company has established five warehousing and distribution centers in North America to enhance its cross-border e-commerce operations[31]. - The company has been recognized as a top brand in cross-border e-commerce, winning the 2023 TBI Best Overseas Brand Award[31]. - The company is actively pursuing a globalization strategy, with a focus on cross-border e-commerce and building a global supply chain management system[68]. - The company plans to enhance its sales channels by supporting cross-border e-commerce and expanding its manufacturing business internationally[117]. Research and Development - The company has accumulated 1,445 authorized patents and has received multiple prestigious awards, including the "German Red Dot Award" and "iF Design Award"[50]. - The company’s R&D expenses rose by 12.13% to RMB 221,064,988.63, reflecting its commitment to innovation[74]. - Total R&D investment accounted for 2.70% of operating revenue, with no capitalized R&D expenditures[83]. - The company completed 60 out of 65 R&D projects by the end of 2023, with 5 projects expected to finish in 2024[85]. Governance and Compliance - The company received a standard unqualified audit report from Tianjian Accounting Firm[3]. - The company has established a comprehensive internal control system to ensure the accuracy of financial reporting and asset security, with no significant deficiencies reported during the period[177]. - The company maintained independence from its controlling shareholder, with no instances of fund occupation or illegal guarantees reported[133]. - The company has implemented measures to attract and retain core talent amid increasing competition in the industry[128]. - The company has established a comprehensive investor relations management system to maximize shareholder value[140]. Environmental and Social Responsibility - The company has implemented strict environmental management practices, ensuring compliance with national environmental protection laws and regulations, with no violations reported[182]. - The company achieved a significant reduction in carbon emissions, totaling 28,429.06 tons, through the establishment of distributed photovoltaic power generation projects and the purchase of international green certificates[187]. - The proportion of recycled raw materials used in production reached over 75%, with a 100% usage rate of green materials[185]. - The company donated a total of 2.268 million yuan to various charitable causes during the reporting period, including 810,000 yuan specifically for educational funds[187]. Shareholder and Dividend Information - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the 2023 fiscal year, pending shareholder approval[4]. - The company declared a cash dividend of 0.72 CNY per share for the first half of 2023, totaling 100,128,262.32 CNY, which represents 38.06% of the net profit attributable to shareholders[172]. - The total cash dividends paid from 2017 to 2023 amounted to 478,342,731.58 CNY, with an average payout ratio of 25.22%[171]. Future Outlook - The company aims to achieve an annual energy saving target of over 5% through various digital and technological initiatives[33]. - The company plans to continue its market expansion and product development strategies, focusing on innovative furniture solutions[147]. - The company intends to optimize asset allocation by disposing of low-efficiency assets to improve turnover rates[117]. - The company will explore the old renovation market and develop new customer resources to diversify its client structure in response to declining birth rates and real estate market pressures[123].

Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 7,590[12] - Wang Jianglin holds 82,657,866 shares, accounting for 59.44% of the total shares, with 15,690,000 shares pledged[12] - Anji Henglin Trading Co., Ltd. holds 15,750,000 shares, accounting for 11.33% of the total shares, with 6,000,000 shares pledged[12] - Chen Yongxing holds 4,786,243 shares, accounting for 3.44% of the total shares, with no shares pledged[12] - Henglin Home Furnishing Co., Ltd. holds 2,332,423 shares, accounting for 1.68% of the total shares, with no shares pledged[12] Financial Position as of March 31, 2024 - Total monetary funds as of March 31, 2024, amount to 1,553,725,381.10 RMB, an increase from 1,340,423,801.96 RMB at the end of 2023[16] - Total accounts receivable as of March 31, 2024, amount to 1,509,738,856.81 RMB, an increase from 1,473,361,624.52 RMB at the end of 2023[16] - Total inventory as of March 31, 2024, amount to 1,856,391,204.08 RMB, an increase from 1,821,455,627.57 RMB at the end of 2023[16] - Total current assets as of March 31, 2024, amount to 5,795,482,215.52 RMB, an increase from 5,484,291,110.52 RMB at the end of 2023[16] - Total fixed assets as of March 31, 2024, amount to 2,246,735,301.46 RMB, a decrease from 2,329,705,844.11 RMB at the end of 2023[16] Cash Flow Analysis for Q1 2024 - Sales of goods and services received cash of 2,320,971,800.26 in Q1 2024, a 33.1% increase compared to 1,743,725,116.17 in Q1 2023[25] - Net cash flow from operating activities increased to 158,343,972.30 in Q1 2024, up 147% from 64,115,730.36 in Q1 2023[25] - Cash received from tax refunds rose to 97,535,484.19 in Q1 2024, a 32.6% increase from 73,536,800.09 in Q1 2023[25] - Cash paid for goods and services increased to 1,723,063,396.52 in Q1 2024, up 28.3% from 1,343,128,352.64 in Q1 2023[25] - Net cash flow from investing activities improved to -88,490,673.84 in Q1 2024, compared to -466,788,301.39 in Q1 2023[26] - Cash received from financing activities decreased to 581,103,257.57 in Q1 2024, down 42.6% from 1,012,028,792.54 in Q1 2023[26] - Net cash flow from financing activities dropped to 92,835,207.11 in Q1 2024, an 83.9% decrease from 575,506,650.14 in Q1 2023[26] - Cash and cash equivalents at the end of Q1 2024 stood at 1,341,713,883.72, a 10.9% increase from 1,210,198,567.73 at the end of Q1 2023[26]

证券代码：603661 证券简称：恒林股份 公告编号：2024-018 恒林家居股份有限公司 第六届监事会第十六次会议决议公告 本公司监事会及全体监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法律责任。 一、监事会会议召开情况 恒林家居股份有限公司（以下简称公司）第六届监事会第十六次会议于 2024 年 4 月 25 日在浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室以现场结 合通讯方式召开，会议通知已按规定提前以书面及通讯方式送达。本次会议由监 事会主席李长水先生召集并主持，会议应出席监事 3 人，实际出席监事 3 人。本 次会议的召集、召开及表决程序符合《中华人民共和国公司法》和《公司章程》 的有关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 （二）审议通过《公司 2023 年度财务决算报告》 表决结果：3 票同意、0 票反对、0 票弃权。 本议案尚需提交公司股东大会审议。 （三）审议通过《公司 2023 年度利润分配预案》 2023 年度，充分考虑到公司发展规划以及未来资金需求，为更好地维护全体 股东的长远利益，公司董事会 ...

目 录 | | | | 二、附件 ……………………………………………………… 第 | 3—7 | 页 | | | --- | --- | --- | --- | | （一）本所营业执照复印件 …………………………………… | 第 | 3 | 页 | | （二）本所会计师事务所执业证书复印件 …………………… | 第 | 4 | 页 | | （三）本所从事证券服务业务备案工作完备证明材料……… | 第 | 5 | 页 | | （四）本所注册会计师证书复印件 ……………………… 第 | | 6—7 | 页 | 内部控制审计报告 天健审〔2024〕4548 号 恒林家居股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了恒林家居股份有限公司（以下简称恒林股份公司）2023 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是恒林 股份公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上 ...