中信证券股份有限公司 关于箭牌家居集团股份有限公司 2024年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：箭牌家居 | | --- | --- | | 保荐代表人姓名：史松祥 | 联系电话：0755-23835265 | | 保荐代表人姓名：邱斯晨 | 联系电话：0755-23835359 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据箭牌家居《2024年度内部控制评价报 | | | 告》，发行人有效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （ ...

中信证券股份有限公司关于 箭牌家居集团股份有限公司 首次公开发行股票并上市持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 公司名称 | 箭牌家居集团股份有限公司 | | --- | --- | | 法定代表人 | 谢岳荣 | | 证券简称 | 箭牌家居 | | 证券代码 | 001322.SZ | | 证券上市时间 | 年 月 日 2022 10 26 | | 股票上市地 | 深圳证券交易所 | | 证券发行类型 | 首次公开发行股票 | | 注册地址 | 广东省佛山市三水区南山镇康裕三路 1 号 1 座 | | 办公地址 | 广东省佛山市顺德区乐从镇创兴一路 1 号箭牌总部大厦 | | 电话号码 | 0757-29964106 | | 电子邮箱 | IR@arrowgroup.com.cn | | 官网 | www.arrowgroup.com.cn | 一、发行人基本情况 三、保荐工作概述 截至 2024 年 12 月 31 日，保荐人对箭牌家居首次公开发行股票并上市的持 续督导期已届满。 保荐人及保荐代表人对箭牌家居所做的主要保荐工作如下： 1、按照法律、行政 ...

中信证券股份有限公司 关于箭牌家居集团股份有限公司 2024 年度持续督导定期现场检查报告 保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：箭牌家居 保荐代表人姓名：史松祥 联系电话：0755-23835265 保荐代表人姓名：邱斯晨 联系电话：0755-23835359 现场检查人员姓名：邱斯晨 现场检查对应期间：2024 年度 现场检查时间：2025 年 4 月 17 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员及会议内 容等要件是否齐备，会议资料是否保存完整 √ 4.三会会议决议是否由出席会议的相关人员签名确认 ...

2024年第四季度成为关键转折点。受益于消费品"以旧换新"政策及房地产市场回稳，箭牌家居直营电商渠道收入同比增长25.58%，存货规模亦从三季度末的 15.04亿元降至12.13亿元，显示去库存成效。2025年一季度，箭牌家居营收同比下降7.46%至10.50亿元，但亏损收窄至0.73亿元，毛利率同比上升4.62个百分 点，释放回暖信号。 针对净利润下降，箭牌家居对GPLP犀牛财经表示，主要是由于行业竞争影响，导致该公司产品均价有一定的下滑，同时该公司龙头五金品类因2024年铜金 属等原材料价格上涨，致使成本端承受较大压力。此外，箭牌家居表示目前海外市场尚处于开拓阶段，在一定程度上也影响了该公司利润及毛利率表现。 箭牌家居在智能卫浴领域展现出较强的增长动能。 智能坐便器成为箭牌家居2024年的营收亮点，销售量达到118.96万台，销售收入约为15.23亿元，占总营收的21.36%，同比增长8.94%。此外，箭牌家居在研 发投入上持续加码，2024年研发投入达到3.72亿元，占营收的5.21%，同比增长8.8%，为产品的迭代升级提供了坚实保障。 4月22日，箭牌家居（001322.SZ）发布2024年报，全年实 ...

证券研究报告·公司点评报告·家居用品 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,648 | 7,131 | 7,558 | 7,974 | 8,383 | | 同比（%） | 1.79 | (6.76) | 5.98 | 5.51 | 5.12 | | 归母净利润（百万元） | 424.64 | 66.77 | 304.78 | 355.95 | 419.60 | | 同比（%） | (28.43) | (84.28) | 356.48 | 16.79 | 17.88 | | EPS-最新摊薄（元/股） | 0.44 | 0.07 | 0.31 | 0.37 | 0.43 | | P/E（现价&最新摊薄） | 18.70 | 118.96 | 26.06 | 22.31 | 18.93 | [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 25 日 证券分析师 黄 ...

Investment Rating - The report assigns a Neutral rating to Arrow Home Group [7][8]. Core Views - The company reported 2024 total revenue and net profit of RMB 7.131 billion and RMB 67 million, respectively, reflecting a year-on-year decline of 7% and 84% [1]. - The management aims for a 10% year-on-year revenue growth in 2025, targeting a net profit of RMB 400 million, with retail channels expected to drive growth [2]. - Despite the anticipated support from the old-for-new policy, the report maintains a conservative outlook on the company's performance due to ongoing challenges in the real estate market and consumer confidence [3]. Financial Performance Summary - For 2024, total revenue is projected at RMB 7.131 billion, with a gross profit margin of 23.8% [6]. - The company experienced a net loss of RMB 73 million in Q1 2025, with a gross margin improvement to 27% [1]. - The report adjusts the earnings per share (EPS) forecast for 2025-2027, reflecting changes in performance expectations, with a new target price of RMB 6.3 [3][8]. Market and Competitive Landscape - Arrow Home Group is the leading domestic bathroom brand in China, particularly in the low-penetration smart toilet market [7]. - The management noted that approximately 60-70% of offline stores participated in the old-for-new policy, benefiting more from this initiative compared to online channels [2]. - The smart toilet segment is expected to recover, with sales prices stabilizing in Q1 2025 after a decline in previous periods [2].

Investment Rating - The investment rating for the company is maintained at "Hold" with a target price of 9.72 RMB [7][8]. Core Views - The company reported a revenue of 7.13 billion RMB and a net profit of 0.07 billion RMB for 2024, reflecting a year-on-year decline of 6.8% and 84.3% respectively. The net profit slightly exceeded the midpoint of the earnings forecast [1]. - In Q1 2025, the company’s revenue was 1.05 billion RMB, with a net loss of 0.07 billion RMB, showing a year-on-year decline of 7.5% but a narrowing of losses by 0.02 billion RMB. The improvement in gross margin is expected to drive demand recovery due to policies like "old-for-new" [4]. Summary by Sections Financial Performance - For 2024, the company’s revenue from various segments was as follows: sanitary ceramics 3.49 billion RMB, leading hardware 2.06 billion RMB, bathroom furniture 0.79 billion RMB, bathtubs and shower rooms 0.34 billion RMB, and tiles 0.29 billion RMB, with year-on-year changes of -6.6%, -1.8%, +2.4%, -11.5%, and -33.3% respectively. The sales of smart toilets reached 1.19 million units, generating 1.52 billion RMB in revenue, a year-on-year increase of 8.9% [2]. - The overall gross margin for 2024 was 25.2%, down 3.1 percentage points year-on-year, while Q4 gross margin was 22.8%, with a year-on-year decline of 3.2 percentage points [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 23.0%, up 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 8.0%, 9.2%, 5.2%, and 0.5% respectively [3]. - The operating cash flow for 2024 was 5.1 billion RMB, down 55.9% year-on-year, but improved to 10.1 billion RMB in Q4, up 45.9% year-on-year, mainly due to reduced operating expenses [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 0.35 billion RMB, 0.42 billion RMB, and 0.49 billion RMB, reflecting upward adjustments of 9% and 10% from previous estimates [5]. - The target price is set at 9.72 RMB based on a 27x PE for 2025, indicating a potential recovery in demand driven by the "old-for-new" policy and an increase in the share of smart products [5].

Investment Rating - The investment rating for the company is "Recommended" [1][3][12] Core Views - The company benefits from the old-for-new policy, leading to an improvement in gross margin year-on-year in Q1 [1][3] - The company's 2024 revenue is projected at 7.131 billion yuan, a decline of 6.8% year-on-year, with a net profit of 0.7 billion yuan, down 84.3% year-on-year [3][6] - In Q1 2025, the company achieved a revenue of 1.05 billion yuan, a decrease of 7.5% year-on-year, with a net loss of 0.7 billion yuan [3][6] Financial Performance Summary - Revenue for 2024 is expected to be 7.131 billion yuan, with a gross margin of 25.2%, down 3 percentage points year-on-year [6][10] - The net profit margin for 2024 is projected at 0.9%, with a return on equity (ROE) of 1.4% [10] - The company plans to distribute a cash dividend of 1.32 yuan per 10 shares for 2024 [3] Market and Product Insights - The company’s main products include sanitary ceramics, faucets, and bathroom furniture, with respective revenue contributions of 49%, 29%, and 11% in 2024 [7][8] - The sales of smart toilets reached 1.19 million units in 2024, an increase of 8.9% year-on-year, contributing 21.4% to the company's revenue [8] - The company has over 20,000 retail outlets as of the end of 2024, an increase from 17,567 at the end of 2023 [7] Future Outlook - The company aims to leverage the policy window to boost offline retail and mid-to-high-end product sales, with expectations for profit margin recovery in 2025 [7][8] - The projected net profits for 2025 and 2026 are 2.0 billion yuan and 3.1 billion yuan, respectively, with a P/E ratio of 40.3 times for 2025 [8][10]

Core Viewpoint - Arrow Home Group Co., Ltd. has disclosed its financial and operational information, ensuring the accuracy and completeness of its quarterly report and the upcoming annual shareholders' meeting [1][2][9]. Financial Data Summary - The company reported that its first-quarter report is not audited [8]. - As of March 31, 2025, the company has a total of 15,539,300 shares in its repurchase account, accounting for 1.60% of the total share capital [5]. - The total amount of funds raised through the public offering was RMB 1,225,008,675.56, with a net amount of RMB 1,155,872,901.90 after deducting related fees [30]. Shareholder Information - The company will hold its 2024 annual shareholders' meeting on May 13, 2025, with both on-site and online voting options available [9][10]. - The record date for shareholders to attend the meeting is May 6, 2025 [13]. - The meeting will include proposals that require the avoidance of related shareholders during voting [15][17]. Fund Management - As of December 31, 2024, the company has used RMB 726,838,333.08 of the raised funds for investment projects, with a remaining balance of RMB 325,238,343.53 in the special account [31][43]. - The company has established special accounts for managing the raised funds and has signed regulatory agreements with banks and underwriters to ensure proper management [32]. - The company has not used idle raised funds for temporary working capital or for cash management beyond the approved limits [35][39]. Other Important Matters - The company has extended the implementation period for certain investment projects to December 31, 2026, without changing the investment purposes or scales [44]. - The company has complied with all regulatory requirements regarding the management and disclosure of raised funds, with no violations reported [46].

Group 1: Financial Performance Overview - In 2024, the company's operating revenue was 7.131 billion yuan, a year-on-year decrease of 6.76% due to intensified industry competition and continuous price declines, resulting in a gross margin drop of 3.01 percentage points [2] - The net profit decreased by 85.18% as a result of increased depreciation and amortization, along with a rise in expense ratio by 1.95 percentage points [2] - In Q1 2025, the operating revenue was 1.050 billion yuan, a year-on-year decline of 7.46%, primarily impacted by export and engineering businesses, although domestic retail channel revenue showed growth [2] Group 2: Revenue Breakdown - In 2024, retail store revenue was 2.789 billion yuan, down 5.54%; e-commerce revenue was 1.529 billion yuan, down 4.92%, with direct e-commerce growing by 3.21% [2] - Home decoration channel revenue reached 1.182 billion yuan, an increase of 3.25%; engineering channel revenue was 1.551 billion yuan, down 17.42% [2] - The company sold 1.1896 million smart toilets in 2024, an increase of 8.94%, with smart toilet revenue at 1.523 billion yuan, a decrease of 2.49% [2] Group 3: Future Outlook and Strategies - For 2025, the company aims for a 10% year-on-year revenue growth and a net profit target of 400 million yuan [2] - The company plans to drive growth through retail channel expansion, product and marketing strategies, and optimizing product sales structure to improve gross margin [2] - The implementation of national subsidy policies is expected to enhance sales and improve product sales structure, particularly for smart toilets [3]