Core Insights - The company achieved a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1][2] - The growth was driven by the success of the company's proprietary brand, increased sales through direct retail channels, and cost advantages from manufacturing in Vietnam [1][2][4] Revenue and Profit Growth - In Q4 2024, the company reported revenue of 699 million yuan, a significant increase of 49.78% year-on-year, and a net profit of 252 million yuan, up 197.20% year-on-year [2] - The company's core net profit reached 614 million yuan, reflecting a 72.47% increase year-on-year [2] Product Performance - The smart electric sofa segment generated revenue of 1.96 billion yuan, with a year-on-year growth of 37.1%, driven by an 18.4% increase in sales volume and a 15.8% increase in unit price [3] - The smart electric bed and accessories also saw revenue growth, with the bed segment increasing by 20.5% and accessories achieving growth despite a decline in sales volume [3] Brand and Channel Development - The company made significant strides in building its proprietary brand, MotoMotion, with a notable increase in high-margin new products [4] - The number of direct retail partners increased by 96 in 2024, including 14 of the top 100 furniture retailers in the U.S., enhancing the company's market presence [4] Profitability and Cost Management - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, with Q4 gross margin reaching 54.3% [5] - The company managed to reduce manufacturing costs by 18.9% year-on-year, contributing to improved profitability [6] Cash Flow and Operational Efficiency - Operating cash flow in Q4 2024 was 63 million yuan, experiencing a decline compared to the previous year [6] - The company maintained a robust overseas manufacturing and operational system, with 84% of products exported from Vietnam, minimizing tariff risks [6] Investment Outlook - The company is expected to continue its growth trajectory, with projected net profits of 790 million yuan, 930 million yuan, and 1.08 billion yuan for 2025 to 2027, respectively [7][8] - The current price-to-earnings ratio is at a low of 14.8x, supporting a "strong buy" investment rating [1][8]

Financial Performance - In Q1 2025, the company achieved revenue of 773 million RMB, a year-on-year increase of 38.16%, with a gross margin of 37.21%, up 4 percentage points from the same period in 2024[10]. - The net profit attributable to shareholders was 194 million RMB, reflecting a significant year-on-year growth of 60.41%, indicating enhanced profitability[10]. - Sales revenue from US retail clients accounted for 64.75% of total revenue in Q1 2025, demonstrating a strong retail channel performance[19]. - The company's revenue for the current period reached ¥772,512,162.27, representing a 38.16% increase compared to ¥559,160,866.38 in the same period last year[45]. - Net profit attributable to shareholders was ¥194,094,105.20, a 60.41% increase from ¥120,999,957.28 year-on-year[45]. - Basic and diluted earnings per share rose to ¥1.16, reflecting a 58.90% increase from ¥0.73 in the same period last year[45]. - Operating profit for the current period was ¥226,851,899.43, up 55.7% from ¥145,618,430.18 in the previous period[64]. - Total assets at the end of the reporting period were ¥4,590,172,046.99, a 5.62% increase from ¥4,346,134,565.57 at the end of the previous year[45]. - The weighted average return on equity improved to 5.28%, up from 3.95% in the previous year, indicating better profitability[45]. Market and Customer Insights - 89.45% of the company's products were exported to the US market, with 77.95% of these exports routed through Vietnam, highlighting the strategic importance of Vietnam in the global supply chain[9]. - The company expanded its customer base by adding 22 new retail clients in the US, with 88.19% of its US furniture clients being retailers[18]. - The company’s innovative product offerings have led to a significant increase in procurement amounts from major clients, with some clients experiencing growth rates between 10.52% and 325.22%[18]. - The company’s focus on high-quality brand positioning and innovation has allowed it to capture market opportunities despite macroeconomic uncertainties[13]. - Customer engagement and willingness to collaborate have increased, demonstrating high recognition and trust in MotoMotion products and brand[33]. - In the context of a 10% temporary tariff policy, core retailers have shown a strong sense of responsibility and cooperation, tending to maintain stable end prices[36]. Operational Efficiency - The company’s production capacity utilization in Vietnam has improved, ensuring efficient order fulfillment and enhancing overall supply chain stability[17]. - The company confirmed a share-based payment expense of 4.27 million RMB in Q1 2025, a decrease from 6.28 million RMB in the same period of 2024, indicating reduced cost impact from the incentive plan[11]. - The company plans to lift restrictions on 124,800,000 shares, which accounts for 74.57% of the total share capital, on March 14, 2025[59]. - The total number of shares available for trading after the lifting of restrictions will be 34,756,800, representing 20.77% of the total share capital[59]. Investment and Cash Flow - The net cash flow from operating activities increased by 59.78% to ¥122,846,680.30, up from ¥76,882,654.63 in the previous year[53]. - The net cash flow from investing activities showed a drastic decline of 1265.98%, amounting to -¥902,029,230.04, primarily due to increased investments in financial products[53]. - Cash inflow from operating activities totaled ¥801,113,977.73, up from ¥572,892,264.97, indicating a rise of 40%[67]. - Cash outflow from investment activities rose to ¥1,523,462,681.29 from ¥1,322,790,833.12, an increase of 15%[67]. - Financing activities net cash flow amounted to ¥22,888,024.59, compared to ¥13,713,957.28, marking a growth of 67%[68]. Challenges and Market Conditions - The furniture manufacturing industry in China faced challenges, with a 2.20% decline in revenue and a 40.10% drop in profit in Q1 2025, indicating a tough market environment[8]. - The overall visitor numbers at the exhibition decreased significantly due to uncertainties in tariff policies, with some large retailers like Costco deciding not to send teams to participate[28]. - The procurement pace has noticeably slowed, with clients being more cautious in their purchasing decisions due to unclear tariff policies[31].

Core Insights - The company achieved a revenue of 773 million RMB in Q1 2025, representing a year-on-year growth of 38.16% [1] - The gross profit margin reached 37.21%, an increase of 4 percentage points compared to the same period in 2024 [1] - The net profit attributable to shareholders was 194 million RMB, reflecting a year-on-year increase of 60.41% after deducting share-based payment expenses [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance exceeded expectations, with total revenue of 2,548.38 million yuan (up 32.63% year-on-year) and net profit attributable to shareholders of 682.94 million yuan (up 67.64% year-on-year) [5] - The strong performance is attributed to the effective development of its own brand, new growth driven by R&D, and improvements in operational efficiency and product quality [5] - The company plans to distribute a cash dividend of 5.0 yuan for every 10 shares and to increase capital by 3 shares for every 10 shares held [5] - The gross margin for 2024 was 39.35%, an increase of 5.74 percentage points year-on-year, and the net margin was 26.80%, an increase of 5.6 percentage points year-on-year [5] - The company has successfully expanded its "store-in-store" model, with over 500 MOTO Gallery stores in the U.S. and 24 in Canada, enhancing brand influence and sales stability [5] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 699 million yuan (up 49.78% year-on-year) and net profit of 252 million yuan (up 197.20% year-on-year) [5] - Revenue from smart electric sofas, smart electric beds, and smart furniture accessories grew by 37.13%, 20.45%, and 20.49% respectively [5] - The company exported 84.01% of its products from Vietnam, covering most U.S. orders [5] Profit Forecast and Valuation - The forecast for 2025-2027 indicates net profits of 761.96 million yuan, 896.15 million yuan, and 1,069.57 million yuan respectively [2][6] - The corresponding P/E ratios for 2025-2027 are projected to be 15.20, 12.92, and 10.83 [2][6] Market Position and Strategy - The company has established a stable customer base, with nine out of the top ten customers increasing their purchase amounts [5] - In 2024, the company added 96 new retail customers in the U.S., including 14 from the top 100 furniture retailers [5] - The company is expected to gradually increase its market share due to the rapid development of its own brand and successful channel expansion [5]

Core Viewpoint - The company is facing significant challenges due to increased tariffs, despite reporting strong revenue and profit growth in recent years. The focus is on adjusting business strategies to navigate these challenges while maintaining growth in overseas markets [1][2]. Financial Performance - In 2024, the company reported a revenue of 2.548 billion RMB, a year-on-year increase of 32.63% [1] - The net profit, excluding share-based payment expenses, reached 683 million RMB, up 67.64% year-on-year [1] - The net profit attributable to shareholders after deductions was 614 million RMB, a substantial increase of 72.47% [1] - The gross margin improved to 39.35%, reflecting a growth of 67.64% compared to the previous year [1] - Total assets increased by 22.05%, reaching 4.346 billion RMB [1] Market Focus and Strategy - The company has transitioned from OEM manufacturing to establishing its own brand, MotoMotion, which has been expanding in the North American market [2] - Approximately 99.49% of the company's revenue comes from overseas markets, with 90.48% of products sold in the U.S. [2] - The company has opened over 500 MOTO Gallery stores in the U.S. and has entered three provinces in Canada [2] Tariff Challenges and Responses - The company is facing uncertainty due to increased tariffs, particularly affecting its U.S. exports [2][4] - In response to tariff pressures, the company has been optimizing its production and logistics strategies, including utilizing its Vietnam base to mitigate risks [3][5] - As of last year, 84.01% of products exported to the U.S. were shipped from Vietnam, contributing significantly to the company's net profit [3] Investment and Future Plans - The company has decided to terminate its fundraising plans for new projects due to market uncertainties and geopolitical tensions [6] - The terminated projects included a new smart furniture production base, a new R&D center, and a new marketing network, with a total planned investment exceeding 1 billion RMB [6] - The company plans to retain surplus funds for cash management and to explore new investment opportunities in the future [6]

公司报告 | 年报点评报告 24 年公司实现收入 25.5 亿，同比+33%，归母净利润 6.8 亿，同比+68%， 扣非归母净利润 6.1 亿，同比+72%； 匠心家居（301061） 证券研究报告 24 年公司毛利率 39.4%，同比+5.7pct，归母净利率 26.8%，同比+5.6pct。 盈利亮眼，全面应对关税变化 24 年公司营收与利润超预期主要系：1）积极推进自主品牌战略，直销零 售商客户数量显著增加，"店中店"模式落地顺利，为业绩增长提供稳定的 渠道支持；2）多款新产品在 2024 年成功上市，有效带动销售增长；3） 持续优化生产流程与品控体系，产品稳定性和一致性明显提高，在营收增 长的同时有效降低了投诉率、退换货率及售后成本；4）产品销售主要以美 元计价，美元利率与汇率整体保持平稳，对公司汇兑收益形成正向影响。 公司发布 2024 年度业绩报告 在密集关税政策后，公司收到客户调整通知，主要包括： 24Q4 公司实现收入 6.99 亿，同比+50%，归母净利润 2.5 亿，同比+197%， 扣非归母净利润 2.23 亿，同比+199%； 1、要求在 4 月 9 日前尽快完成出货与清关，以赶在高 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company reported strong financial performance for 2024, with revenue of 2.55 billion, a year-on-year increase of 33%, and a net profit of 680 million, up 68% year-on-year [1] - The increase in revenue and profit is attributed to several factors, including the successful implementation of a direct sales strategy, the launch of new products, and improved production processes [1] - The company is actively responding to tariff changes by adjusting shipment schedules and negotiating tax-sharing mechanisms with clients to ensure business continuity [2][3] Financial Performance Summary - In Q4 2024, the company achieved revenue of 699 million, a 50% increase year-on-year, and a net profit of 250 million, up 197% year-on-year [1] - The gross margin for 2024 was 39.4%, an increase of 5.7 percentage points year-on-year, while the net profit margin was 26.8%, up 5.6 percentage points year-on-year [1] - The company expanded its retail customer base significantly, acquiring 96 new retail clients, including 14 from the top 100 furniture retailers [4] Market Strategy - The company is focusing on building its brand presence through deep collaboration with quality retail clients and optimizing in-store displays and customer interactions [3] - The company aims to transition from being a "channel participant" to a "brand owner" in major global markets [3] Financial Projections - The report adjusts profit forecasts for 2025-2027, expecting net profits of 770 million, 890 million, and 1.04 billion respectively, with corresponding P/E ratios of 15X, 13X, and 11X [5] - The company’s total revenue is projected to grow from 2.55 billion in 2024 to 4.17 billion by 2027, with a compound annual growth rate of approximately 15.38% [9]

报告要点 [Table_Summary] 公司 2024 年实现营收/归母净利润/扣非净利润 25.48/6.83/6.14 亿元，同增 33%/68%/72%； 其中 2024Q4 分别对应 6.99/2.52/2.23 亿元，同增 50%/197%/199%。2024Q4 收入高增长源 于零售商拓展与培育，全年业绩超预期与采购降本、产品结构优化、汇兑收益等因素有关。近 期关税波折下正紧密沟通，客户加快出货，亦彰显对公司产品动销的信任。持续看好公司强产 品力赋能客户的提份额内核，当前成长趋势正强化。 分析师及联系人 丨证券研究报告丨 公司研究丨点评报告丨匠心家居（301061.SZ） [Table_Title] 匠心家居 2024A 点评：业绩超预期，从"渠道 参与者"迈向"品牌拥有者" [Table_Author] 匠心家居（301061.SZ） cjzqdt11111 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company achieved a revenue of 699 million yuan, a year-on-year increase of 49.78%, with a net profit of 252 million yuan, reflecting a significant growth of 197.20% year-on-year [1] - The strong performance in Q4 is attributed to favorable exchange rates, interest income, and an increase in the proportion of high-margin new products [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 clients increasing their purchase amounts significantly [2] - The "store-in-store" model has been implemented, with over 500 locations in the US and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company has established a strong overseas production capacity, with approximately 90.5% of its revenue coming from the US and 84.0% from exports through Vietnam, minimizing the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, showing a decline compared to the previous year [4] - Profit forecasts for 2025 to 2027 indicate net profits of 780 million, 900 million, and 1.048 billion yuan, respectively, with corresponding P/E ratios of 14.8X, 12.8X, and 11.0X [4] Financial Summary - Total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4% [6] - The company’s net profit attributable to shareholders for 2023 was 407 million yuan, reflecting a year-on-year increase of 21.8% [6] - The gross profit margin for 2023 was 33.6%, with a projected increase to 39.4% in 2024 [6] - The return on equity (ROE) for 2023 was 13.6%, expected to rise to 19.1% in 2024 [6] - The earnings per share (EPS) for 2023 was 2.43 yuan, projected to increase to 4.08 yuan in 2024 [6]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company achieved a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1] - In Q4 2024, the company reported a revenue of 699 million yuan, a year-on-year increase of 49.78%, and a net profit attributable to shareholders of 252 million yuan, reflecting a significant year-on-year growth of 197.20% [1] - The strong performance in Q4 is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and optimization of the product structure [1] - The company has successfully expanded its customer base, adding 96 new clients, with 9 out of the top 10 customers increasing their purchase amounts [2] - The "store-in-store" model has been implemented, with over 500 stores in the U.S. and 24 in Canada, enhancing product visibility and sales of high-margin products [2] - The company's overseas production capacity is robust, with approximately 90.5% of revenue coming from the U.S. and 84.0% from exports to Vietnam, which has mitigated the impact of tariffs [3] - The gross profit margin for Q4 2024 was 54.3%, an increase of 14.3 percentage points year-on-year, while the net profit margin was 36.1%, up 17.9 percentage points year-on-year [3] - The company’s operating cash flow for Q4 2024 was 63 million yuan, a decrease of 46 million yuan year-on-year, but inventory and accounts receivable turnover days have shown stability [4] Financial Summary - The company’s total revenue for 2023 was 1.921 billion yuan, with a year-on-year growth of 31.4%, and is projected to reach 3.050 billion yuan by 2025, reflecting a growth rate of 19.7% [6] - The net profit attributable to shareholders for 2023 was 407 million yuan, with a year-on-year increase of 21.8%, expected to grow to 781 million yuan by 2025 [6] - The gross profit margin is expected to stabilize around 39.4% by 2027, while the return on equity (ROE) is projected to be 18.4% [6] - The company’s earnings per share (EPS) is forecasted to increase from 4.08 yuan in 2024 to 6.26 yuan in 2027 [6]