20240429-国盛证券-匠心家居-301061.SZ-新客户导入加速_积极开拓店中店_3页_661kb

中文总结：

本报告对匠心家居（301061SZ）2024年第一季度季报进行点评。Q1业绩表现抢眼，收入达559亿元，同比增长307%，归母净利润121亿元，同比增长580%。增长主要来自新渠道（尤其是美国TOP100零售商）和新品牌的放量。Q1公司在客户结构上已有突破，美国客户占比提升，新客户开发也取得进展（增加24家新客户，其中2家为TOP100零售商）。毛利率提升至33.3%，归母净利率为21.6%，提升主要源于产品结构改善及汇率有利。期间费用率下降，净经营现金流相对稳定，运营效率有所提高。公司积极推广“店中店”，预计未来贡献增量，为长期增长开辟新空间。鉴于优异的业绩及增长动能，分析师维持“买入”评级，预计2024-2026年归母净利润为49/60/71亿，对应PE分别为166x/135x/115x。主要风险因素包括海外需求与新模式推广不及预期、原材料/汇率波动。

English Summary:

This report analyzes Jiaoxin Home Furnishing (301061SZ) Q1 2024 Financial Statement. Q1 performance was excellent with revenue reaching 5.59 billion RMB (+30.7% YoY), net profit attributable to shareholders reaching 1.21 billion RMB (+580% YoY). The growth was primarily driven by the expansion in new channels (especially top-100 US retailers) and new brand releases. In terms of customer structure, there was significant improvement with increased US client penetration and a successful expansion of the customer base (added 24 new clients, including 2 top-100 US retailers). Gross margin improved to 33.3%, and net profit margin was 21.6%, mainly due to product portfolio upgrades and favorable exchange rates. The SG&A efficiency improved, and operating cash flows remained relatively stable. The company is actively promoting "in-store shops," expected to contribute incrementally in H2. Given the strong results and growth prospects, the firm maintains a "Buy" recommendation with an EPS target of 3.85 RMB for 2024 and forward PE targets at 166x, 135x, and 115x for 2024-2026. Key risks include slower international demand recovery, suboptimal new model rollout (store-within-store), and unexpected fluctuations in raw material prices or exchange rates.