增发股票投资智能制造，彰显未来发展信心。2024 年10 月13 日，公司发布《2024 年度向特定对象发行A 股股票预案》，本次发行拟募集资金总额为不超过8.5 亿元，其中6.5 亿元用于智能家居产业园项目（二期）、2 亿元用于补充流动资金。本次增发旨在紧抓国内床垫生产总值及消费规模持续上升的市场发展机遇，突破现有产能瓶颈，提高规模经济效应；同时，通过增强主业生产能力，优化全国产能布局，提升产线智能化水平，以巩固市场地位和增强市场竞争力。Key points of investment:
The company's 2024Q3 business situation: In the first three quarters of 2024, the company achieved operating income of 5.976 billion yuan, a year-on-year decrease of 1.53%; realized net profit of 0.375 billion yuan, a year-on-year decrease of 3.88%; realized net profit deducted from non-mother 0.366 billion yuan, a year-on-year decrease of 3.90%. Among them, 2024Q3 achieved operating income of 2.019 billion yuan, a year-on-year decrease of 10.85%; realized net profit of 0.141 billion yuan, a year-on-year decrease of 15.81%; and realized net profit without deduction of 0.143 billion yuan, a year-on-year decrease of 15.25%.
The gross margin continued to improve, and the overall cost ratio increased slightly. 1) On the profit side, in the first three quarters of 2024, the company's net sales profit margin and gross sales margin were 6.35% and 35.35%, respectively, -0.22pct and +1.13pct, respectively; of these, in 2024Q3, the company's net sales profit margin and gross sales margin were 7.11% and 36.49%, respectively, -0.54 pct and +3.97 pct, respectively. 2) On the expense side, in the first three quarters of 2024, the company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 20.19%, 5.37%, 2.10%, and 0.48%, respectively, +1.12pct, +0.07pct, +0.04pct, and +0.30pct, respectively; of these, in 2024Q3, the company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 21.68%, 4.89%, 1.75%, and 0.56%, respectively, +3.43pct, + 0.20pct, -0.23ct, +0.14pct
Issuing additional shares to invest in intelligent manufacturing shows confidence in future development. On October 13, 2024, the company announced the “2024 Plan to Issue A Shares to Specific Targets”. The total amount of capital to be raised in this offering is no more than 0.85 billion yuan, of which 0.65 billion yuan will be used for the smart home industrial park project (Phase II) and 0.2 billion yuan to supplement working capital. The purpose of this increase is to seize market development opportunities where the gross domestic mattress gross domestic product and consumption scale continue to rise, break through existing production capacity bottlenecks and improve economies of scale; at the same time, by enhancing the production capacity of the main industry, optimizing the national production capacity layout, and improving the level of intelligent production lines, in order to consolidate market position and enhance market competitiveness.
Profit forecast and rating: We expect the company's net profit for 2024-2026 to be 0.509, 0.57, and 0.633 billion yuan, respectively, up 18.8%, 11.9%, and 11.1% year-on-year. The current closing price corresponds to 2024-2025 PE 14 and 13 times. As a leading furniture company, the company, as a leading furniture company, gives the company a PE valuation of 15 to 16 times 2025, corresponding to a reasonable value range of 22.56 to 24.06 yuan, corresponding to the 2025 PS of 0.89 to 0.95 times. Give it an “better than the market” rating.
Risk warning: Terminal opening falls short of expectations, changes in raw material prices fall short of expectations, and demand falls short of expectations.
