匠心家居: 堅持產品及市場戰略,OBM實現差異化成長路徑

（以下内容从天风国际证券《匠心家居: 堅持產品及市場戰略,OBM實現差異化成長路徑》研报附件原文摘录）
　　MotoMotion China (301061 CH) 坚持产品及市场战略，OBM实现差异化成长路径 Initiating coverage: product and market strategies carve out global growth plan for OBM differentiation BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 全球智能电动沙发/牀领先ODM供应商，具备优质长期客户资源 公司主要从事智能电动沙发、智能电动牀及其核心配件的研发、设计、生产和销售，深耕美国及国际市场多年，是全球智能电动沙发/牀行业的重要ODM供应商，凭藉其优秀的研发设计、产品品质及售後服务，与Ashley Furniture、PrideMobility、HomeStretch、RaymoursFurniture、R.C.Willey等国际知名家俱企业建立了良好的长期合作关系；同时公司大力开展自主品牌业务，23年推出自主品牌高端系列Motoliving。 Global e-sofa and e-bed ODM leader; MotoLiving brand kickstarts OBM business MotoMotion China’s business covers the R&D, design, production and sale of smart electronic sofas and beds, as well as the main accessories. As a longtime key ODM supplier to the US and other markets, its capabilities, which include quality products and after-sales services, have helped build long-term ties with renowned customers like Ashley Furniture, Pride Mobility, HomeStretch, Raymours Furniture and RC Willey. MotoMotion also pushed full-on to develop its own original brand manufacturing (OBM) business, which led to the launch of its own upmarket brand, MotoLiving, in 2023. 23H1收入利润逆势双增，毛利率回升 23H1公司收入9.5亿同增20.9%，得益於22Q4以来的各项有效改革，公司各客户订单基本都能及时处理、大部分提前发货的需求可以满足，老客户订单稳定增长、新客拓展见效，在大环境整体承压的背景下，公司收入显著恢复，23Q2增速转正，同增61.7%至5.2亿，基本回升至21年同期水平。 Financials: 23H1 revenue and profit bucked market trends; gross margin recovery Growth rebound: MotoMotion generated a 20.9% yoy revenue rise to RMB950m in 23H1, indicating that reforms undertaken since 22Q4 had been effective. It is able to fulfill customer orders in good time and meet the fast shipment needs of most customers. As a result, current customers have been increasing their orders, while its new customer base is expanding. Despite macro pressures, revenue clawed back and growth turned positive at a 61.7% yoy spike to RMB520m in Q2, returning to 21Q2 levels. 23H1毛利率31.5%，同比增长1.7pct；其中智能电动沙发毛利率32.2%，同增3pct；智能电动牀毛利率32.5%，同增0.2pct；配件毛利率20.7%，同减2.2pct。23H1归母净利2亿同增16.6%；归母净利率21.3%，同比减少0.8pct，主要或系汇兑收益减少所致。 Margins: total gross margin widened 1.7ppt yoy to 31.5% in 23H1. A gross margin breakdown shows core categories smart e-sofas at 32.2% (up 3ppt yoy) and smart e-beds at 32.5% (up 0.2ppt yoy), while accessories posted 20.7%, down 2.2ppt yoy. Bottom line: H1 net profit arrived at RMB200m, up 16.6% yoy, and net margin came to 21.3%, narrowing 0.8ppt yoy, which could have been due to lower FX gains. 美国智能电动沙发/牀行业稳健发展，国内渗透率待继续提升 全球功能沙发市场规模近270亿美元，智能电动牀市场超40亿美元，欧美地区是当前功能沙发、电动牀的主要消费地区，市场已较爲成熟；2022年国内功能沙发市场渗透率约7.2%，近年提升较快，但仍远小於美国市场接近50%的渗透率，未来伴随相关消费者教育普及、渗透率提升，国内功能沙发/牀市场规模有望快速提升。 US smart bed and sofa market rising steadily; China penetration set to rise further Penetration: the global market for functional sofas amounts to almost USD27bn, while smart e-beds generate more than USD4bn. Currently, Europe and the US are the main markets and they are relatively mature. The penetration of functional sofas in China has shot up to about 7.2% in recent years but this is still far below the nearly 50% in the US. We believe China’s functional sofa and bed market will scale up rapidly on growing market penetration as consumer awareness and education increase. 美国家俱消费及国内出口市场承压，但伴随美国零售商逐步去库，下游需求或有所改善。据美国行业知名杂志Furniture Today，23年7月美国家俱店销售额同比减少6.3%，美联储再次加息或持续影响美国新屋开工及相关家俱消费；我国上半年家俱及零件出口同减10%，整体市场承压。但同时，美国家俱企业库存压力或有所减弱，据美国商务部，7月家俱企业库存水平较去年低28%。 Pressures: US furniture consumption and Chinese export markets are under pressure, but as US retailers gradually destock, we reckon downstream demand could improve. Furniture Today, a well-known US industry magazine, reports that US furniture store sales fell 6.3% yoy in July 2023. Federal Reserve rate hikes could continue to affect US new home construction and furniture consumption. China’s furniture and component market fell 10% in H1 under general market pressures. However, inventory pressure at US furniture companies could have eased, with inventory levels at furniture companies 28% yoy lower in July 2023, according to the US Department of Commerce. 多维优势支撑订单逆势增长，深耕客户稳老拓新 公司重视研发创新及自主设计，产品迭代、高品质等因素吸引客户选择。除21年外（该年收入增长较多）研发费率均在5%以上，高於同业其他公司。截至2023年6月末，公司共拥有620项境内外授权专利及215项申请中专利；2016年以来公司收入70%以上与被授权专利技术相关，且比例仍在持续提升。 Customers: thick order book; strong ties; global production and service network Patent-driven revenue: MotoMotion prioritizes R&D innovations and inhouse design, which add product iteration and quality factors to widen customer choice. R&D expense ratios have held above 5% (except in 2021, when revenue grew significantly), higher than its industry peers. The company owns 620 Chinese and foreign patents, with 215 patent applications, as of end-June 2023. Since 2016, more than 70% of the company’s revenue has been driven by its patented technologies, a proportion that continues to rise. 公司主要客户集中在美国，23H1共新增客户15家，其中有3家是全美排名前100位家俱零售商，截至6月末，公司共拥有TOP100客户33家，较22年增长10%；同时老客户订单增加，上半年在美国整体家俱市场相对疲软的环境下，公司前十大客户除排名第9的非美国客户外，对公司的采购金额均有增长，上涨比例自7%-700%不等，短期增量较爲明确，中长期潜力可观。 US-centric: most of its customers are concentrated in the US and of the 15 new customers added in 23H1, three are among the top-100 US furniture retailers. MotoMotion has 33 top-100 customers in total as of end-June, 10% more than in 2022. Meanwhile, its current customers have also increased their orders: despite a weak US furniture market in H1, nearly all of MotoMotion’s top 10 customers raised their procurement amounts (all except the non-US one in 9th place), with increases that ranged 7% to 700%. We see a visible growth trend for the company in the short term, along with considerable medium to long-term potential. 国际化布局造就独特优势，海外仓及服务平台逐步完善，进一步提升客户体验。公司在生产、产品设计、物流运输、客户服务等方面均实现国际化布局，契合目前主要发展海外市场的战略，产品设计方面关注北美用户需求及体验；物流运输方面在美组织建立专门团队及系统，提供门到门服务，美国仓供货模式有序推进，并因此在上半年成爲两大美国上市公司供应商；销售及售後方面构建本土化团队、搭建自有服务平台。 Global service network: MotoMotion upgraded its global network of warehouses and service platforms to enhance the customer experience. To flesh out a strategic focus on international markets, its global network encompasses production, product design, logistics and transportation, and customer service, whereby: - product design: caters to the needs and experience of N American users; - logistics and transportation: a dedicated US team and system provides door-to-door services; - warehousing: its US supply model is progressing smoothly, and the company added two US-listed major customers in H1; - sales and after-sales: it set up local teams, along with its own service platform. 加大OBM投入及推广力度，打造海外自主品牌 公司加大海外品牌建设力度，自主品牌产品销售占比或有所提升；4月推出自主品牌高端系列MotoLiving，美国市场定位进一步提高、形象进一步改善，目前已有10家客户订购，产品将自8月底陆续出货，在美零售价预计达5000-6000美元/组合。 MotoLiving: investing into OBM business; global push for proprietary branding OBM foray: promoting its own brand in foreign markets, the company aims to expand the products’ sales proportion. It launched MotoLiving, its upmarket proprietary brand, in April 2023, and the brand’s market positioning and profile have grown in the US. 10 customers placed orders and shipments began from end-August. The retail price in the US is estimated at USD5,000-6,000 per set. 海外自主品牌加速建设，进一步推动公司自具备自主设计能力的ODM厂商向品牌商转型，若品牌在海外市场得到有效推广、逐步争取更多份额，在当前家俱消费较爲疲软的大环境中，公司有望凭藉自主品牌赢得更多增量。 Market potential: the proprietary brand buildout in foreign markets has sped up MotoMotion’s transformation from an ODM business to a brand owner with its own design prowess. If the push for MotoLiving in foreign markets succeeds and the brand gains share, this implies MotoMotion’s own brands can achieve incremental gains in a currently weak furniture consumption environment. 投资建议/Investment Ideas 上调盈利预测，上调至“买入”评级 公司专注於智能电动沙发、智能电动牀及智能家俱配件的研发、生产与销售，具备垂直一体化供应链，高品质产品驱动收入规模继续扩张。考虑公司代工业务客户稳步拓展，自主品牌在海外逐步发力，我们上调盈利预测，预计公司23-25年EPS分别爲3.0、3.5、4.3元/股（前值分别爲2.9、3.5、4.2元/股），以产品相似的顾家家居、麒盛科技以及业务模式相近的浙江正特爲可比公司，给予公司估值15-16倍，对应目标价爲53-56元。 Valuation and risks MotoMotion’s business covers the R&D, production and sale of electronic smart sofas, beds and furniture accessories. Its vertically integrated supply chain and quality products have been driving up revenue scale. Factoring a steady expansion in ODM customers and gradual growth of its proprietary brands in foreign markets, we forecast EPS will arrive at RMB3.0/3.5/4.3 in 2023/24/25E. Relative to peer valuations – we selected Jason Furniture, Keeson Technology and Zhejiang Zhengte for their similar business models – we value MotoMotion at 15-16x, which derives our target price range of RMB53-56. We initiate coverage of the stock with a BUY rating. 风险提示：原材料涨价风险，汇率波动风险，国际贸易摩擦加剧风险，自主品牌发展不及预期风险等。 Risks include: rising raw material prices; FX fluctuations; worsening international trade frictions; and a weaker-than-expected proprietary brand buildout. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

点此查看微信公众号原文全部内容>>

大部分微信公众号研报本站已有pdf详细完整版：https://www.wkzk.com/report/（可搜索研报标题关键词或机构名称查询原报告）