匠心家居: 努力做好消費者品牌,美國地產週期加速Alpha釋放

（以下内容从天风国际证券《匠心家居: 努力做好消費者品牌,美國地產週期加速Alpha釋放》研报附件原文摘录）
　　MotoMotion China (301061 CH) 努力做好消费者品牌，美国地产周期加速Alpha释放 Building up proprietary consumer branding; US real estate cyclical catalysts spur potential stock alpha release BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 需求复甦稳健，有望受益於美国地产销售回暖。 海外功能沙发呈现较好需求复甦趋势，公司收入自23Q2同比转正，本轮叠加降息预期下地产销售有望回暖，预计公司业绩有望持续兑现；此外，公司具备较强创新及开拓能力，近两年加速从行业品牌向自主品牌模式进阶。 Stable demand return: catalysts include US real estate sales recovery Export demand for functional sofas shows a steady recovery trend, driving a yoy growth turnaround in MotoMotion China’s revenue since 23Q2. We believe market-anticipated interest rate cuts will drive up real estate sales expectations and help realize the company’s profit trend. On top of that, MotoMotion’s innovation and development capabilities over the past two years have sped up the company’s repositioning from an industry brand to a proprietary brand model. 产品力是发展基石，迭代创新开拓客户/提升单值/增强市占，新客户新品牌逐步发力 公司成长驱动力之一爲始终坚持产品与市场定位，积极进行产品研发。2023年面对市场需求低迷，部分企业采取“低价策略”、降低产品配置等，而公司坚持新品开发和品质完善，预计实现引领需求/拓宽客羣/提高议价； 公司2023年新进多家客户渠道，且现有大客户增加采购品类、追加订货频次，市场拓展顺利，我们预计伴随客户合作成熟，增量效应逐步体现； 此外，公司新品牌MotoLiving预计於24年年初开始发货；我们预计23Q4及24Q1公司延续较好成长节奏，展望乐观。 Product focus: landed new customer channels and developed new branding Product power forms key growth dynamic as innovation iteration pulls customers while order value rises and market share expands Strategy: the company’s growth strategies include product power and market positioning, driven by product R&D. Unlike some market players that deployed low pricing and shrank their product line-up to handle sluggish market demand in 2023, MotoMotion strove to develop new products and raise product quality. This acuity will likely help the company to lead market demand, widen its customer pool and increase its price bargaining power. It acquired new customer channels in 2023, while old customers widened purchase categories and increased their order frequency amid steady market growth. We anticipate maturing customer ties will yield incremental results. MotoLiving, the company’s new upmarket brand, is set to start shipping in early 2024E. We see favorable prospects ahead for MotoMotion as it would likely have maintained a steady growth pace in 23Q4E and 24Q1E. 拓展以店中店爲核心的OBM方向，藉助成熟供应链推出性价比产品匹配自身定位，打开成长空间 公司逐步探索C端市场且海外先行，2023年1月起公司与美国本土品牌宣传的专业设计团队合作，确定全新的品牌设计和广告语，逐步推进海外自主品牌建设。我们认爲公司有望凭藉多年海外市场深耕及代工经验，提供更高性价比的产品及服务。 此外，公司在美国爲建成消费者品牌多举措并举，包括建设网站、社交媒体、合理扩充及分配销售团队、搭建售後服务平台、积极落实MotoGallery（店中店）等等，我们预计有望激发产品终端动销表现，一方面直接带动自身出货增长，另一方面强化品牌实力，打开规模成长及估值提升空间。 Growth blueprint: original brand manufacturer with cost-competitive products Store-in-store approach in OBM push alongside cost-effective products and mature supply chain positioning US partnership: the company prioritizes exports in its foray into the B2C business. To build up proprietary branding for the export market, MotoMotion formed a local US branding promotion partnership with a team of professional designers in January 2023 to develop new brand designs and advertising slogans. We anticipate the company will provide more cost-effective products and services, based on long export market and OEM experience. Sales and promotions: measures taken by MotoMotion to build up its consumer branding in the US include a website, social media, rational expansion and sales team allocations and an after-sales service platform, as well as MotoGallery, its store-in-store initiative. We expect these efforts will drive up end-market product sales performance: not only driving up shipment growth but also strengthening its branding, while increasing the business scale-up and valuation growth potential. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司作爲出口链优质品种，自主品牌建设发力，需求有望延续回暖，多维利好因素有望带动业绩预期及估值增长，我们预计23-25归母净利润分别4.1/4.7/5.6亿元、PE分别爲17/15/13x。 Valuation and risks MotoMotion’s products are positioned for quality and variety in the smart furniture export value chain, and it is working to build up its proprietary brand. We expect the market demand recovery will continue as a slew of positive catalysts drive profit expectations and valuation growth. We maintain our net profit forecasts at RMB410m/470m/560m in 2023/24/25E, implying PE of 17/15/13x. We maintain our BUY rating on the stock. 风险提示：海外市场需求不及预期，美国房屋销售不及预期，原材料成本波动风险等 Risks include: lower-than-expected export demand; weaker-than-expected US housing sales; and raw material cost fluctuations. 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