富安娜: 穩健分紅,盈利向上

（以下内容从天风国际证券《富安娜: 穩健分紅,盈利向上》研报附件原文摘录）
　　Shenzhen Fuanna Bedding and Furnishing (002327 CH) 稳健分红，盈利向上 Stable 2023 and 24Q1E earnings profile drives profit uptrend and maintains high dividend payout BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 24Q1收入6.5亿同增5%，归母净利1.2亿同增10% 公司发布财报，24Q1收入6.5亿，同比增长5.2%，归母净利1.2亿，同比增长10.2%；23年收入30.3亿，同比减少1.6%，归母净利润5.7亿，同比增长7.0%，其中23Q4收入11亿同增0.7%，归母净利2.3亿同增9%。 23年公司现金分红金额爲5.4亿，占归母净利95%，保持较高分红比例。 分品类看收入，23年公司套件收入12亿（占总收入比例39%），同减0.8%；被芯收入12亿（占总40%），同增1.4%；枕芯类收入2亿（占总7%），同减4%；其他品类收入3.9亿，同减11%。 分销售模式，23年线下直营收入7亿（占总24%），同减1%；线下加盟收入8亿（占总27%），同减0.4%；电商收入12亿（占总40%），同减5%；团购收入1.6亿（占总5%），同增19%。 Key metrics: Q1E net profit up 10% yoy; 2023 net profit up 7% and 95% DPR Fuanna released final 2023 results and unaudited 24Q1E earnings recently: ·24Q1E revenue was RMB650m, up 5.2% yoy, and net profit came to RMB120m, up 10.2% yoy. ·2023 revenue amounted to RMB3.03bn, down 1.6%, while net profit rose 7.0% to RMB570m. ·23Q4 revenue was RMB1.1bn, up 0.7% yoy, with net profit at RMB230m, up 9% yoy. Dividends: the company set a cash dividend payout ratio at 95% of net profit, amounting to RMB540m, maintaining its high dividend trend. Product revenue streams in 2023: ·Quilts: RMB1.2bn (40% of total revenue), up 1.4% ·Bedding sets: RMB1.2bn (39% of total revenue), down 0.8% ·Pillows: RMB200m (7% of total revenue), down 4% ·Others: RMB390m, down 11%. Sales channels in 2023: ·Offline direct operations: RMB700m (24% of total revenue), down 1% ·Offline franchised stores: RMB800m (27% of total revenue), down 0.4% ·Ecommerce: RMB1.2bn (40% of total revenue), down 5% ·Group purchases: RMB160m (5% of total revenue), up 19%. 24Q1毛利率54.2%同减0.1pct，净利率18.8%同增0.9pct 公司24Q1毛利率54.2%同减0.1pct；23年毛利率55.6%同增2.5pct，其中直营渠道毛利率70.1%同增3.6pct，加盟毛利率56.2%同增3.6pct，电商毛利率48%同增1.7pct。 24Q1公司期间费率同增0.8pct，主要系销售费率同增1.2pct；23年期间费率同增0.2pct，其中销售费率同增0.5pct，管理费率同减0.3pct，主要系摊销费及股权激励费用减少，财务费率同减0.1pct，主要系大额存单利息收入增长。 公司24Q1净利率18.8%同增0.9pct；23年净利率18.9%同增1.6pct。 Q1E profitability: 54.2% gross margin, down 0.1ppt; 18.8% net margin, up 0.9ppt Gross margin: ·24Q1E: Fuanna’s gross margin narrowed 0.1ppt yoy to 54.2% ·2023: gross margin last year widened 2.5ppt to 55.6%, where a breakdown shows: -direct sales gross margin was 70.1%, up 3.6ppt -franchised stores had a gross margin of 56.2%, up 3.6ppt -ecommerce gross margin was 48%, up 1.7ppt. Expense ratios: ·24Q1E: total expense ratio rose 0.8ppt, mainly due to a 1.2ppt yoy rise in sales ratio. ·2023: total expense ratio increased 0.2ppt, where a breakdown shows: -sales ratio increased 0.5ppt -administrative ratio fell 0.3ppt, mainly due to lower amortization and equity incentive expenses -financial ratio fell 0.1ppt, mainly due to higher interest income from large certificates of deposit. Net margin: ·24Q1E: 18.8%, widening 0.9ppt yoy ·2023: 18.9%, widening 1.6ppt. 继续强化门店运营管理，凸显艺术家纺特质 截至23年末，公司线下共1494家店（同比净增24家），其中直营门店484家（同比净增13家），直营单店年均收入149万同减3.8%；加盟商门店1010家（同比净增11家）。公司持续提升门店运营管理能力，投入信息化管理体系，搭建一体化企业管理应用平台，将管理触角延伸至业务前端，利用大数据、人工智能等提升全流程协同能力与运营效率。 同时，公司23年在门店设计计陈列、产品创新、多系列时尚用品开发等方面进行统一规划，逐步在全国国重点城市布局超级形象店，以线下实体美物空间强化消费者的品牌认知。 Offline network: store ops and management; artist-inspired bedding designs Physical market presence: Fuanna has 1,494 physical stores as of end-2023 (a net increase of 24 stores yoy). They comprised 484 directly-operated stores (a net increase of 13 stores yoy) and 1,010 franchised stores (a net increase of 11 stores yoy). The directly-operated channel averaged annual revenue of RMB1.49m per store, down 3.8%. Operations: the company improved store operations and enhanced management, investing into data management systems to build an integrated enterprise management application platform that extended the reach of management to the front end. The use of big data and artificial intelligence improved collaborations and operational efficiency through the entire process. High-profile aesthetics: Fuanna integrated store design and display planning with product innovations to develop a series of trendy product collections in 2023. The company gradually deployed high-profile flagship stores in major cities across China with enhanced store aesthetics to increase branding mindshare. 电商秉承精细化运营，以利润爲团队考核 23年公司电商销售收入12亿，占总收入约40%，各平台中天猫销售占比25%、京东占39%、唯品会占14%，主要销售品牌退货率约11.9%。 截至23年末，公司电商团队共约231人左右，团队以利润爲考核，持续提升基础运营能力及供应链反应速度，优化商品结构，羽绒被、蚕丝被等品类持续增长；拓展直播渠道，布局短视频获取更多流量；强化会员运营，搭建私域深度会员体系。 Ecommerce: fine-tuning operations; tying team performance appraisals to profits Major platforms: ecommerce sales posted revenue of RMB1.2bn in 2023, accounting for about 40% of total sales. Among ecommerce platforms, JD.com accounted for 39% of sales, Tmall for 25% and Vipshop 14%. The company’s main brands had a return rate of about 11.9%. Aligning staff interests: Fuanna’s ecommerce team has about 231 personnel, whose performance appraisals are tied to company profits. Through this, the company has driven up basic operational capabilities and supply chain response speeds. It is tweaking the product mix by expanding categories such as down quilts and silk quilts. Other enhancements include livestream channels and short videos to increase user traffic. The company set up a private domain membership system to improve membership operations. 投资建议/Investment Ideas 更新盈利预测，维持“买入”评级 公司艺术家纺产品具备差异化竞争优势，持续优化门店运营，电商以利润爲考核重点，保持稳健成长节奏与较高分红水平；考虑终端消费表现疲软，我们对公司收入预期进行调整，预计公司24-26年收入分别爲32.4、35.2、37.5亿（24-25年前值分别爲34.6、37.7亿），归母净利分别爲6.3、7.0、7.5亿（维持24-25年预测），EPS分别爲0.76、0.84、0.90元/股，对应PE分别爲15、13、12x。 Valuation and risks Fuanna’s bedding designs inspired by famous artists add a distinctive competitive advantage even as the company continues to fine-tune store operations. We appreciate its ecommerce strategy of tying employee appraisals to company profits, as well as the company’s steady growth pace and generous dividend payouts. However, in view of weak end-market consumption, we lower our forecasts for revenue to RMB3.24bn/3.52bn/3.75bn in 2024/25/26E (previously RMB3.46bn/ 3.77bn in 2024/25E) and maintain our net profit forecast of RMB630m/700m/750m. This implies EPS of RMB0.76/0.84/0.90, corresponding to PE of 15x/13x/12x. We maintain our BUY rating. 风险提示：原材料与人工成本波动风险；市场竞争风险；品牌盗版带来的冲击风险等。 Risks include: fluctuating raw material and labor costs; competitive risks; and the impact of counterfeit brands. 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