喜臨門:實控人全額參與彰顯信心

（以下内容从天风国际证券《喜臨門:實控人全額參與彰顯信心》研报附件原文摘录）
　　Xilinmen Furniture (603008 CH) 实控人全额参与彰显信心 Actual controller’s stronger buy-in signals confidence in the company’s future growth BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 10月13日公司发布公告，拟向特定对象发行A股股票 发行股票数量为6635.44万股，发行价格为12.81元/股，发行对象为忻泓投资（公司控股股东的全资子公司，实控人为陈阿裕先生），忻泓投资拟以现金方式认购公司本次发行的全部股票；预计发行完成後公司实控人陈阿裕先生及其一致行动人合计持股比例为44.97%。 本次定增募集资金总额不超过8.5亿元（含本数），主要用於喜临门智能家居产业园项目（二期）建设以及补充流动资金，拟投资总额7.6亿元，包含土地购置费2336万元、建设投资3.73亿元、设备及软件投资2.70亿元、预备费3215万元以及铺底流动资金6000万元。 本次发行有助於巩固陈阿裕先生作为实际控制人的地位，维护上市公司控制权的稳定。同时，本次发行充分展示了实际控制人对公司支持的决心以及对公司未来发展的坚定信心，有利於向市场以及中小股东传递积极信号，促进公司的长期稳定发展，提振市场信心。 Controller set to strengthen interest in the company to nearly 45% Chen to add 66m A-shares: Xilinmen Furniture (XF) announced plans on 13 Oct to issue 66.35m A-shares to Anhui Xinhong Equity Investment, a wholly-owned subsidiary held by XF’s controlling shareholder and actual controller Chen Ayu. Xinhong intends to subscribe to all of the shares, which are priced at RMB12.81 each, and pay for them in cash. On completion, Mr Chen and his associates would have a 44.97% stake in the company. Funding smart home project 2: The total funds raised in this private placement would not exceed RMB850m (including the principal) and will be used to construct phase 2 of the Xilinmen Smart Home Industrial Park project and supplement working capital. The total project investment of RMB760m covers RMB23.36m for the land purchase, RMB373m on construction, RMB270m on equipment and software, a preparation fee of RMB32.15m and RMB60m groundwork working capital. Boosting sentiment: Mr Chen’s expanded interest consolidates his controller position and stable control of XF. It demonstrates his will to support the company as well as confidence in its future, which sends a positive signal to the market and XF’s smaller shareholders. The move is conducive to the company’s stable long-term growth, while boosting market confidence. 完善产能布局，夯实智能制造基础 基於“持续深耕睡眠赛道”的战略导向，项目将通过购置国内外先进的生产设备，建设自动化、智能化产品生产线，有利於： 1）提高公司生产能力与突破产能瓶颈，巩固公司行业地位：公司2021-2023年床垫及软床产品的产能利用率在80%以上、产销率均超过95%，项目进一步提高床垫、软床、沙发及配套产品的生产规模，满足业务扩张需求； 2）优化产能布局，缩短交付周期，保障供应链网络效率：项目建设完成後，将全面承接湖南、贵州、广东、广西等6省市的订单，业务区域覆盖华中及华南区域，有助於企业合理配置产能； 3）增强原材料配套供给能力，提高产品品质管控，降本增效：公司将有效提高海绵的自主供应能力，提升盈利水平。 Building out production capacity; strengthening smart manufacturing foundation To refine XF’s strategic focus on the sleep product business, its smart home project buys advanced production equipment from China and overseas to build automated smart production lines. The benefits include: ·Boosting production capacity and removing capacity bottlenecks, and consolidating its industry positioning: XF maintained utilization rates above 80% for its mattresses and soft bed products during 2021-23. Production and sales ratios exceeded 95% and the project increased the production scale for mattresses, soft beds, sofas and supporting products to meet business expansion needs. ·Optimum production capacity buildout, shorter delivery cycles and an efficient supply chain network: when construction is completed, the company would be able to take orders fully from six provinces and cities, including Hunan, Guizhou, Guangdong and Guangxi, and with its business area covering central and southern China, it would help rationalize the allocation of production capacities. ·Enhancing supply capacity for raw materials, boosting product quality control, reducing costs and increasing efficiency: the company would effectively improve its independent sponge supply capacity and improve profitability. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 公司作为我国床垫行业的知名品牌，持续在产品研发和设计创新方面加大投入，强化品牌在睡眠领域的专业形象和国民品牌形象，同时聚焦经营质量优化升级，本次定增彰显长期发展信心。此外，8月以来全国23省份已相继落实家居家装厨卫“以旧换新”实施细则，我们预计政策执行流程优化及消费信心提振有望带动家居需求逐步企稳向上。 我们预计24-26年归母分别为5.28/6.21/7.09亿，对应PE分别为13X/11X/10X，维持“买入”评级。 Valuation and risks Well-known Chinese mattress brand Xilinmen Furniture is plowing more investments into product R&D and design innovations to lift its professional standards and boost its national brand positioning in the sleep industry. It has also optimized and upgraded operational quality. A total of 23 provinces across China have implemented trade-ins in home furnishings, home decoration, kitchen and bathroom as of August 2024. We expect enhanced policy implementation and growing consumer confidence to help stabilize and increase home furnishing demand. Valuation: we project net profit will arrive at RMB528m/621m/709m in 2024/25/26E, corresponding to 13x/11x/10x PE. We maintain our BUY rating. 风险提示：发行及募投项目进度不及预期；国内地产持续疲软；线上渠道加大费用投放；新品推出不及预期；产能建设不及预期等 Risks include: worse-than-expected progress in issuance and fundraising projects; persistent Chinese real estate market slump; heavier spending on online channels; worse-than-expected new product launches; and slower-than-expected capacity construction. Email: research@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。

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