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喜臨門:實控人全額參與彰顯信心

天风国际  · 公众号  ·  · 2024-10-17 18:00

正文

Xilinmen Furniture

(603008 CH)


實控人全額參與彰顯信心


Actual controller’s stronger buy-in signals confidence in the company’s future growth


BUY (maintain)


投資要點/Investment Thesis

投資要点/Investment Thesis

10月13日公司發佈公告,擬向特定對象發行A股股票

發行股票數量為6635.44萬股,發行價格為12.81元/股,發行對象為忻泓投資(公司控股股東的全資子公司,實控人為陳阿裕先生),忻泓投資擬以現金方式認購公司本次發行的全部股票;預計發行完成後公司實控人陳阿裕先生及其一致行動人合計持股比例為44.97%。


本次定增募集資金總額不超過8.5億元(含本數),主要用於喜臨門智能家居產業園項目(二期)建設以及補充流動資金,擬投資總額7.6億元,包含土地購置費2336萬元、建設投資3.73億元、設備及軟件投資2.70億元、預備費3215萬元以及鋪底流動資金6000萬元。


本次發行有助於鞏固陳阿裕先生作為實際控制人的地位,維護上市公司控制權的穩定。同時,本次發行充分展示了實際控制人對公司支持的決心以及對公司未來發展的堅定信心,有利於向市場以及中小股東傳遞積極信號,促進公司的長期穩定發展,提振市場信心。


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.


完善產能佈局,夯實智能製造基礎

基於“持續深耕睡眠賽道”的戰略導向,項目將通過購置國內外先進的生產設備,建設自動化、智能化產品生產線,有利於:


1)提高公司生產能力與突破產能瓶頸,鞏固公司行業地位:公司2021-2023年床墊及軟床產品的產能利用率在80%以上、產銷率均超過95%,項目進一步提高床墊、軟床、沙發及配套產品的生產規模,滿足業務擴張需求;


2)優化產能佈局,縮短交付週期,保障供應鏈網絡效率:項目建設完成後,將全面承接湖南、貴州、廣東、廣西等6省市的訂單,業務區域覆蓋華中及華南區域,有助於企業合理配置產能;


3)增強原材料配套供給能力,提高產品品質管控,降本增效:公司將有效提高海綿的自主供應能力,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.



投資建議/Investment Ideas


維持盈利預測,維持“買入”評級

公司作為我國床墊行業的知名品牌,持續在產品研發和設計創新方面加大投入,強化品牌在睡眠領域的專業形象和國民品牌形象,同時聚焦經營質量優化升級,本次定增彰顯長期發展信心。此外,8月以來全國23省份已相繼落實家居家裝廚衛“以舊換新”實施細則,我們預計政策執行流程優化及消費信心提振有望帶動家居需求逐步企穩向上。

我們預計24-26年歸母分別為5.28/6.21/7.09億,對應PE分別為13X/11X/10X,維持“買入”評級。


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.


風險提示: 發行及募投項目進度不及預期;國內地產持續疲軟;線上渠道加大費用投放;新品推出不及預期;產能建設不及預期等


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: [email protected]

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文件 由天風國際證券集團有限公司 , 天風國際證券與期貨有限公司(證監會中央編號:







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