研報掘金丨華福證券:首予索菲亞“買入”評級,行業需求和格局有望改善
華福證券研報指出,索菲亞(002572.SZ)作為定製行業領軍企業,多品牌、全品類、全渠道戰略深化,提質增效成效顯著、盈利穩定性較強,重視股東回報、按上期分紅比例估算24年股息率約6.6%,首次覆蓋給予“買入”評級。公司作為中國定製衣櫃開創者,卡位定製行業裏最優的衣櫃子賽道,從早期卧室空間走向全屋空間,從衣櫃拓展至全屋櫃類、櫥櫃、木門等,品牌矩陣不斷豐富,營收規模多年穩居前列。隨着家居國補持續推進,行業需求和格局有望改善:需求端,10-12月家居社零分別同比+7.4%、+10.5%、+8.8,均較9 月明顯好轉;格局端,大部分地區要求參與商户正規合同、正規發票、正規銷售渠道,合規經營的龍頭有望率先受益。
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