可选消费2023A&2024Q1财报总结：经营质量愈发重要 S0210524040004|2024 05 05 华福证券 2023 24Q1 23 23 24Q1 23+23Q4 23 23 23Q4+23 24Q1 23 24 23 24 23 24Q1 24 23+24 23 23 23 24Q1 23 24 24&ROE 1 TCL&2 3 60 4 7&+1+2 24+361 3+2 华福证券 1ZFUyRsPoNnMrPpMnQrOqRaQaO7NsQmMpNrNkPrRrMkPqQsM8OmMvNwMtPqNwMtOqP 收入端：23年各板块表现分化，24Q1趋势向好 盈利端：毛利率延续改善趋势，期间费用率提升 经营质量：运营稳健，现金流质量高 投资建议&风险提示目录3 华福证券 23 24Q1 4 2023 24Q1 23 23 24Q1 23 14305+6.37%22 23Q1-Q4+3.11%/+7.30%/+7.33%/+8.06%24Q1 3567+7.86%23+23Q4 23 2023 4796+7.01%23Q1-Q4+4.25%/+5.41%/-0.47%/+20.77%23Q4 24Q1 1349+6.03%23 23Q4 23 848-2.94%23Q1-Q4+1.18%/-1.88%/-9.07%/+0.07%23 23Q2-Q3 23Q4 24Q1+7.38%+23 24Q1 23 102+14.06%23Q1-Q4-3.32%/+12.90%/+15.11%/+29.39%23Q2 24Q1+31.43%iFinD-20%0%20%40%60%80%100%120%02000400060008000100001200014000160002015 2016 2017 2018 2019 2020 2021 2022 2023 yoy yoy yoy yoy-50%0%50%100%150%200%050010001500200025003000350040004500 yoy yoy yoy yoy 华福证券 EkWOeXuQOmWrP+M+IST1JJKvZxvDHl7CnYBIQwX/6MOplwqRlbKLQimS0jhIh0HX 23 23+7.32%-1.35%+28.80%-9.17%23 23-1%5 iFinD 0%100%200%300%400%-20%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022 2023 yoy yoy yoy yoy-10%0%10%20%30%40%05000100002017 2018 2019 2020 2021 2022 2023 yoy-40%10%60%2017 2018 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2%-4%16%2%10%7%1%25%-1%10%1%-16%11%0%8%3%30%32%11%17%1%1%4%4%7%15%6%2%5%-4%12%-13%11%5%1%12%17%-11%-3%-17%47%60%9%21%-3%31%33%-2%17%10%-29%10209%17%-10%-11%6%2%38%9%5%19%-27%-7%27%41%39%21%42%-23%47%-10%29%15%-26%15%42%23%30%-7%8%-6%-5%12%16%9%2%-4%26%-2%5%4%5%25%1%9%20%5%22%-15%-9%39%22%44%-2%-6%9%11%72%4%-4%6%4%12%-11%1%31%28%36%-5%-23%43%4%25%-9%-12%3%-2%16%0%7%22%22%17%35%-1%44%-7%6%51%-16%43%67%20%18%0%16%24%19%35%1%362%44%48%28%42%123%108%41%6%31%62%36%71%33%28%-40%38%29%52%83%55%14%6%52%61%55%18%1%61%-55%-14%54%-7%华福证券-30%0%30%60%05001000150021M1+221M421M621M821M1021M1222M322M522M722M922M1123M1+223M423M623M823M1023M1224M3-20%0%20%40%051021M1+221M421M621M821M1021M1222M322M522M722M922M1123M1+223M423M623M823M1023M1224M3 6 23 2023 47.2+7.2%24Q1 12.0+4.7%2023 3-5 Q1-Q3 Q4 23-2.84%23+10.79%M3-M4 M11-M12 23 4 iFinD iFinD 23-50%0%50%100%010002000300021M1+221M421M621M821M1021M1222M322M522M722M922M1123M1+223M423M623M823M1023M1224M3 05010015019-0119-0419-0719-1020-0120-0420-0720-1021-0121-0421-0721-1022-0122-0422-0722-1023-0123-0423-0723-1024-01:华福证券 7 iFinD 23 23 23-20.90%+17.20%-8.20%2024-60%-40%-20%0%20%40%2017 2018 2019 2020 2021 2022 2023 2024M1-3住 宅 房 屋 新 开 工 面 积 同 比 住宅房屋 竣工面 积同比 住宅商品 房销售 面积同 比-60%-40%-20%0%20%40%60%80%0.00.51.01.52.02.53.02020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-112024-02当月值 当月同比-60%-40%-20%0%20%40%60%80%0112233442020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-112024-02当月值 当月同比-60%-40%-20%0%20%40%60%80%100%120%0.00.51.01.52.02.53.020-0220-0520-0820-1121-0221-0521-0821-1122-0222-0522-0822-1123-0223-0523-0823-1124-02当月 值 当月 同比 华福证券 23 23+8%+9%+15%+1%+5%+7%23+1%23-12.9%23 8 iFinD-40%-20%0%20%40%60%2018 2019 2020 2021 2022 2023-20%0%20%40%60%80%100%120%2018 2019 2020 2021 2022 2023 yoy yoy yoy yoy-5.00%0.00%5.00%10.00%15.00%20.00%0.001,000.002,000.003,000.004,000.005,000.006,000.002018 2019 2020 2021 2022 2023 yoy2019 2020 2021 2022 2023 10%7%15%5%9%6%4%14%4%6%-7%-4%13%3%7%22%9%13%10%8%7%27%58%7%12%11%26%21%-32%72%27%11%-16%42%48%7%24%24%-20%15%8%12%28%-29%19%82%80%53%-7%69%1%41%14%-16%11%40%143%10%-22%106%2%37%32%-2%5%-14%35%40%10%26%-221%80%4%21%20%4%59%-38%-7%13%-1%32%-19%-9%347%83%73%35%25%48%-61%6%-42%-28%12%12%1%-23%1%-3%38%19%-12%20%-46%330%145%82%16%43%-53%93%134%-17%9%10%15%-1%8%9%14%90%43%7%-3%-1%41%6%2%19%23%118%57%9%3%44%65%28%2%14%24%13%17%1%8%32%-7%37%-27%18%20%28%7%19%-5%50%27%9%9%13%24%25%10%-13%10%30%29%13%-13%19%16%16%4%-12%华福证券 23 23M3 23 878+3.8%24Q1+9%24 23/-8%/-7%24Q1/+0.1%/-3.8%24 23 23M9+29.35%23-1.5%+24 24 9 wind%-50.00%0.00%50.00%100.00%yoy yoy yoy yoy-50%0%50%100%150%010020030020Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1-40%-20%0%20%40%60%0.000.200.400.600.801.001.201.40 yoy-30%-20%-10%0%10%20%30%050100150200 _ yoy-30%-20%-10%0%10%20%30%40%050100150200250 _ yoy 华福证券 10 24Q1 2023 23Q2 23Q4 7 Q3 24Q1 23 24/17.6%/4.8%/8.7%/21.7%5%23 1 16%/198/-164 2 20%3 A iFinD(1,500)(1,000)(500)05001,000 2020 2021 2022 2023 A 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 6.28 5.43 5.75 6.49 6.66 7.07 6.93 8.50 7.49 5.97 5.04 6.18 6.81 6.10 6.37 5.98 8.03 5.37 5.04 3.94 4.06 4.39 4.51 4.47 3.99 4.62 3.65 10.80 7.66 8.60 11.93 11.67 9.44 9.85 14.49 11.53 5.76 4.71 6.44 5.73 6.04 6.88 4.93 3.85 5.09 8.10 5.03 9.12 6.60 10.79 6.05 11.12 7.40 12.68 11.57 8.38 10.42 12.75 12.90 11.80 11.97 15.86 13.53 24.64 17.33 20.27 23.78 20.74 15.28 16.22 25.69 18.06 33.09 23.32 33.02 43.89 30.02 25.58 33.38 47.62 31.39 52.12 43.04 41.59 48.87 56.82 55.17 43.70 59.58 61.77 7.66 5.21 6.64 6.69 7.72 6.28 7.37 9.17 9.40 2.04 1.83 2.27 3.35 2.07 1.86 1.29 2.45 1.80 5.14 4.40 4.42 6.37 4.62 5.37 4.63 6.94 4.09 12.86 10.96 13.36 15.96 12.40 12.17 12.98 15.60 10.88 8.06 8.36 8.55 11.66 8.18 9.78 9.57 14.57 9.15 6.71 6.65 6.47 10.97 6.20 6.52 6.53 11.05 6.52YOY 17.2%-3.7%0.2%-5.9%6.0%30.2%20.6%30.9%12.5%-9.1%-27.6%-7.8%-22.1%2.3%26.5%-3.3%17.9%-12.0%-7.4%-21.6%-11.7%-26.2%-10.5%13.5%-1.6%5.2%-19.1%0.7%-13.9%0.5%-20.8%8.1%23.2%14.5%21.5%-1.2%-29.9%-34.4%-4.0%-34.0%4.8%46.2%-23.4%-32.7%-15.7%30.2%-14.3%20.1%-12.2%33.1%20.3%22.0%12.1%17.6%16.3%-14.5%4.5%-13.8%11.5%40.8%14.8%24.5%4.8%-7.7%-26.1%-15.4%-32.3%-15.8%-11.9%-20.0%8.0%-12.9%0.0%-27.3%-5.8%-18.7%-9.3%9.7%1.1%8.5%4.6%-5.1%-7.2%3.4%-19.0%9.0%28.2%5.1%21.9%8.7%-5.6%-10.9%-14.4%-23.8%0.8%20.6%11.0%37.1%21.7%-10.5%-2.8%72.2%3.2%1.6%1.3%-43.1%-26.7%-12.9%2.2%-14.3%-14.0%-31.7%-10.1%22.1%4.8%9.0%-11.6%-2.5%-9.2%-9.3%-9.4%-3.6%11.0%-2.8%-2.2%-12.3%12.3%-7.2%2.2%-13.2%1.4%17.0%11.9%25.0%11.8%6.8%-2.3%-5.0%-7.8%-7.6%-1.9%0.9%0.7%5.2%华福证券 24Q1 11 2023/361+16.2%/+7%/+10.9%/+21%1/FILA/9.3%/16.6%/57.7%FILA+2/30%3/7.4%/44.4%/99%4 361 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164%30%29%19%23%1%-6%-19%-9%4%-32%-13%-33%iFinD 华福证券 23 24Q1 Q2 23+17%2654+5.21%+11.22%2023 13.23%1.17pct TCL 23+11%+2023 TCL+6.2%2,526+7.6%486.32 2023 TCL 12.5%+0.8pct 24Q1 23 586.4-5%103.7-17%24Q1 144.3+8.7%23.6 5.1%1LCD 23-16%-23%/+16%24Q1-7%play5 17 wind TV TV 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 8 9 10 14 10 10 8 13 9 7 8 11 8 104 106 130 129 102 100 123 132 115 134 144 144 127 5 6 6 8 5 7 6 7 5 6 6 6 4 238 254 236 268 201 239 232 254 229 237 234 274 238yoy 62%36%32%45%24%17%-12%-4%-13%-27%-6%-15%-7%53%16%12%9%-2%-5%-5%3%13%34%17%9%11%71%42%6%18%0%28%9%-21%-13%-17%-5%-15%-3%46%17%-10%-11%-16%-6%-2%-5%14%-1%1%8%4%-8.00%-6.00%-4.00%-2.00%0.00%2.00%4.00%1701801902002102202302402016 2017 2018 2019 2020 2021 2022 2023 TV 0%5%10%15%20%25%2017 2018 2019 2020 2021 2022 2023三星 海信 TCLLGE 小米 索尼创维 飞利浦+AOC Vizio夏普 华福证券 18 2023 549.3 9.6%26543 1.8%23Q1/Q2/Q3/Q4 7-10%/-3%/+5%/+10%23 23 24Q1 2019 2020 2021 2022 2023 7%24%24%-20%15%8%12%28%-29%19%82%80%53%-7%69%1%41%14%-16%11%40%143%10%-22%106%-40%-30%-20%-10%0%10%20%30%40%50%0501001502002503003504004505002015 2016 2017 2018 2019 2020 2021 2022 2023 23 10%wind 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1苏泊尔 51 53 52 59 56 47 47 52 50 50 54 59 54九阳股份 22 25 23 35 23 24 22 33 19 24 25 28 21新宝股份 32 34 41 42 36 35 36 30 28 35 44 39 35小熊电器 9 7 7 12 10 9 9 14 13 11 10 14 12北鼎股份 2 2 2 3 2 2 2 3 2 2 2 2 2比依股份 3 4 4 4 4 4 3 4 4 5 4 3 3yoy苏泊尔 43%15%2%12%9%-11%-11%-12%-12%7%16%14%8%九阳股份 32%-12%-9%-15%4%-5%-3%-7%-19%2%11%-13%9%新宝股份 64%11%0%3%13%1%-12%-29%-22%1%23%31%23%小熊电器 23%-26%-6%7%8%20%16%14%28%25%15%-2%-5%北鼎股份 54%8%18%17%4%4%-12%-11%-7%-19%-9%-28%-7%比依股份 8%13%-19%-25%4%3%34%23%-33%-15%华福证券 190%10%20%30%40%50%60%0501001502016 2017 2018 2019 2020 2021 2022 2023 24Q1 0%100%200%300%400%0204060801001201402019 2020 2021 2022 2023 24Q1 45556672750246810120204060802019 2020 2021 2022 2023%0%10%20%30%40%IRobot Roborock SHARK Eufy2022A 2023A 24Q10%20%40%60%80%100%IRobot Roborock SHARK0100 100300 300500 5008008001000 10001300 1300+TOP20 24Q1 23 800 52%0%10%20%30%40%50%2020 2021 2022 2023 0%20%40%60%80%2020A 2021A 2022A 2023A 23A/24Q1+10%/+29%23A/24Q1+22%/+23%23A 23A 23 137 10%+4%+6%24Q1 26+29%+22%+6%GFK 23 75%23 24Q1 iRobot 23A/24Q1 22%23%45%50%16%18%gfk 华福证券 20 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 22.2 31.3 28.9 48.4 32.0 36.2 33.0 52.0 32.4 39.1 33.9 49.7 34.7 11.1 12.4 14.8 20.1 13.6 15.6 14.7 22.4 11.6 22.1 23.1 29.7 18.4 2.1 3.3 2.7 3.8 2.5 2.1 1.9 2.5 2.3 3.7 3.4 3.3 2.9 10.7 11.6 10.4 10.6 10.5 11.7 10.8 12.1 12.2 13.3 12.4 20.1 20.6 16.7 22.0 23.5 21.6 22.3 21.7 18.3 18.2 21.4 30.1 23.1 8.8 8.7 11.1 11.4 11.2 11.6 14.3 9.1 13.7 13.0 13.2 10.7 11.7yoy 131%118%66%57%44%16%14%7%1%8%3%-4%7%82%6%23%30%22%26%-1%11%-15%42%58%33%59%62%67%40%24%15%-36%-29%-34%-8%76%80%35%29%-2%1%4%14%17%14%15%78%47%-2%8%17%5%33%-1%-22%-16%-4%38%27%23%13%9%7%28%33%29%-20%23%12%-8%17%-15%Q1 24Q1+59%+20%+80%+80%+100%+60%23+1%-1%+5%23 20%40%24Q1 7%24Q1 15%-23%+35%wind 华福证券&iFinD 2023 6%2022 23%+10%Q2 Q2 5 19.4%/13.4%/4.3%21 iFinD 0%5%10%15%20%25%0501001502002019 2020 2021 2022 2023-YoY-20%-10%0%10%20%30%40%50%0204060801002019 2020 2021 2022 2023-YoY iFinD 华福证券 22 wind 23 23+12%+18%24 2024Q1 6 ASP 23+1%23-0.3%+5%-18%+63%24Q1-9%Q2 2023+6%24Q1+6%23-5%23Q4 24Q1 23+33%9.9+4%9.8+95%23 23-10%24Q1+1%250cc-22.7%+21.8%2023 20+30+200%29%-20%0%20%40%60%80%100%120%01020304050602016 2017 2018 2019 2020 2021 2022 2023(250cc)(250cc)%2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 9 12 13 9 9 17 19 12 13 16 12 10 13 16 20 21 22 23 26 37 27 29 36 29 27 31 31 42 52 29 46 49 78 36 54 48 72 36 50yoy 72%24%15%-9%2%36%44%35%43%-5%-37%-14%1%151%76%53%58%45%29%79%26%27%37%-23%-1%6%69%4%2%48%47%16%50%24%19%-2%-7%0%-9%华福证券 23 2023 18%19%27%28%23Q1/Q2/Q3/Q4-20%/-7%/+5%/+20%24Q1+19%23A+18%23+34%29%13%H1+1%H2+25%23 27%H1-50%H2-3%24Q1-20%0%20%40%60%80%05001000150020002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 050100 2022%2023%23+6%23 wind 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1佩蒂股份 3 4 2 4 3 5 5 4 2 3 4 5 4中宠股份 6 7 8 9 8 8 9 8 7 10 10 10 9乖宝宠物 0 0 6 0 7 10 8 9 9 12 10 12 11yoy佩蒂股份 33%15%-48%-3%7%29%149%6%-54%-34%-17%31%142%中宠股份 50%13%19%42%42%14%13%-7%-11%27%17%28%24%乖宝宠物 29%25%21%31%34%21%华福证券 iFinD 2023 11 24 3 3%24 iFinD iFinD-10%0%10%20