Henglin Home Furnishings Co.,Ltd
603661.SS · SHH
Company research
Henglin Home Furnishings Co., Ltd. (603661.SS) is a leading Chinese manufacturer and exporter of home and office furnishing products, founded in 1998 and headquartered in Huzhou, Zhejiang Province, China. The company specializes in the research, development, manufacturing, and sales of a diverse product portfolio that includes ergonomic office chairs, sofas, massage chairs, panel furniture, upholstered furniture, and new-material flooring. Listed on the Shanghai Stock Exchange in November 2017, Henglin is recognized as one of China's largest office chair manufacturers, with its products exported to over 80 countries and regions across North America, Europe, Asia, and beyond. With a workforce of over 10,000 employees and a market capitalization of approximately CNY 5.87 billion, the company continues to expand its global footprint, having established branches in Vietnam and South Korea, and acquired the leading Swiss office systems company, Lista Office.
Research reports
Reviews 2025 results and Q1 2026, highlighting that cross‑border e‑commerce expansion drove steady revenue growth while reported profit was weighed down by restructuring of the “厨博士” business and significant FX losses, yet overall operating cash flow remained very strong, leading the analyst to maintain an “Overweight/增持” stance with revised EPS forecasts and a 2026 target price based on a 14x PE multiple. Key risks include sustained raw‑material inflation, weaker downstream demand, and sensitivity to exchange‑rate fluctuations and overseas consumption cycles.
Guojin Securities (国金证券) · April 30, 2026恒林股份（603661.SH）公司点评：跨境电商延续规模扩张、盈利修复，计提减值轻装上阵Argues that despite trade‑policy volatility, Henglin’s cross‑border e‑commerce segment continued to grow robustly, with pricing recovery driving gross‑margin improvement, while large impairments and provisions related to the struggling “厨博士” unit help clean up the balance sheet and position the company to “travel light” into 2026. The report forecasts 2026–2028 net profit to roughly double in 2026 then grow at high double‑ and mid‑teens rates, supporting a maintained “Buy/买入” rating, but flags competitive intensity, raw‑material and freight cost swings, FX risk, and trade‑policy changes as key uncertainties.
Guangda Securities (光大证券) · March 11, 2026恒林股份(603661)投资价值分析报告：基本面筑底向上 价值洼地值得重视Initiating‑coverage style value report presenting Henglin as a leading domestic office‑furniture exporter whose revenue has surpassed 10 billion yuan, emphasizing its “big home” strategy across soft furniture and new‑materials flooring plus a rapidly scaling cross‑border e‑commerce business and recent asset‑quality cleanup as drivers of both structural (alpha) and cyclical (beta) upside from what the analysts see as a valuation trough. They project 2025–2027 earnings growth underpinned by continued penetration of overseas markets and improving margins, assign a first‑time “Buy/买入” rating, and highlight macro demand, raw‑material and logistics cost volatility, sea‑freight prices, cross‑border platform execution, and trade‑policy shifts as major risks.
Futu Research · September 3, 2025恒林股份(603661)2025年半年报点评：业绩逆势增长 海外产能优势凸显Half‑year review noting that overseas manufacturing capacity, particularly in Vietnam, underpinned solid Q2 2025 results as cross‑border e‑commerce margins improved after the end of inventory‑clearance promotions, while OEM revenue held broadly stable and export flooring orders stayed resilient, prompting the analyst to raise 2025–2027 EPS forecasts and target price and to maintain an “Overweight/增持” rating. It also points out that net margin was dampened by impairment charges and higher management expenses, and reiterates that raw‑material price increases and weaker downstream consumption remain key risk factors.