顾家家居(603816)：Q1业绩超预期 国补持续助力

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, but there are signs of recovery in early 2025, driven by domestic sales and new product strategies [1][2][3][4]. Financial Performance - In 2024, the company achieved revenue of 18.48 billion, net profit of 1.42 billion, and non-recurring net profit of 1.30 billion, representing declines of 4%, 29%, and 27% respectively [1]. - For Q4 2024, the figures were 4.68 billion, 58 million, and 82 million, showing declines of 8%, 89%, and 80% respectively [1]. - In Q1 2025, revenue, net profit, and non-recurring net profit are projected to be 4.91 billion, 519 million, and 459 million, indicating increases of 13%, 24%, and 22% respectively [1]. Domestic Sales Performance - Domestic sales saw a year-on-year decline of 14% in 2024, but the impact of the divestment of Tianxi Pai is expected to narrow this decline [2]. - Q4 2024 domestic sales are estimated to show a smaller decline compared to Q3 2024, with potential positive growth in Q1 2025 [2]. - Key product categories such as customized furniture and functional sofas showed significant growth, with customized furniture increasing by 13% in 2024 [2]. International Sales and New Business Development - International sales grew by 11% in 2024, with even better performance expected in Q4 2024 and Q1 2025 [3]. - The company is expanding its overseas self-owned brand KUKAHOME stores in countries like India, Thailand, and Vietnam [3]. - Cross-border e-commerce is contributing positively to growth, with new products and channels driving sales [3]. Cost Management and Profitability - The company recorded a provision for impairment of approximately 300 million in 2024, but the profit decline was less severe after adjusting for this impairment [3]. - In Q1 2025, the company showed improved operating profit, with a slight decrease in gross margin but a reduction in sales expense ratio [3]. Strategic Advantages and Market Outlook - The company has a high dependency on U.S. sofa imports, with 33% of imports coming from China, but is building a manufacturing base in Vietnam to mitigate risks [4]. - The company plans to benefit from government subsidies in the home furnishing sector, which is expected to boost demand and market share [4]. - The company announced a dividend of 1.13 billion for 2024, corresponding to a dividend yield of 5.5% [4].