Core Viewpoint - The company reported strong financial performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by customer expansion and product strength [1][2][3]. Revenue Growth - Q1 2025 revenue reached 773 million yuan, a 38% increase year-on-year, supported by strong product capabilities that led to both existing customer growth and new customer acquisition [1][2]. - Among the top 10 customers, 8 experienced transaction growth ranging from 11% to 325%, with 3 customers exceeding 200% growth [2]. - The company added 22 new retail customers in Q1 2025, including 2 from the top 100 furniture retailers in the U.S., bringing the total to 51 [2]. - The proportion of retail customers in the U.S. increased to 88.19%, with revenue from U.S. retail customers accounting for 64.75% of total revenue [2]. Profitability and Cost Management - The company achieved a net profit margin increase of 3.5 percentage points and a non-GAAP net profit margin increase of 3.9 percentage points year-on-year in Q1 2025, alongside a gross margin increase of approximately 4 percentage points [3]. - Cost management strategies, including procurement cost reduction and product structure optimization, contributed to improved profitability [3]. - The company is actively communicating with clients regarding tariff impacts, with many clients accelerating shipments to manage inventory amid supply chain fluctuations [3]. Product and Market Strategy - The company continues to leverage strong product capabilities to enhance customer relationships and market share, with a focus on high-end positioning and relative cost advantages [4]. - The "store-in-store" model is expanding rapidly in the U.S., with over 500 locations established across 32 states [2][4]. - Despite tariff challenges, the company is expected to maintain a strong growth trajectory, with projected net profits of 750 million, 940 million, and 1.13 billion yuan for 2025-2027 [4].
匠心家居(301061)：业绩超预期 中高端定位和产品优势凸显