研报掘金丨国海证券：首予顾家家居“买入”评级，外贸持续高景气，成长性可期

Core Viewpoint - Gujia Home's mid-year performance is impressive, with double-digit growth in both revenue and profit expected by H1 2025, driven by stable domestic retail and continuous growth in foreign trade [1] Group 1: Financial Performance - The company is projected to achieve double-digit growth in revenue and profit by H1 2025 [1] - Domestic retail shows signs of stabilization and improvement, while foreign trade revenue continues to grow [1] Group 2: Strategic Initiatives - Gujia Home is investing RMB 1.124 billion to build a self-owned base in Indonesia, with the project set to start in Q3 2025 and a total construction period of 4 years [1] - The project is expected to generate annual revenue of approximately RMB 2.52 billion once fully operational within 3 years after completion [1] Group 3: Market Position and Growth Potential - The company is a leading player in China's soft furniture industry, focusing on living room, bedroom, and dining room spaces through a whole-home strategy [1] - Continuous product and channel expansion is being pursued, with a strong outlook for growth in foreign trade [1] - The company has been rated as a "buy" based on its growth potential and market position [1]