研报掘金丨天风证券：维持建霖家居“买入”评级，泰国总产能将覆盖60%以上北美订单

Core Viewpoint - Tianfeng Securities report indicates that Jianlin Home's net profit attributable to shareholders for the first half of 2025 is 240 million, a decrease of 8% year-on-year, with Q2 net profit at 120 million, down 16% year-on-year [1] Financial Performance - The gross profit margin for H1 2025 is 26.82%, showing a slight increase of 0.41% [1] - The company is supported by overseas shipment premiums, but the resilience in gross profit margin is primarily due to continuous internal cost improvements and product value enhancement through technological innovation [1] Market Strategy - The company is actively expanding into new market opportunities and channels in Europe and along the "Belt and Road" initiative while consolidating existing markets [1] - There is an emphasis on enhancing operational efficiency and improving business collaboration, alongside strengthening local supply capabilities [1] Production Capacity - The company is accelerating the expansion of its Thailand base, with significant increases in shipment volumes compared to the same period last year [1] - The third phase of the Thailand base is expected to be operational next year, with total capacity covering over 60% of North American orders [1] Investment Outlook - Given the complex external environment and multiple challenges, the profit forecast has been adjusted based on H1 2025 performance, while maintaining a "buy" rating [1]