OLO Home(SH:603326) Xin Lang Cai Jing·2025-10-16 00:26Core Insights - The company reported a revenue of 1.055 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.2%, with a net profit attributable to shareholders of 138 million yuan, up 70.9% year-on-year [1] - The company is focusing on high-end market differentiation in the whole-house segment, which now accounts for 79% of total revenue, up from 56% in 2021 [1] Revenue Performance - For Q3 2025, the company achieved a revenue of 386 million yuan, a year-on-year increase of 2.8%, with a net profit of 45 million yuan, up 29.2% year-on-year [1] - The revenue from cabinets and whole-house solutions in Q3 2025 was 81 million yuan and 304 million yuan, respectively, showing a decline of 19.9% for cabinets but an increase of 11.3% for whole-house solutions [1] Channel Expansion - The company opened 11 new cabinet stores and 10 new whole-house custom stores in Q3, with direct sales and distribution revenues of 61 million yuan and 296 million yuan, respectively, reflecting year-on-year increases of 2.0% and 11.5% [2] - The company is enhancing brand influence through flagship stores and expanding its market presence in potential cities [2] Profitability and Cost Management - The gross margin for Q3 2025 was 46.5%, a decrease of 1.2 percentage points year-on-year, while the net profit margin was 11.8%, an increase of 2.4 percentage points year-on-year [2] - The operating expense ratio for Q3 2025 was 29.5%, down 7.4 percentage points year-on-year, with sales, management, and R&D expense ratios at 19.5%, 6.4%, and 3.0%, respectively [2] Operational Efficiency - As of Q3 2025, the company's inventory turnover days were 44.84 days, a decrease of 1.53 days year-on-year, while accounts receivable turnover days were 24.24 days, down 0.72 days year-on-year [3] - The company reported a net operating cash flow of 63 million yuan for Q3 2025, a decrease of 69 million yuan compared to the same period in 2024 [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 180 million yuan, 210 million yuan, and 250 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15.2X, 13.1X, and 11.2X [3]