顾家家居(603816)：经营稳健 业绩符合预期

Core Viewpoint - The company reported a steady performance in the first three quarters of 2025, with revenue and net profit showing positive year-on-year growth, indicating robust internal and external trade operations [1][2][3]. Financial Performance - For the first three quarters, the company achieved revenue of 15.01 billion yuan, up 8.8% year-on-year, and a net profit attributable to shareholders of 1.54 billion yuan, up 13.2% year-on-year [1]. - In Q3 alone, revenue was 5.21 billion yuan, reflecting a 6.5% year-on-year increase, while net profit was 520 million yuan, up 12% year-on-year [1]. - The gross margin for the first three quarters was 32.38%, an increase of 0.5 percentage points, and the net profit margin was 10.25%, up 0.4 percentage points [1]. Operational Efficiency - The company has improved operational efficiency and released scale effects, leading to continuous profit improvement [1][2]. - The expense ratios for sales, management, R&D, and finance were 15.64%, 1.59%, 2.08%, and -0.14%, showing a decrease in sales and management expenses year-on-year [1]. Market Trends - The company benefits from an increase in domestic trade proportion, improved operational efficiency, and a gradual recovery in foreign trade profitability, with expectations for Q4 trends to continue [2]. - Domestic sales of sofas have accelerated, while the foreign trade of bedroom products is recovering [2]. Investment Outlook - The company is viewed as a leading player in the domestic soft furniture market, focusing on a dual-core development strategy and global expansion [3]. - Revenue projections for 2025-2027 are 20 billion, 21.7 billion, and 23.5 billion yuan, with corresponding net profits of 1.93 billion, 2.1 billion, and 2.3 billion yuan, indicating a strong growth trajectory [3].