顾家家居(603816)：25Q3利润表现超预期 转型变革成果初显

Core Insights - The company reported a revenue of 15.01 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 8.8%, with a net profit attributable to shareholders of 1.54 billion yuan, up 13.2% year-on-year [1] - The company plans to raise up to 1.997 billion yuan through a private placement to its indirect controlling shareholder, demonstrating confidence in long-term development [1] - The company is investing 1.12 billion yuan to establish an overseas production base in Indonesia, with expected annual revenue of approximately 2.52 billion yuan once fully operational [2] Financial Performance - For Q3 2025, the company achieved a revenue of 5.21 billion yuan, a year-on-year increase of 6.5%, and a net profit of 520 million yuan, up 12.0% year-on-year [1] - The gross profit margin for Q1-Q3 2025 was 32.4%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 10.2%, up 0.4 percentage points year-on-year [1] - In Q3 2025, the gross profit margin was 31.4%, an increase of 1.6 percentage points year-on-year, with a net profit margin of 9.9%, up 0.5 percentage points year-on-year [1] Strategic Initiatives - The company plans to use the funds raised from the private placement for various projects, including smart upgrades of home product production lines, expansion of functional iron frame production lines, R&D for smart home products, and digital transformation projects [1] - The establishment of the Indonesian production base is part of the company's ongoing global expansion strategy, with a construction period of four years and partial production lines expected to commence during this period [2] - The company is undergoing a strategic transformation towards retail models through digitalization and improved logistics systems, alongside a steady global expansion in foreign trade [2] Profit Forecast - The company forecasts net profits attributable to shareholders of 1.91 billion yuan, 2.11 billion yuan, and 2.31 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a positive outlook for long-term development [2]