顾家家居：收入符合预期，外贸环比修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's revenue performance aligns with expectations, with a recovery in foreign trade observed [2] - The company is positioned as a leading player in the domestic soft furniture market, benefiting from a robust product, brand, and channel moat [1][3] - The report highlights the potential for industry valuation recovery, driven by domestic renovation subsidy policies and improved demand dynamics [1] Financial Performance Summary - Revenue (in million CNY): - 2022A: 18,010 - 2023A: 19,212 - 2024E: 19,268 - 2025E: 21,270 - 2026E: 23,425 - Year-over-Year Growth Rate: - 2022A: -2% - 2023A: 7% - 2024E: 0% - 2025E: 10% - 2026E: 10% [1] - Net Profit (in million CNY): - 2022A: 1,812 - 2023A: 2,006 - 2024E: 1,889 - 2025E: 2,128 - 2026E: 2,383 - Year-over-Year Growth Rate: - 2022A: 9% - 2023A: 11% - 2024E: -6% - 2025E: 13% - 2026E: 12% [1] - Earnings Per Share (in CNY): - 2022A: 2.20 - 2023A: 2.44 - 2024E: 2.30 - 2025E: 2.59 - 2026E: 2.90 [1] Market Position and Strategy - The company is transitioning towards a "whole home" operation model, focusing on upgrading store formats and optimizing product matrices [1] - The report anticipates that the recovery of foreign trade orders will benefit the company, with expectations for improved demand and industry dynamics [1][3] - The company is expected to maintain a competitive edge due to its strong brand and distribution network, particularly as it adapts to market changes [1]