顾家家居：25Q1业绩较优，零售转型思路明确-20250429

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.28, 2.48, and 2.71 RMB respectively, corresponding to PE ratios of 10, 9, and 8 times [6]. Core Insights - The company reported a revenue decline of 3.81% year-on-year for 2024, with total revenue of 18.48 billion RMB. The net profit attributable to shareholders decreased by 29.38% to 1.417 billion RMB. However, in Q1 2025, revenue and net profit showed a recovery with increases of 12.9% and 23.5% respectively [2][3]. - The company is experiencing steady growth in exports, with a 11.3% increase in revenue from overseas markets in 2024, while domestic sales faced a decline of 14.4% due to weak real estate performance. However, domestic sales are expected to recover in 2025 [3][5]. - The company's overall profit decline in 2024 was influenced by impairment provisions totaling 213 million RMB for bonds and goodwill impairment of 50 million RMB. The gross margin slightly decreased to 32.72% in 2024 [4]. Summary by Sections Performance Review - In 2024, the company reported revenues of 18.48 billion RMB, a decrease of 3.81% year-on-year, and a net profit of 1.417 billion RMB, down 29.38%. Q4 2024 revenue was 4.68 billion RMB, a decline of 7.8% year-on-year. In Q1 2025, revenues increased to 4.91 billion RMB, with net profit rising to 520 million RMB [2]. Operational Analysis - The company’s export revenue grew by 11.3% in 2024, reaching 8.367 billion RMB, while domestic sales fell by 14.4%. The domestic market is expected to recover in 2025 due to improved order intake and government subsidies [3][5]. Financial Metrics - The company’s gross margin for 2024 was 32.72%, slightly down from the previous year, attributed to a higher proportion of low-margin customized furniture in domestic sales. The expense ratios for sales, management, and R&D increased in 2024 [4]. Retail Transformation - The company is transitioning from a manufacturing and wholesale model to a retail-oriented operation, which is expected to support domestic sales growth. In the export market, the company is focusing on expanding into non-U.S. markets and enhancing its overseas production capacity [5].