顾家家居（603816）：Q1收入、利润双亮眼，组织调整成效显著

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a strong performance in Q1 2025, with revenue of 4.914 billion and a year-on-year growth of 12.95%, while net profit reached 519 million, growing by 23.53% [1] - The company has successfully implemented organizational adjustments that have shown significant results, particularly in enhancing product competitiveness and driving sales growth [2][3] - The company is expected to continue its positive performance in the upcoming quarters, with a projected revenue growth of 8.34% in 2025 [6] Summary by Sections Performance Overview - Q1 2025 revenue was 49.14 billion, up 12.95% year-on-year; net profit was 5.19 billion, up 23.53% [1] - For 2024, total revenue was 184.8 billion, down 3.8%, and net profit was 14.17 billion, down 29.38% [1] - Q4 2024 revenue was 46.78 billion, down 7.84%, with net profit significantly impacted by impairment provisions [1] Domestic Sales - Domestic sales revenue for 2024 was 93.61 billion, down 14.4%, but showed signs of recovery with a 16% increase in large store retail sales [2] - The company has focused on functional and customized products, achieving a compound annual growth rate of 13.4% in functional categories over three years [2] International Sales - International sales revenue for 2024 was 83.67 billion, up 11.33%, with improved profit margins due to successful market expansion in regions like Australia and Europe [3] - The company has diversified its product offerings to include new categories, contributing to revenue growth [3] Operational Plans for 2025 - The company plans to drive growth in fixed sofas and integrated products, enhance bedroom product lines, and expand customized furniture in untapped cities [4] - There is a focus on accelerating the whole-house renovation business and expanding overseas manufacturing bases [4] Financial Metrics - Contract liabilities increased significantly, with year-on-year growth of 28% in 2024 and 18% in Q1 2025, indicating strong future sales potential [5] - The gross margin for Q1 2025 was 32.39%, with a decrease of 0.69 percentage points year-on-year [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 200.20 billion, 216.69 billion, and 235.77 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of 18.48 billion, 19.81 billion, and 21.45 billion [6] - The current market valuation corresponds to a price-to-earnings ratio of 11.15 for 2025, indicating a favorable investment opportunity [6]