水星家纺（603365）：受益家纺补贴，打造优势单品

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][16]. Core Views - The company is expected to benefit from government subsidies aimed at boosting home textile sales, particularly through online channels [2][4]. - The company is focusing on optimizing its product structure and developing high-quality products, which is anticipated to improve sales margins in the e-commerce channel [3][4]. - The financial forecasts for 2025-2027 have been adjusted, with projected revenues of 44 billion, 47 billion, and 49 billion respectively, and net profits of 3.9 billion, 4.1 billion, and 4.3 billion [4][8]. Financial Performance Summary - In Q1 2025, the company reported revenue of 900 million, a year-on-year increase of 1%, and a net profit of 90 million, a decrease of 4% year-on-year [1]. - For Q4 2024, revenue was 1.5 billion, up 4% year-on-year, with a net profit of 160 million, reflecting a 24% increase [1]. - The annual revenue for 2024 was 4.2 billion, a slight decrease of 0.42% year-on-year, with a net profit of 400 million, down 3% [1]. Product Development and Innovation - The company is committed to developing high-quality products, including an ergonomically designed pillow that has received multiple certifications and patents [3]. - The flagship product, the "ice cream quilt," has undergone significant material and technology upgrades, enhancing its cooling properties and breathability [3]. - The company is expanding into the smart home textile sector with products like smart pillows and mattresses, leveraging its R&D capabilities [3]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 9 yuan per 10 shares (including tax), totaling 360 million, resulting in a payout ratio of 97% [1].