顾家家居（603816）：2024A、2025Q1点评：Q1业绩超预期，国补持续助力

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company achieved revenue of 18.48 billion, net profit attributable to shareholders of 1.42 billion, and net profit excluding non-recurring items of 1.30 billion, representing declines of 4%, 29%, and 27% year-on-year respectively. In Q4 2024, the figures were 4.68 billion, 58 million, and 82 million, showing declines of 8%, 89%, and 80% respectively. In Q1 2025, the company saw increases of 13%, 24%, and 22% in revenue, net profit, and net profit excluding non-recurring items respectively [2][6] Summary by Sections Domestic Sales Performance - Since Q4 2024, domestic sales have been positively impacted by national subsidies, with functional sofas and customized products showing strong growth. The estimated decline in domestic revenue for 2024 was 14%, but this could narrow when excluding the impact of the Tianxi brand divestiture. Q1 2025 is expected to show positive growth, driven by improving market conditions due to national subsidies [12] Export Sales Performance - Export sales grew by 11% in 2024, with even better performance when excluding mattress exports. The company is expanding its overseas self-owned brand stores in countries like India, Thailand, and Vietnam, contributing to strong growth in cross-border e-commerce and offline brand business [12] Cost Control and Profitability - The company has been focusing on cost reduction and efficiency improvement, with Q1 2025 showing favorable operating profit performance. In 2024, the company recognized impairment losses of approximately 300 million, but the profit decline was mitigated when excluding these impairments. The gross margin slightly decreased, while the net profit margin improved [12] Strategic Advantages - The company has a high dependency on U.S. sofa imports, with 33% of imports coming from China. The company is building its production base in Vietnam to cover its U.S. business, which is strategically advantageous given the high tariffs on imports from China [12] Future Outlook - The company is expected to benefit from ongoing national subsidies, which should boost overall demand and market share. The projected net profits for 2025-2027 are 1.87 billion, 2.05 billion, and 2.27 billion respectively, with corresponding PE ratios of 11, 10, and 9 times [12]