Investment Rating - The investment rating for the company is "Buy-A" with a target price of 98.57 CNY, maintaining the rating [5]. Core Viewpoints - The company continues to show strong performance with a projected net profit of 4.10-4.60 billion CNY for H1 2025, representing a year-on-year growth of 43.70%-61.23% [1]. - The company is actively expanding its overseas self-owned brand strategy, particularly in North America, with significant progress in the "MOTOGallery" project [2][3]. - The product structure is continuously optimized, with electric sofas showing a revenue increase of 37.13% year-on-year, contributing to overall profitability [2][4]. Summary by Sections Financial Performance - For Q2 2025, the company expects a net profit of 2.16-2.66 billion CNY, a year-on-year increase of 31.71%-62.20% [1]. - The gross profit margin for 2024 is projected at 39.35%, up 5.40 percentage points year-on-year, while the net profit margin is expected to be 26.80%, an increase of 5.60 percentage points [4]. Product and Market Development - The company has seen a significant increase in the number of direct retail customers, with the "store-in-store" model successfully implemented, providing stable channel support for growth [2]. - The company has expanded its retail network in North America, with over 500 store-in-store setups in the U.S. and 24 stores in Canada, enhancing brand influence and sales stability [2]. Customer Base and Sales Growth - The top 10 customers have shown growth in procurement amounts, with a total of 96 new customers added in 2024 and Q1 2025, all from U.S. retailers [3]. - The company’s retail channel layout in the U.S. has proven effective, with an increase in both the number of retail customers and their contribution to sales [3]. Cost Management and Efficiency - The company has maintained good control over period expenses, with a period expense ratio of 8.02% in 2024, down 3.05 percentage points year-on-year [9]. - The company’s focus on high-quality brand positioning and innovation has led to a more diversified and stable development pattern [4]. Future Projections - The company is expected to achieve revenues of 31.62 billion CNY, 38.50 billion CNY, and 46.31 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 8.84 billion CNY, 10.36 billion CNY, and 12.32 billion CNY [11].
匠心家居（301061）：25Q2业绩延续靓丽表现，海外自主品牌持续拓展