Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company reported a strong performance in H1 2025, with a net profit attributable to shareholders expected to be between 410-460 million yuan, representing a year-on-year growth of 43.70%-61.23% [3] - The growth in performance is attributed to continuous optimization of market layout, product structure upgrades, improved internal operational efficiency, and effective control of period expenses [3] - 78% of the company's products are exported to the US via Vietnam, indicating limited impact from reciprocal tariffs [3] - The company is positioned as a significant ODM supplier in the global smart electric sofa and bed industry, with a robust overseas capacity layout and an integrated supply chain [4] Financial Projections - Revenue projections for 2025-2027 are 3.379 billion, 4.141 billion, and 4.785 billion yuan, with year-on-year growth rates of 32.6%, 22.5%, and 15.6% respectively [4] - Net profit attributable to shareholders is projected to be 902 million, 1.094 billion, and 1.268 billion yuan for the same period, with year-on-year growth rates of 32.0%, 21.3%, and 15.9% respectively [4] - The expected EPS for 2025-2027 is 4.14, 5.03, and 5.83 yuan, with corresponding P/E ratios of 22, 18, and 15 [4]
匠心家居（301061）：25Q2业绩超预期，市场布局持续优化