顾家家居（603816）：2025年半年报点评：Q2逆势增长，组织变革效果显现

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved revenue of 9.801 billion yuan in H1 2025, a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 1.021 billion yuan, up 13.89% year-on-year [1][6] - The company has shown strong growth in both domestic and foreign trade, with domestic revenue of 5.225 billion yuan and foreign revenue of 4.258 billion yuan in H1 2025, reflecting increases of 10.65% and 9.55% respectively [1] - The company is focusing on retail transformation and organizational efficiency, which are starting to yield results despite ongoing market pressures [1][3] Revenue and Profit Analysis - In H1 2025, the company's revenue from sofas, bedrooms, integrated products, and custom furniture was 5.667 billion, 1.693 billion, 1.163 billion, and 0.553 billion yuan respectively, with growth rates of 14.68%, 10.37%, -8.22%, and 12.55% [2] - The gross profit margin improved to 32.89% in H1 2025, driven by lower raw material prices and enhanced production efficiency [2] - The company's expense ratios for sales, management, R&D, and financial costs decreased, indicating effective cost control measures [2] Future Profit Forecast - The company is expected to achieve net profits of 1.862 billion, 2.116 billion, and 2.312 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 31.5%, 13.7%, and 9.2% respectively [3][4]