SFY(SZ:002572) Western Securities·2025-08-29 10:50Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is experiencing short-term pressure on performance but is actively expanding in both existing and overseas markets [1][4] - The company is implementing a multi-brand, full-category, and full-channel strategy, indicating a forward-looking approach to market positioning [4] Revenue and Profit Analysis - For the first half of 2025, the company's revenue was 4.55 billion yuan, a year-on-year decrease of 7.7%, while the net profit attributable to the parent company was 320 million yuan, down 43.4% [1][6] - The company's non-net profit for the same period was 430 million yuan, reflecting a decline of 19.3% year-on-year [1][6] Channel and Market Expansion - The company is actively exploring emerging channels in the existing market, with revenue from distribution, direct sales, and bulk sales showing varied performance [2] - As of the first half of 2025, the company has established 26 overseas distributors covering 23 countries/regions [2] Product Category Performance - Revenue from key product categories such as wardrobes, cabinets, and wooden doors showed declines, with wardrobes experiencing a decrease of 8.5% [3] - The main brand, Sophia, generated 4.13 billion yuan in revenue, down 7.1% year-on-year, while the average transaction price decreased by 5.65% [3] Financial Metrics and Forecast - The company expects to achieve net profits attributable to the parent company of 1.246 billion, 1.397 billion, and 1.544 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The projected revenue for 2025 is estimated at 11.406 billion yuan, with a growth rate of 8.7% [4][11]