Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 2.478 billion yuan in H1 2025, a year-on-year decrease of 5.76%, with a net profit attributable to shareholders of 358 million yuan, down 4.14% [1] - The company is focusing on its AI sleep strategy, with AI product revenue reaching 121 million yuan, representing over threefold growth year-on-year [2] - The company is expanding its overseas market, achieving 109 million yuan in foreign revenue, a 73.97% increase [2] - The gross margin remained stable with a year-on-year increase of 0.64 percentage points, while sales expense ratio increased by 3.62 percentage points due to higher marketing investments [3] - The company expects to benefit from the old-for-new subsidy program, with projected revenues of 5.774 billion yuan, 6.197 billion yuan, and 6.698 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 3.06%, 7.32%, and 8.09% [4] Revenue Drivers - The core mattress category showed stable growth with H1 2025 revenue of 1.256 billion yuan, a 1.25% increase [2] - The company launched the AI smart mattress T11+ and upgraded its tidal algorithm, enhancing its technological and ecological positioning [2] - The company has developed a smart service system and continues to operate a high-end membership club, increasing customer loyalty with over 3.92 million registered members [2] Profitability and Valuation - The company is expected to achieve net profits of 771 million yuan, 842 million yuan, and 922 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.30X, 14.92X, and 13.64X [4]
慕思股份（001323）：25H1点评报告：营销投入加大，期待AI产品发力