顾家家居（603816）：外贸业务稳步增长，一体两翼持续推进：——顾家家居（603816）公司动态研究

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Insights - The company is experiencing steady growth in foreign trade and is advancing its dual-wing strategy [2]. - The company plans to invest RMB 1.124 billion in building a self-owned base in Indonesia, expected to generate annual revenue of approximately RMB 2.520 billion within three years after completion [4]. - The company reported a strong performance in the first half of 2025, with revenue of RMB 9.801 billion, a year-on-year increase of 10.02%, and a net profit of RMB 1.021 billion, up 13.89% year-on-year [4]. - Domestic retail is stabilizing, while foreign trade revenue continues to grow, with domestic revenue reaching RMB 5.225 billion, a 10.65% increase year-on-year [4]. - The company is diversifying its product offerings, with significant growth in its sofa and mattress segments, achieving revenue of RMB 5.667 billion and RMB 1.693 billion respectively in the first half of 2025 [4]. - The company is focused on efficiency improvements, with a comprehensive gross margin of 32.89% in the first half of 2025, slightly down by 0.14 percentage points year-on-year [5]. Financial Forecasts - The company is projected to achieve revenues of RMB 19.780 billion, RMB 21.802 billion, and RMB 24.131 billion from 2025 to 2027, with corresponding net profits of RMB 1.856 billion, RMB 1.946 billion, and RMB 2.045 billion [6][7]. - The estimated P/E ratios for the company are 14, 13, and 12 for the years 2025, 2026, and 2027 respectively [7][8].