罗莱生活（002293）：25Q3归母净利润同比大增50%，改善弹性超预期

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 50.1%, indicating better-than-expected performance [7] - Revenue for Q1-Q3 2025 reached 3.39 billion yuan, up 5.8% year-on-year, while net profit for the same period was 340 million yuan, reflecting a 30% increase [7][8] - The company has maintained its leading market share in bedding products for 20 consecutive years, with improved performance exceeding expectations [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 4.799 billion yuan, with a year-on-year growth rate of 5.3% [6] - The net profit forecast for 2025 is 512 million yuan, representing an 18.3% increase compared to the previous year [6] - The gross margin for Q1-Q3 2025 was reported at 47.9%, an increase of 2 percentage points year-on-year [7][15] Business Performance - The domestic home textile segment showed growth in online and direct sales, while offline franchise sales continued to decline [7] - The U.S. furniture business experienced a loss, with revenue of 390 million yuan, down 7.8% year-on-year, and a net loss of 28.75 million yuan [7] - The company has successfully launched the first phase of the smart industrial park, enhancing production capacity by 20% to 6.247 million sets [7]