顾家家居（603816）：25Q3业绩稳健增长，持续推进国际化战略

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported steady growth in Q3 2025, with revenue reaching 15.01 billion yuan, a year-on-year increase of 8.77%, and net profit attributable to shareholders at 1.54 billion yuan, up 13.24% [3][4] - The gross margin improved year-on-year, indicating enhanced profitability, with a gross margin of 32.38% for the first three quarters of 2025, up 0.50 percentage points [4] - The company is investing approximately 1.12 billion yuan to establish a self-built base in Indonesia, which is part of its ongoing internationalization strategy [5] Financial Performance - For Q3 2025, the company achieved revenue of 5.21 billion yuan, a 6.5% increase year-on-year, and a net profit of 518 million yuan, up 11.99% [3] - The gross margin for Q3 2025 was 31.42%, an increase of 1.62 percentage points year-on-year [4] - The company expects revenues of 19.97 billion yuan, 21.40 billion yuan, and 22.87 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.1%, 7.2%, and 6.9% [6][9] Future Outlook - The company is expected to see net profits of 1.83 billion yuan, 1.98 billion yuan, and 2.13 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28.9%, 8.4%, and 7.7% [6][9] - The earnings per share (EPS) are projected to be 2.22 yuan, 2.41 yuan, and 2.59 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 13.72, 12.66, and 11.76 [6][9]