水星家纺（603365）：业绩超预期来自毛利率提升

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance in Q3 2025 exceeded expectations, primarily due to a significant increase in gross margin driven by improved online discounts [2] - For the first three quarters of 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were CNY 2.976 billion, CNY 232 million, and CNY 185 million, respectively, representing year-on-year growth of 10.91%, 10.74%, and 0.08% [2] - The gross margin for Q3 2025 was 44.7%, a year-on-year increase of 4.2 percentage points, while the net profit margin was 8.6%, up 1.4 percentage points [3] Summary by Sections Revenue and Profitability - Q3 2025 revenue was CNY 1.054 billion, with a year-on-year growth of 20.19%, while net profit attributable to the parent was CNY 91 million, growing by 43.18% [2] - The increase in gross margin was attributed to the company's focus on core products and an effective large product strategy [3] Inventory and Cash Flow - Inventory decreased to CNY 1.142 billion, down 5.5% year-on-year, and inventory turnover days reduced by 11 days to 175 days [4] - Operating cash flow for the first three quarters was CNY 8 million, with an increase in accounts receivable impacting cash flow [2][4] Investment Recommendations - The company continues its "large product" strategy, which is expected to drive product optimization and gross margin improvement [5] - The company has upgraded its offline store image, which is anticipated to enhance store performance [5] - Revenue forecasts for 2025-2027 have been raised to CNY 4.582 billion, CNY 4.917 billion, and CNY 5.282 billion, respectively, with net profit forecasts adjusted to CNY 431 million, CNY 487 million, and CNY 549 million [5]