Investment Rating - The report maintains a "Buy" rating for the company, with projected EPS for 2025-2027 being 4.15, 5.14, and 6.19 RMB respectively, corresponding to PE ratios of 23.73, 19.13, and 15.90 times [5]. Core Insights - The company reported significant revenue and profit growth for Q1-Q3 2025, with revenue increasing by 35.80% to 2.511 billion RMB and net profit rising by 52.62% to 658 million RMB [2]. - The company has deepened its customer relationships, with nine of its top ten customers increasing their purchase amounts by 16.64% to 635.28% year-on-year [2]. - The gross margin for Q1-Q3 2025 increased by 4.6 percentage points to 38.4%, although it saw a slight decline of 1.2 percentage points in Q3 due to high tariff expenses [3]. - The company is expanding its retail channel influence, with a notable increase in the number of new customers, particularly in the U.S. market [2][4]. Performance Analysis - For Q3 2025, the company achieved revenue of 830 million RMB, with net profit and non-deducted net profit increasing by 55.06% and 45.56% respectively [2]. - The company’s sales to U.S. retailers accounted for 67.16% of total revenue, reflecting a year-on-year increase of 9.38 percentage points [2]. - The company’s MOTO "store-in-store" model is expanding, enhancing brand influence and customer trust [4]. Financial Projections - The company’s revenue is projected to grow from 1.921 billion RMB in 2023 to 5.081 billion RMB in 2027, with a compound annual growth rate (CAGR) of 31.37% to 20.38% [9]. - The net profit is expected to increase from 407 million RMB in 2023 to 1.354 billion RMB in 2027, with growth rates of 21.93% to 20.31% [9]. - The diluted EPS is forecasted to rise from 3.183 RMB in 2023 to 6.188 RMB in 2027 [9].
匠心家居（301061）：Q3业绩继续亮眼，零售渠道影响力稳步提升