顾家家居（603816）：25Q3国内外业绩逆势增长，长期竞争力凸显

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.37 CNY, maintaining the rating [5][8]. Core Insights - The company has demonstrated resilient growth in both domestic and international markets despite challenging conditions, with a reported revenue of 150.12 billion CNY for the first three quarters of 2025, reflecting an 8.77% year-on-year increase [1]. - The company's profitability has improved significantly, with a gross margin of 32.38% for the first three quarters of 2025, up by 0.50 percentage points year-on-year [3]. - The management team is recognized for its excellence, and the integrated development of soft furnishings and customization is showing advantages, with strong growth in high-potential new categories expected in the future [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 52.11 billion CNY, a 6.50% increase year-on-year, and a net profit of 5.18 billion CNY, up 11.99% year-on-year [1][2]. - The gross margin for Q3 2025 was 31.42%, reflecting a 1.62 percentage point increase year-on-year, indicating effective cost management and operational efficiency [3]. Market Analysis - In the domestic market, the company has managed to achieve stable growth despite limited subsidies, with functional sofas leading in growth due to increased innovation and product breakthroughs [2]. - Internationally, the company has maintained revenue growth despite tariff pressures, benefiting from its global production bases in Vietnam, Mexico, and the USA, which enhance localized operations [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 200.31 billion CNY, 216.36 billion CNY, and 233.93 billion CNY, with year-on-year growth rates of 8.39%, 8.01%, and 8.12% respectively [4]. - Net profit projections for the same period are 18.93 billion CNY, 20.77 billion CNY, and 22.70 billion CNY, with growth rates of 33.67%, 9.70%, and 9.31% respectively [4].