HEILAN HOME(SH:600398) Changjiang Securities·2025-11-15 23:44Investment Rating - The report maintains a "Buy" rating for the company [6][2]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.19 billion, 2.45 billion, and 2.68 billion yuan for the years 2025 to 2027, representing year-on-year growth of 2%, 12%, and 10% respectively. The corresponding price-to-earnings (PE) ratios are projected to be 14, 13, and 11 times. Under the assumption of a 90% dividend payout ratio, the dividend yield for 2025 is estimated to reach 6.4% [2][4]. Financial Performance Summary - In the first three quarters of 2025, the company achieved revenue of 15.6 billion yuan, a year-on-year increase of 2.2%. The net profit attributable to shareholders was 1.86 billion yuan, down 2.4% year-on-year, while the net profit excluding non-recurring items was 1.82 billion yuan, up 3.9% year-on-year. In Q3 alone, revenue reached 4.03 billion yuan, a year-on-year increase of 3.7%, with a net profit of 280 million yuan, up 3.9% year-on-year [4][2]. Business Segment Analysis - The main brand showed steady growth, with Q3 revenue increasing by 3% to 2.46 billion yuan. The direct sales channel is expected to achieve positive same-store growth, although online channel revenue decreased by 20% year-on-year. The gross margin for the main brand in Q3 improved by 3.1 percentage points, attributed to channel structure optimization and reduced promotional activities [10][4]. - Group purchasing benefited from an improved competitive landscape and customer expansion, with Q3 revenue rising by 43% to 540 million yuan. However, the gross margin for this segment decreased by 9.3 percentage points year-on-year due to price reductions aimed at increasing orders and the lower margin associated with the new workwear segment [10][4]. - Other brands experienced a revenue increase of 7% to 910 million yuan in Q3, indicating stable growth [10][4].