建霖家居（603408）：2025 年三季报点评：营收保持稳健，全球制造布局加速

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Insights - The company is experiencing steady revenue growth while facing some pressure on profitability due to rising internal costs. The revenue for the first three quarters of 2025 is reported at 3.723 billion yuan, a year-on-year decrease of 1.4%, with a net profit attributable to the parent company of 349 million yuan, down 12.1% year-on-year [11]. - The company is deepening its international presence, with overseas market revenue reaching 1.810 billion yuan in the first half of 2025, accounting for 75.9% of total revenue. This includes significant growth in channel revenue from partnerships with major retailers [11]. - The gross margin remains stable, with a net profit margin of 9.4% and a gross margin of 26.2% for the first three quarters of 2025, showing slight year-on-year changes [11]. Financial Summary - Total revenue is projected to grow from 4.334 billion yuan in 2023 to 6.377 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.4% [4]. - Net profit attributable to the parent company is expected to increase from 425 million yuan in 2023 to 630 million yuan in 2027, reflecting a CAGR of about 14.2% [4]. - Earnings per share (EPS) is forecasted to rise from 0.95 yuan in 2023 to 1.41 yuan in 2027 [4]. Market Data - The company's stock has a 52-week price range of 10.68 to 14.66 yuan, with a total market capitalization of 5.751 billion yuan [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 13.54 in 2023 to 9.13 by 2027, indicating a potentially attractive valuation [4]. Strategic Outlook - The company is accelerating its global manufacturing capabilities to mitigate external uncertainties, enhancing its competitive position in the market [2]. - The expansion strategy includes building overseas bases in Thailand and Mexico, with the Thai base already achieving full-category layout and expansion plans underway [11].