水星家纺（603365）：观“潮”系列 5：水星家纺：被子大王，星辰璀璨

Investment Rating - The investment rating for the company is "Buy" [12] Core Insights - The home textile industry has maintained stable growth, with new opportunities arising from the emergence of big-ticket items. Mercury Home Textiles, a leading player in the industry for nearly 40 years, has built differentiated competitive advantages through continuous product upgrades, leading e-commerce channel layouts, and a focus on big-ticket items [4][8] - The company has achieved a compound annual growth rate (CAGR) of 9.5% in revenue from 2015 to 2024, with a notable increase in gross margin from 35.3% in 2020 to 44.2% in the first three quarters of 2025 [7][22] Summary by Sections Company Overview - Mercury Home Textiles, originally established as "Longgang Jiangnan Garment Factory" in 1987, has a clear growth path, moving to Shanghai in 2000 and launching its sub-brand, Belis, in 2002. The company has focused on e-commerce since 2008 and has seen steady revenue growth [7][20] Industry Landscape - The home textile market has remained stable, with a size of approximately 300-350 billion yuan over the past five years. The market is fragmented, with the top three brands holding around 1% market share each, and Mercury Home Textiles leading the industry [8][46] Product and Channel Strategy - The company has upgraded its product structure, focusing on high-value items. The sales of comforters have become a significant part of its revenue, with the company ranking first in global comforter sales in 2023-2024. The e-commerce channel has become a major growth engine, with over 50% of revenue coming from online sales [9][32] Marketing Strategy - Mercury Home Textiles has expanded its brand influence through various marketing strategies, including celebrity endorsements and collaborations with KOLs on platforms like Xiaohongshu and Douyin. This multi-faceted approach aims to enhance brand recognition and consumer engagement [10][57]