顾家家居（603816）：深度研究：零售转型深探，存量破局先锋

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has been deeply involved in the home furnishing industry for over 40 years and has established itself as a well-known brand both domestically and internationally. It focuses on three main spaces: living room, bedroom, and customization, with products including sofas, beds, mattresses, and integrated products [5][14]. - The company is expected to achieve revenue of 18.48 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.4% from 2011 to 2024. The net profit attributable to the parent company is projected to be 1.42 billion yuan, with a CAGR of 10.8% during the same period [5][6]. - The company is adapting to the current era of inventory competition in the home furnishing industry by focusing on structural demand and innovating from the front end to the back end to meet changing consumer needs [5][6]. Summary by Sections 1. Company Overview - The company has undergone significant retail transformation, evolving from a single product focus to a comprehensive home furnishing strategy. It has established a complete brand matrix with differentiated positioning in various market segments [5][14][17]. - The company’s stock structure is relatively concentrated, with Yingfeng Group as the controlling shareholder, holding 29.44% of the shares. This stable structure is expected to enhance operational capabilities [20][23]. 2. Retail Transformation - The company emphasizes a full-link restructuring to directly address user value, focusing on product presentation and digital construction to improve operational efficiency. It aims to create a one-stop shopping experience for consumers [5][6][34]. - The company has established three major space divisions: living room, bedroom, and customization, which are expected to drive revenue growth. The revenue from these segments in 2024 is projected to be 10.2 billion yuan, 3.25 billion yuan, and 990 million yuan, respectively [29][31]. 3. Financial Overview - The company’s revenue has shown a steady upward trend, increasing from 2.06 billion yuan in 2011 to 18.34 billion yuan in 2021, with a CAGR of 24.4%. The net profit attributable to the parent company has also increased from 380 million yuan to 1.66 billion yuan during the same period [27][34]. - For 2025, the company is expected to achieve revenue of 19.85 billion yuan and a net profit of 1.85 billion yuan, reflecting a year-on-year growth of 7.4% and 30.3%, respectively [6][7]. 4. Industry Context - The home furnishing industry is entering an era of inventory competition, with a significant shift towards structural demand due to changes in the housing market. The report highlights the importance of adapting to these changes to capture growth opportunities [38][48]. - The report notes that the real estate market is in a downturn, which has impacted the home furnishing industry. However, the company is positioned to benefit from the increasing demand for renovations in the second-hand housing and rental markets [38][52].