点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年三季报，2025年前三季度实现营收25.1亿元，同比+35.8%，实现归母净利润6.6亿元，同比 +52.6%， 1Q/2Q/3Q 2025实现营收7.7/9.1/8.3亿元，同比+38.2%/+40.3%/+29.3%，实现归母净利润1.9/2.4/2.3亿 元，同比+60.4%/+44.7%/+55.1%。 点评： 三季度业绩延续高增态势，海外自主品牌茁壮成长 凭借扎实的产品力、高效的供应链协同和服务响应，公司的客户拓展广度与合作深度持续提升。2025年前三季 度，公司前10大客户均为美国客户，70%为零售商，其中9家客户采购金额同比增长，增幅在 16.64%~635.28%，其中2家采购金额同比 ...

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by an optimized customer structure and product upgrades [4][5]. Revenue and Profit Growth - In 1H2025, the company achieved revenue of 1.68 billion yuan, a year-on-year increase of 39.3%, and a net profit attributable to shareholders of 430 million yuan, up 51.4% [4]. - Revenue for Q1 and Q2 of 2025 was 770 million yuan and 910 million yuan, respectively, with year-on-year growth of 38.2% and 40.3% [4]. Product Performance - Revenue from smart electric sofas, smart electric beds, and accessories in 1H2025 was 1.32 billion yuan, 140 million yuan, and 200 million yuan, showing year-on-year changes of +41.6%, -13.3%, and +115.2% respectively [5]. - The core electric sofa business experienced significant growth despite a sluggish U.S. furniture market [5]. Customer Structure Optimization - In 1H2025, all of the company's top 10 customers were U.S. clients, with 70% being retailers. Nine of these customers saw procurement amounts increase, with one customer exceeding a 300% increase [5]. - The company added 48 new customers in the first half of the year, with 45 being U.S. retailers, including four from the "Top 100 Furniture Retailers in the U.S." [5]. Overseas Brand Development - The company is steadily advancing its overseas brand development, with over 500 MOTOGallery stores in the U.S. and 24 stores in Canada, establishing a broad retail network across North America [6]. Margin Improvement - The gross margin for 1H2025 was 38.4%, an increase of 5.2 percentage points year-on-year, with Q2 2025 gross margin at 39.4%, up 6.3 percentage points [7]. - The increase in gross margin is attributed to lower raw material prices, product structure upgrades, and improved operational efficiency [7]. Expense Management - The company's expense ratio for 1H2025 was 8.3%, up 0.9 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses at 3.1%, 2.6%, 5.2%, and -2.5% respectively [8]. - In Q2 2025, the expense ratio was 8.0%, reflecting a year-on-year increase of 1.2 percentage points [8]. Customer Acquisition and Market Position - The company benefits from a strong customer acquisition strategy, with a focus on high-quality new customers, enhancing revenue certainty [9]. - The labor-intensive nature of the functional sofa industry and the company's production capabilities in Vietnam and domestically provide a cost advantage over U.S. competitors [9].