2025 年 8 月 24 日 公司研究 内销企稳向好，外贸持续增长 ——顾家家居（603816.SH）2025 年半年报点评 买入（维持） 当前价：28.70 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com | 总股本(亿股) | 8.22 | | --- | --- | | 总市值(亿元)： | 235.85 | | 一年最低/最高(元)： | 20.32/33.43 | | 近 3 月换手率： | 42.23% | 股价相对走势 -14% -1% 12% 24% 37% 08/24 11/24 02/25 05/25 顾家家居 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 6.26 | 5.62 | -11.00 | | 绝对 | 12.55 | 17.48 | 21.14 | | 资料来源：Wind | | | | 相关研报 分析师：吴子倩 执业证书编号：S0930525070004 021-52523872 wuz ...

Core Viewpoint - Several soft furniture companies are exploring the hotel industry as a means to expand into downstream sectors amid an overall industry downturn [1][4]. Group 1: Company Initiatives - Left Home has opened its first hotel, "Left Home Happiness Hotel," in Shenzhen, featuring 156 rooms priced between 300-500 RMB, positioning itself in the mid-range hotel market [1]. - Dream Lily has launched its first hotel, "Dream Lily Zero Pressure Hotel," in Shanghai, with 119 rooms equipped with its signature zero-pressure smart beds, emphasizing a deep sleep concept [1][3]. - Both companies are transitioning from product manufacturers to lifestyle service providers, marking a significant shift in their business models [1][3]. Group 2: Business Strategy - Dream Lily aims to open 2,000 hotels, integrating hotel functions with product experience and sales, effectively turning each hotel into a showroom for its products [3]. - Left Home's hotel also allows guests to purchase furniture directly from their rooms, utilizing technology to collect user sleep data for product development [3][4]. - The core strategy for both companies remains focused on selling products, despite the hotel industry's emphasis on service operations [4]. Group 3: Industry Context - Historically, soft furniture companies like Dream Lily and Left Home have collaborated with hotel chains, indicating a trend of moving from suppliers to direct competitors in the hotel space [5]. - Dream Lily previously partnered with major hotel groups and has recently taken legal action against them, highlighting the competitive dynamics in the industry [6]. - The hotel business for both companies is still in its early stages, and it remains uncertain whether this will become a significant growth area for them [6][7].

Core Viewpoint - The announcement from Mousse Co., Ltd. regarding the repurchase and cancellation of shares has led to a significant drop in the public shareholding ratio, putting the company at risk of delisting. To address this, the company proposed a capital reserve plan to increase its share capital, aiming to restore compliance with listing requirements [2][3][4]. Share Repurchase and Compliance Issues - The company initially planned to repurchase shares for employee stock incentives but later changed the purpose to direct cancellation to boost investor confidence. This change led to a failure to meet the listing conditions due to the different timelines for cancellation [5][6]. - Following the cancellation of 4.266 million shares, the total share capital fell below 400 million shares, resulting in a public shareholding ratio of 19.11%, which is below the required 25% for listing [5][6]. Capital Increase Proposal - To resolve the compliance issue, the company proposed a plan to increase its share capital by 10% through a capital reserve distribution, which would raise the total share capital to 435 million shares, thus meeting the listing requirements [7]. - The board has approved this proposal, which will be submitted for shareholder approval on August 13, 2025 [7]. Financial Performance and Market Position - Mousse Co., Ltd. reported a revenue of 5.603 billion yuan in 2024, a slight increase of 0.43% year-on-year, while the net profit attributable to shareholders decreased by 4.36% to 767 million yuan [10][11]. - In the first quarter of 2025, the company experienced a revenue decline of 6.66% year-on-year, with net profit dropping by 16.43% [10][11]. - The company is facing pressure from a significant upcoming share unlock event in December 2025, which could lead to increased selling pressure on the stock [9]. Strategic Initiatives - To counteract the declining performance, the company has outlined a strategy focusing on health sleep products, AI innovations, and international market expansion [10]. - The company plans to enhance its product offerings with AI mattresses and expand its distribution channels, including new markets in Southeast Asia and the Middle East, as well as leveraging emerging e-commerce platforms [10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance in foreign trade, with a notable increase in revenue and net profit in Q1 2025 compared to the previous year [5] - The company is focusing on its core sofa category and expanding its custom business, with significant growth in retail sales for functional sofas and mattresses [6][9] - The company is implementing a "1+N+X" channel strategy to enhance its market presence and has established stable partnerships with key clients in the foreign trade sector [7] Financial Performance Summary - In 2024, the company achieved revenue of 18.48 billion yuan and a net profit of 1.42 billion yuan, representing a year-on-year decrease of 3.8% and 29.4% respectively [5] - For Q1 2025, the company reported revenue of 4.91 billion yuan and a net profit of 520 million yuan, showing a year-on-year increase of 12.9% and 23.5% respectively [5] - The company's gross margin for 2024 was 32.7%, slightly down by 0.1 percentage points year-on-year, while the net profit margin was 7.7%, down by 2.8 percentage points [8] Segment Performance - Revenue by product category in 2024: sofas (10.20 billion yuan, +9.1%), beds (3.25 billion yuan, -20.8%), integrated products (2.44 billion yuan, -19.5%), and custom products (990 million yuan, +12.7%) [6] - Domestic sales revenue was 9.36 billion yuan, down 14.4%, while foreign sales revenue was 8.37 billion yuan, up 11.3% [7] Strategic Outlook - The company plans to deepen its domestic "one body, two wings" strategy and global expansion in foreign trade, focusing on core categories like functional sofas and bedroom mattresses [9][10] - The company aims to enhance its marketing system and expand its manufacturing base globally, particularly in non-US markets [9]

Core Insights - Gujia Home achieved a revenue of 18.48 billion RMB and a net profit of 1.417 billion RMB in 2024, demonstrating resilience amid industry challenges through business transformation and efficiency improvements [1] - In Q1 2025, Gujia Home reported a revenue of 4.914 billion RMB, a year-on-year increase of 12.95%, and a net profit of 519 million RMB, up 23.53% [1] - The company plans to distribute a cash dividend of 1.38 RMB per share, totaling 1.134 billion RMB, which represents 80.06% of the net profit attributable to shareholders [1] Management and Governance - Gujia Home has upgraded its governance structure by introducing professional managers, including a new chairman and four vice presidents with extensive operational experience [1][2] - The management team is characterized by a younger demographic, which enhances sensitivity to emerging consumer trends and market dynamics [2] - The company has improved its operational efficiency, with sales and management expense ratios decreasing to 15.21% and 2.39%, respectively [2] Retail Transformation - The company has successfully implemented a user-centric retail transformation, with membership exceeding 6 million and monthly active users growing by 84% [4] - Gujia Home has launched the first full-chain "AI Design Brain" in the home furnishing industry, enhancing its production capabilities [4] - The company is expanding its shopping center channels, achieving a natural traffic rate nearly ten times higher than traditional stores, with new stores achieving payback in as little as three months [5] Emerging Business Growth - Gujia Home's self-owned brand business is expanding internationally, with stores established in countries like India, Thailand, and Vietnam [5] - The company has developed a differentiated competitive edge in the market through its integrated product offerings and service capabilities [5] Market Outlook - Multiple institutions, including Huatai Securities and Guojin Securities, have expressed optimism about Gujia Home's performance in 2025, with several giving "buy" ratings [6] - The company remains committed to its strategic directions of being a user-oriented, digital, and whole-home enterprise, focusing on retail transformation and efficiency [6]

大家好欢迎参加国海勤工成都家居市场紧急度跟踪反馈目前做餐会就居住进状态下面播报免费声明播完毕后主持人可直接发言谢谢 本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而视其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者官邻机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准 会议严禁录音或转发任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 那么这次的话是需要商家来电资的这次的审核流程也更加严格需要实名和宋州流程是拍上传凭证绝对一致而且完成了这个需要在30天内完成补贴是直接在雨伞库内参加限额一个人最高是1500两次每个人可以参加两次加起来的补贴额度最高是4000元 那么从国补前后的这个利润端表示 ...