公司报告 | 半年报点评 零售转型成效显现，多品类均衡发展 公司发布 2025 年中期报告 25Q2 公司实现收入48.9 亿元，同比+7.2%；归母净利润5.0 亿元，同比+5.4%； 扣非归母净利润 4.4 亿元，同比+8.9%； 25H1 公司实现收入 98.0 亿元，同比+10.0%；归母净利润 10.2 亿元，同比 +13.9%；扣非归母净利润 9.0 亿元，同比+15.3%；若剔除股份支付费用 0.36 亿的影响，归母及扣非分别同增 18%、20%。 公司经营业绩持续向好，内贸零售企稳向好，外贸收入持续增长，同时得 益于产品力改善和效率提升，实现结构性增长，同时盈利能力、现金流等 核心经营指标同步优化； 25Q2 毛利率 33.4%，同比+0.4pct，归母净利率 10.3%，同比-0.2pct，盈利 能力保持稳定； 25H1 经营活动产生的现金流量净额 10.94 亿元，同比增长 71.89%。 单品均衡发展，高潜品类展现结构性成长 ①沙发收入 56.67 亿元，同比+14.7%，毛利率 36.1%，同比+1.0pct，其中 功能沙发态势较好，尤其内贸功能沙发业务上半年实现较好的同比增长； 顾家 ...

8月25日，顾家家居盘中上涨2.09%，截至09:47，报29.30元/股，成交7696.16万元，换手率0.33%，总市 值240.78亿元。 资金流向方面，主力资金净流出397.49万元，特大单买入568.72万元，占比7.39%，卖出450.16万元，占 比5.85%；大单买入1312.10万元，占比17.05%，卖出1828.15万元，占比23.75%。 分红方面，顾家家居A股上市后累计派现63.39亿元。近三年，累计派现31.73亿元。 机构持仓方面，截止2025年6月30日，顾家家居十大流通股东中，中欧养老混合A（001955）位居第六 大流通股东，持股1087.77万股，相比上期增加17.64万股。香港中央结算有限公司位居第七大流通股 东，持股1030.95万股，相比上期减少149.21万股。 责任编辑：小浪快报 资料显示，顾家家居股份有限公司位于浙江省杭州市上城区东宁路599号顾家大厦，成立日期2006年10 月31日，上市日期2016年10月14日，公司主营业务涉及客厅及卧室中高档软体家具产品的研发、设计、 生产与销售。主营业务收入构成为：沙发55.22%，卧室产品17.59%，集成产品13 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顾家家居(603816) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com [Table_ReportDate] 2025 年 08 月 25 日 [Table_S 事件：公司ummar发布y] 2025 半年报。2025H1 公司实现收入 98.01 亿元（同比 +10.0%），归母净利润 10.21 亿元（同比+13.9%），扣非归母净利润 9.00 亿元（同比+15.3%）；2025Q2 公司实现收入 48.87 亿元（同比+7.2%），归 母净利润 5.01 亿元（同比+5.4%），扣非归母净利润 4.41 亿元（同比+8.9%）。 点评： 内销：零售转型效果显现，核心品类保持增长。2025H1 公司内销收入 52.25 亿元（同比+10.7%）、毛利率 39.59%（同比+1.77pct）。国内市场顾家品牌、 独立品牌均取得业绩稳步提升，零售转型卓有成效、 ...

Core Viewpoint - Gujia Home Furnishing Co., Ltd. plans to issue up to 104 million shares to Yingfeng Group, raising no more than 1.997 billion yuan, amid declining market performance and financial results [1][4]. Financial Performance - In 2024, Gujia Home reported revenue of 18.48 billion yuan, a year-on-year decrease of 3.81%, and a net profit of 1.417 billion yuan, down 29.38%, marking the first decline in both revenue and net profit since its listing in 2016 [1][2]. - The company's net profit margin fell from 10.50% in 2023 to 7.83% in 2024, primarily due to increased expenses and significant impairment provisions [2][3]. Market Dynamics - The domestic market, which has a higher gross margin, saw a revenue decrease of 14%, while the lower-margin international market experienced an 11% revenue increase [2]. - The sales of bedroom products, which have a gross margin of 40%, declined by 20%, while lower-margin custom furniture sales increased by 12% [2]. Investment Context - Yingfeng Group, associated with Midea Group, has invested over 8.8 billion yuan to acquire a 29.42% stake in Gujia Home, despite a 32% drop in share price since the initial investment [5][6]. - The ongoing investment strategy reflects a broader industry trend where home appliance and furniture companies are increasingly integrating to meet consumer demands for comprehensive living solutions [6]. Future Plans - The funds raised from the share issuance will be allocated to smart technology upgrades, production line expansions, smart home product development, AI and retail digital transformation, and brand enhancement [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Views - The company has shown robust performance in both domestic and international sales, with a notable increase in dividends, reflecting strong cash flow management [2]. - In Q1 2025, the company reported revenues of 4.914 billion yuan, a year-on-year increase of 13.0%, and a net profit of 519 million yuan, up 23.5% year-on-year [1]. - The company is undergoing significant organizational changes and strategic adjustments to enhance operational efficiency and adapt to market pressures [1]. Financial Performance Summary - For 2024, the company expects revenues of 18.48 billion yuan, a decrease of 3.8% year-on-year, with a net profit of 1.417 billion yuan, down 29.4% year-on-year [1]. - The gross margin for 2024 is projected at 32.72%, a slight decrease of 0.1 percentage points, while the net profit margin is expected to be 7.67%, down 2.8 percentage points [1]. - The company plans to distribute dividends of 1.13 billion yuan in 2024, increasing the payout ratio to 80% [2]. Product Segment Analysis - Sofa sales reached 10.204 billion yuan in 2024, growing by 9.1%, with a gross margin of 35.37% [3]. - Custom furniture revenue was 992 million yuan, up 12.7%, with a gross margin of 28.12% [3]. - Bedroom products and integrated products saw declines in revenue, with bedroom products down 20.8% and integrated products down 19.5% [3]. Domestic Sales Insights - Domestic sales revenue for 2024 is expected to be 9.361 billion yuan, a decrease of 14.4% year-on-year, with a gross margin of 37.03% [4]. - The company is focusing on product differentiation and enhancing its product matrix to improve market competitiveness [4]. - E-commerce strategies have shown positive results, contributing to growth in retail sales [4]. International Sales Insights - International sales revenue for 2024 is projected at 8.367 billion yuan, an increase of 11.3% year-on-year, with a gross margin of 27.15% [5]. - The company has established stable partnerships with key clients and expanded its presence in various international markets, achieving significant growth [5]. - The management of the U.S. mattress factory is improving, and the company is aggressively pursuing non-U.S. markets [5]. Profit Forecast Adjustments - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 at 1.871 billion yuan, 2.041 billion yuan, and 2.217 billion yuan respectively [9]. - The company is expected to maintain a price-to-earnings ratio of 11X for 2025, reflecting a positive outlook for future earnings growth [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q1 2025, achieving a revenue of 49.14 billion yuan, a year-on-year increase of 12.95%, and a net profit of 5.19 billion yuan, up 23.53% year-on-year [2][3] - The company faced challenges in its domestic traditional business, while its foreign trade business experienced medium to high-speed growth, with significant revenue contributions from various international markets [3][4] - The company is actively enhancing its overseas manufacturing capabilities and diversifying its product offerings, which is expected to drive future growth [5] Financial Performance Summary - In 2024, the company achieved a total revenue of 184.8 billion yuan, a decrease of 3.81% year-on-year, and a net profit of 14.17 billion yuan, down 29.38% year-on-year [2][3] - The revenue breakdown by product for 2024 shows that sofas generated 102.04 billion yuan (up 9.14%), while custom furniture and IT services saw declines of 19.52% and 19.26%, respectively [3] - The company’s gross margin for 2024 was 32.72%, with a net profit margin of 7.67%, reflecting a slight decrease compared to the previous year [4] Future Projections - Revenue projections for 2025-2027 are 199.68 billion yuan, 214.03 billion yuan, and 228.74 billion yuan, representing year-on-year growth rates of 8.1%, 7.2%, and 6.9%, respectively [5][7] - The expected net profit for the same period is 18.25 billion yuan, 19.78 billion yuan, and 21.3 billion yuan, with growth rates of 28.9%, 8.4%, and 7.7% [5][7] - The company’s earnings per share (EPS) are projected to be 2.22 yuan, 2.41 yuan, and 2.59 yuan for 2025, 2026, and 2027, respectively [5][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 18.48 billion RMB in 2024, a year-on-year decrease of 3.81%, and a net profit attributable to shareholders of 1.42 billion RMB, down 29.38% year-on-year. However, in Q1 2025, the company achieved a revenue of 4.91 billion RMB, an increase of 12.95% year-on-year, and a net profit of 519 million RMB, up 23.53% year-on-year [2] - The company is actively transforming its retail strategy, responding to national subsidy policies to boost demand, and has seen significant growth in its domestic sales [4][5] - The company has launched an AI design initiative in collaboration with Qunhe Technology, enhancing its smart home solutions and improving customer experience [9] Financial Performance - In 2024, the company achieved a gross margin of 32.72% and a net margin of 7.83%. In Q1 2025, the gross margin was 32.39% and the net margin improved to 11.00% [6][8] - The company plans to distribute a cash dividend of 1.38 RMB per share, totaling 1.13 billion RMB [3] Revenue Breakdown - In 2024, the company's revenue from various segments included furniture manufacturing (17.03 billion RMB), sofas (10.20 billion RMB), and custom furniture (0.99 billion RMB), with varying year-on-year growth rates [4] - The company has seen a significant increase in its retail performance, with a 30%+ growth in domestic sales in Q1 2025 [4] Future Projections - The company expects revenues of 20.29 billion RMB in 2025, 22.56 billion RMB in 2026, and 24.71 billion RMB in 2027, with net profits projected at 1.86 billion RMB, 1.99 billion RMB, and 2.17 billion RMB respectively [10][12]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.92 [7][8]. Core Views - The company reported a revenue of RMB 18.48 billion for 2024, a year-on-year decrease of 3.8%, and a net profit attributable to shareholders of RMB 1.42 billion, down 29.4% year-on-year, primarily due to asset and credit impairment losses of RMB 306 million [1][2]. - The first quarter of 2025 showed a strong start with revenue of RMB 4.91 billion, up 12.9% year-on-year, and a net profit of RMB 520 million, up 23.5% year-on-year, driven by growth in both domestic and foreign trade [1][2]. - The company expects a recovery in demand due to the implementation of domestic real estate policies and trade-in programs, which should support domestic sales performance [1][4]. Summary by Sections Financial Performance - In 2024, the company's gross margin decreased by 0.11 percentage points to 32.7%, attributed to a lower proportion of high-margin domestic business and increased end-user discounts [3]. - The company increased its shareholder return efforts, achieving a dividend payout ratio of 80.06% in 2024 [3]. Revenue Breakdown - Domestic trade revenue fell by 14.4% to RMB 9.36 billion in 2024, while foreign trade revenue increased by 11.3% to RMB 8.37 billion [2]. - Sofa sales grew by 9.14% to RMB 10.20 billion, driven by strong overseas demand, while bedroom product sales declined by 20.80% to RMB 3.25 billion [2]. Profit Forecast and Valuation - The company slightly lowered its revenue forecast for domestic business for 2025-2026 and introduced a profit forecast for 2027, expecting net profits of RMB 1.88 billion, RMB 2.08 billion, and RMB 2.29 billion for 2025-2027 respectively [4]. - The estimated EPS for 2025-2027 is RMB 2.28, RMB 2.53, and RMB 2.79, with a target PE of 14 times for 2025, leading to a target price of RMB 31.92 [4].

Core Viewpoint - Gujia Home's 2024 annual report shows a decline in both revenue and net profit, indicating challenges in the domestic market while international operations performed better [2][4]. Financial Performance - The company achieved operating revenue of approximately 18.48 billion yuan, a year-on-year decrease of 3.81% [3]. - The net profit attributable to shareholders was about 1.42 billion yuan, down 29.38% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was approximately 1.30 billion yuan, a decrease of 26.92% year-on-year [3]. Business Segment Analysis - The furniture manufacturing segment had an overall gross margin of 30.34%, an increase of 0.45 percentage points year-on-year [2]. - Sofa sales generated approximately 10.2 billion yuan in revenue, up 9.14% year-on-year, with a gross margin of 35.37%, slightly down by 0.31 percentage points [2]. - Bedroom product revenue was around 3.25 billion yuan, a decline of 20.8%, but the gross margin increased by 3.87 percentage points to 40.81% [2]. Domestic vs. International Performance - International business revenue was approximately 8.37 billion yuan, an increase of 11.33% year-on-year, with a gross margin of 27.15%, up 1.86 percentage points [4]. - Domestic revenue was about 9.36 billion yuan, a decrease of 14.4%, with a gross margin of 37.03%, down 0.35 percentage points [4]. Operational Challenges - The company noted that it did not meet its established goals, facing challenges in its traditional strengths in domestic fixed sofas and living room products [4]. - The bedroom product segment is experiencing growth challenges due to increased competition, and the North American mattress business is still in its early stages [4]. - Profitability is under pressure due to a decline in domestic trade scale and long-term capacity building investments [4].