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、 ...

Group 1 - The furniture industry is experiencing steady growth driven by economic development, rising living standards, and government policies promoting furniture replacement, with customized furniture rapidly gaining market share [1] - The demand for customized furniture is projected to grow at a rate of 12% in 2024, with the total market size for whole-house customization expected to reach 73.36 billion yuan, and to exceed 100 billion yuan by 2025 [1] - The establishment of standards has played a crucial role in supporting the rapid development of the customized furniture sector, with a total of 214 national and industry standards managed by the National Furniture Standardization Technical Committee by the end of 2024 [1] Group 2 - The scientific and operational effectiveness of furniture standards relies on rigorous academic research and technological advancements, with over 10 provincial and ministerial-level research projects conducted to integrate technological outcomes into relevant standards [2] - The National Furniture Standardization Technical Committee has developed two international standards and over 20 national standards focusing on aging, green technology, safety, and other aspects, filling several domestic and international technical gaps [2] Group 3 - The committee has established a series of national standards for customized furniture, covering design, production, labeling, quality evaluation, and installation, which promotes fair competition and protects consumer rights [3] - In addressing the issue of "stimulating odors" from furniture, the committee has developed multiple detection methods and standards for volatile organic compounds (VOCs), significantly improving industry practices [4] Group 4 - The furniture industry has seen the approval and release of 27 mandatory national standards that enhance consumer safety and limit harmful substances, achieving international advanced levels in harmful substance limits [4] - The National Furniture Standardization Technical Committee was recognized as an advanced collective for standardization work in the light industry for 2023-2024, reflecting its achievements in building a furniture standard system [5] - The committee aims to enhance the "standard+" mechanism to facilitate the transformation of research outcomes into technical standards, focusing on smart manufacturing, green low-carbon products, and aging-friendly designs [5]

Core Viewpoint - The company reported its first decline in both revenue and profit in 30 years, but there are signs of recovery in sales due to government subsidies aimed at boosting consumption [3][4]. Financial Performance - In 2024, the company achieved operating revenue of 18.925 billion yuan, a year-on-year decline of 16.93% [4]. - The net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year [4]. - The company's contract liabilities increased significantly, reaching 2.897 billion yuan in the first quarter, a growth of approximately 47% from the beginning of the year, primarily due to government subsidies [6]. Market Conditions - The home furnishing industry is undergoing deep adjustments and transformations, facing challenges such as shrinking market demand and intensified competition [3]. - The company has noted a recovery in consumer sentiment, attributed to various government policies promoting consumption, including initiatives for home renovation and smart home products [5][6]. Strategic Initiatives - To address the declining new housing market, the company is focusing on the existing housing market by opening community stores and collaborating with local intermediaries [7]. - The company aims to attract younger consumers (those born in the 1990s and 2000s) by enhancing product styles, utilizing e-commerce and social media for customer acquisition, and providing one-stop services [8]. Company Overview - Founded in 1994, the company is a leader in the custom home furnishing industry and was the first publicly listed company to exceed a market capitalization of 100 billion yuan [8]. - As of May 29, the company's market capitalization stood at 37.83 billion yuan [8].

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].

Core Viewpoint - The company is experiencing a decline in revenue and net profit, but there are signs of improvement in the upcoming quarters due to government subsidies and strategic changes in its business model [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 3.789 billion yuan, with a net profit attributable to shareholders of -215 million yuan and a non-deducted net profit of -228 million yuan, representing a 23% year-on-year decline in revenue [1]. - For Q4 2024, the revenue was 1.057 billion yuan, with net profits of -101 million yuan and -95 million yuan for non-deducted net profit, showing a 24% year-on-year decline [1]. - In Q1 2025, the revenue is projected to be 741 million yuan, with net profits of -39 million yuan and -45 million yuan for non-deducted net profit, indicating a 5% year-on-year decline, but a narrowing of losses [1]. Market Trends and Business Model - Since Q4 2024, government subsidies have started to show effects, leading to a narrowing of revenue decline from 29% in Q3 2024 to 17% overall for Q4 2024 to Q1 2025 [2]. - The company is focusing on a customized and supporting business model, with a significant emphasis on the "随心选" full-house customization package as a key strategy [2]. - The company is also innovating with a "30万一价全包" model to lower the entry barriers for franchisees, allowing for quicker store openings and shared resources between franchisees and direct stores [2]. Cost Management and Efficiency - In 2024, the company's gross margin and net profit margin decreased by 1.9 and 7.0 percentage points, respectively, while sales, management, R&D, and financial expense ratios increased [3]. - In Q1 2025, the gross margin and net profit margin improved by 7.4 and 5.9 percentage points, respectively, indicating a reduction in loss margins and a decrease in various expense ratios [3]. Channel Strategy and Expansion - The company is implementing a "1+N+Z" model for direct sales cities, transitioning direct stores into flagship stores that support distributors in logistics and delivery [4]. - For franchise cities, the company is focusing on a "1+N+Z" model to leverage local resources and reduce operational requirements for franchisees, aiming to expand into lower-tier cities [4]. - The company plans to continue its focus on high-quality development in its traditional strengths of customization and supporting businesses, with expectations of improved demand and market conditions due to accelerating government subsidies [4]. Dividend and Future Projections - In 2024, the company distributed dividends amounting to 187 million yuan, corresponding to a dividend yield of nearly 7% [4]. - The projected net profit attributable to shareholders for 2025-2027 is approximately 70 million, 100 million, and 150 million yuan, with corresponding price-to-earnings ratios of 39, 27, and 18 times [4].

Core Viewpoint - The company held an earnings briefing on May 6, 2025, to discuss its 2024 annual and 2025 Q1 performance, emphasizing its strategies to enhance operational efficiency and adapt to market challenges [1][2]. Group 1: Financial Performance - Despite a challenging real estate market, the company reported improvements in gross margin and net margin for 2024 and Q1 2025, attributed to cost control measures and operational efficiency enhancements [2][3]. - The company implemented a dynamic monitoring mechanism for raw material prices, which helped maintain reasonable procurement costs [5][17]. Group 2: Strategic Initiatives - The company plans significant capital expenditures in 2025, focusing on the construction of new bases and upgrading production equipment to enhance efficiency and product quality [4][5]. - The company is committed to a management strategy aimed at improving operational efficiency through organizational restructuring and digital transformation [3][10]. Group 3: Market Adaptation - The company is responding to the ongoing adjustments in the real estate sector by diversifying its business model, including exploring non-real estate projects and enhancing its supply chain management [10][17]. - The company is actively engaging in the transformation of its retail partners to adapt to the integrated home furnishing model, which requires a comprehensive upgrade in capabilities [6][7]. Group 4: Policy Impact - Recent government policies promoting consumption and home renovation have positively influenced market demand, aligning with the company's long-term strategies focused on sustainability and innovation [5][6]. - The company anticipates that the impact of national subsidies will stabilize its accounts receivable credit impairment losses, as the real estate sector receives more support [5][6]. Group 5: Future Outlook - The company aims to enhance its operational quality and scale through a "land to household" reform, focusing on precise responsibility allocation and profit-sharing mechanisms [7][8]. - The company is exploring opportunities in the overseas market while maintaining a cautious approach to resource allocation [13][14].

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]