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年中报，1H2025实现营收40.2亿元，同比+1.6%，实现归母净利润2.7亿元，同比+14.0%； 其中1Q/2Q2025实现营收17.3/22.9亿元，同比-1.8%/+4.3%，实现归母净利润0.7/2.0亿元，同 比-4.0%/+22.4%。 点评： 业绩稳健增长，自主品牌业务表现亮眼 1H2025公司毛利率为36.3%，同比+1.5pcts。2Q2025公司毛利率为38.4%，同比+2.6pcts。公司毛利率同比 提升，主要原因系业务结构优化升级、高毛利率零售业务收入占比增大，以及持续推进降本增效、供应链 成本有所降低。 1H2025公司期间费用率为28.3%，同比+0.5pcts，其中销 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated steady growth in performance, with significant results from its retail transformation [1][6] - The company’s revenue for 1H2025 reached 40.2 billion yuan, a year-on-year increase of 1.6%, while net profit attributable to shareholders was 2.7 billion yuan, up 14.0% year-on-year [5][6] - The company is focusing on optimizing its business structure and enhancing profitability through cost reduction and efficiency improvements [6][8] Revenue Performance - The company’s mattress and soft bed products achieved revenue of 26.6 billion yuan, a year-on-year increase of 10% [6] - The online retail business for self-owned brands saw a revenue increase of 30% year-on-year in 1H2025 [6] Profitability - The gross margin for 1H2025 was 36.3%, an increase of 1.5 percentage points year-on-year, with the gross margin for 2Q2025 reaching 38.4%, up 2.6 percentage points year-on-year [6][7] - The report projects an increase in net profit forecasts for 2025-2027 to 4.6 billion, 5.1 billion, and 5.7 billion yuan respectively, with corresponding P/E ratios of 13, 12, and 11 times [8][10] Financial Forecasts - The company’s revenue is expected to grow from 8.678 billion yuan in 2023 to 10.578 billion yuan in 2027, with a compound annual growth rate of approximately 7.85% [10] - The net profit attributable to shareholders is projected to increase from 429 million yuan in 2023 to 565 million yuan in 2027, reflecting a significant growth trajectory [10] Strategic Initiatives - The company is embracing the sleep technology sector with the launch of its smart sleep ecosystem brand, aiming to enhance product functionality and market competitiveness [8] - The retail transformation strategy is yielding positive results, with a focus on channel innovation and deepening market penetration [8]

技术升级驱动转型，AI赋能睡眠产品全面落地 8月21日，睡眠健康龙头喜临门(603008.SH)披露2025年半年度报告。报告期内，公司实现营业收入40.21 亿元，同比增长1.59%;归属于上市公司股东的净利润2.66亿元，同比增长14.04%;扣非净利润2.60亿元， 同比增长16.45%。在行业整体承压的大背景下，喜临门通过持续的产品创新和智能化转型，展现出稳 健的发展韧性与较强的盈利弹性。 财务表现稳健向好，盈利质量持续改善 尽管上半年家俱制造业整体营收同比下降4.9%、利润总额下滑23.1%，喜临门依然实现了逆势增长，展 现出良好的财务韧性。 从盈利能力来看，公司综合毛利率提升至36.3%，同比上升1.5个百分点，其中第二季度单季毛利率达到 38.4%，同比大幅提升2.6个百分点。华泰证券研报认为，这主要得益于公司业务结构优化，高毛利率的 自主品牌牀垫收入同比增长19%，显著快于整体营收增速，而OEM代工业务收入占比下降。 费用端表现亦趋稳健。销售费用同比增长8.42%，反映出公司加大品牌推广及线上投放力度;但管理费用 同比下降6.02%，财务费用因汇兑收益增加下降23.05%，整体期间费用率仅为2 ...