点击注册小程序 公司发布2025年中报，1H2025公司实现营收/归母净利润分别为98.0/10.2亿元，分别同比+10.0%/+13.9%，实现 经营性活动现金流净额10.9亿元，同比+71.9%；1Q2025实现营收/归母净利润分别为49.1/5.2亿元，分别同比 +12.9%/+23.5%；2Q2025实现营收/归母净利润分别为48.9/5.0亿元，分别同比+7.2%/+5.4%。 点评： 零售转型下内销企稳向好，外贸稳健增长 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： 1H2025，分品类看，沙发/床类/集成产品/定制分别实现营收56.7/16.9/11.6/5.5亿元，分别同比 +14.7%/+10.3%/-8.2%/ +12.6%。公司功能沙发经营态势较好，内贸功能 ...

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 ...

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]