公司报告 | 季报点评 大单品构筑产品矩阵 四大单品构筑水星睡眠科技产品矩阵，包括轻一半暖更多、升温快 45.3% 的泡芙鹅绒被，蕴含四重养肤科技、保湿透气更亲肤的胶原蛋白蚕丝被， 采用温湿双控技术、入睡快 42.9%的水星闪睡被以及能延长深睡 35 分钟 的人体工学枕，凭借差异化功能精准匹配不同人群的睡眠痛点；此外，水 星 STARZ HOME25 秋冬俪系列已上市。 创新营销方式 25Q3，公司与人气潮玩 IP RumBaby 肉宝合作推出多款联名产品；为法 国雅高集团旗下深圳时尚小镇美憬阁精选酒店打造两款高定联名床品；在 上海长宁来福士广场开展"用水星，稳躺赢"水星睡眠科技互动体验展； 人体工学枕助力车手征战 2025 世界摩托车越野锦标赛。 春夏新品订货会 公司发布三季报 25Q3：营收 10.54 亿，同比+20.19%，归母净利 0.91 亿，同比+43.18%，毛 利率 44.74%，同比+4pp，净利率 8.63%，同比+1.4pp； 25Q1-3：营收 29.76 亿，同比+10.91%，归母净利 2.32 亿，同比+10.74%， 毛利率 44.18%，同比+2.8pp，净利率 7.8%， ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 1.054 billion yuan in Q3 2025, representing a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 91 million yuan, up 43.2% year-on-year [1] - The online sales channel is the main growth driver, with online revenue growing approximately 20% year-on-year, accounting for over 55% of total revenue [2] - The gross margin significantly improved to 44.7% in Q3 2025, an increase of 4.2 percentage points year-on-year, driven by product structure upgrades and a decrease in raw material costs [3] Financial Summary - For the first three quarters of 2025, the company reported a total revenue of 2.976 billion yuan, a year-on-year increase of 10.9%, and a net profit of 232 million yuan, up 10.7% year-on-year [1] - The company plans to distribute a mid-term dividend of 0.2 yuan per share, with a dividend payout ratio of 22.3% [1] - The company forecasts revenues of 4.593 billion yuan, 4.926 billion yuan, and 5.274 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 394 million yuan, 429 million yuan, and 462 million yuan [4]

水星家纺（603365.SH） 证券研究报告/公司点评报告 2025 年 10 月 30 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：张潇 | | 营业收入（百万元） | | 4,211 | 4,193 | 4,634 | 5,107 | 5,598 | | | | 增长率 yoy% | | 15% | 0% | 11% | 10% | 10% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 379 | 367 | 400 | 442 | 489 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 36% | -3% | 9% | 11% | 11% | | | | 每股收益（元） | | 1.44 | 1.40 | 1.52 | 1.68 | 1.86 ...