丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨匠心家居（301061.SZ） [Table_Title] 匠心家居 2025Q3 点评：收入高增、利润率提 升，强产品力&渠道力打开成长边界 报告要点 [Table_Summary] Q3 收入同比+29%、强α持续兑现，单 Q3 毛利率/归母/扣非净利率同比提升 3.6/4.5/2.6pcts， 在对冲了关税影响后盈利能力持续提升。公司凭借产品力和渠道力在美国功能沙发市场实现了 快速提份额，后续在拓品类和全球化层面也可以有更多期待。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 SAC：S0490516060001 SAC：S0490520070002 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 匠心家居（301061.SZ） cjzqdt11111 [Table_Title 匠心家居 202]25Q3 点评：收入高增、利润率提 升，强产品力&渠道力打开成长边界 [Table_Summary2] 事件描述 公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Viewpoints - The company reported significant growth in revenue and profit for H1 2025, with revenue at 1.681 billion yuan, a year-on-year increase of 39%, and net profit attributable to the parent company at 432 million yuan, up 51% [2][6] - The company is expanding its product differentiation and channel capabilities, with a focus on brand building and global expansion opportunities [2][8] - The company has shown strong performance in customer acquisition, with significant growth in transactions with top clients and an increase in partnerships with major U.S. furniture retailers [13] Summary by Sections Revenue Performance - In Q2 2025, the company achieved revenue of 909 million yuan, reflecting a 40% year-on-year growth [2][6] - The company is experiencing strong growth from both existing and new customers, with notable increases in transaction volumes with top clients [13] Profitability - The company improved its gross margin and net profit margin, with Q2 gross margin increasing by 6.3 percentage points to 39.4% [13] - The company has effectively managed costs through product structure optimization and supply chain improvements [13] Global Expansion - The company is leveraging its success in the U.S. market to explore opportunities in other regions, with 92% of H1 2025 revenue coming from the U.S. [8] - Market research and product testing are underway in non-U.S. regions to facilitate future growth [8] Product Development - The company is focusing on high-value product segments, with a 16% increase in the average selling price of functional sofas in 2024 [13] - New product categories such as smart beds and recliners are being developed, with a dedicated team for the MotoSleep business [13] Future Growth Potential - The company is expected to continue its growth trajectory, with projected net profits of approximately 980 million yuan, 1.222 billion yuan, and 1.531 billion yuan for 2025, 2026, and 2027 respectively [13] - The company is positioned to capture a larger market share in the U.S. functional sofa market, with significant room for growth compared to competitors [13]

Core Viewpoint - The article discusses the competitive disadvantage faced by American manufacturers in the wake of China's rapid industrial growth and cost-effective production capabilities, leading to significant market share losses for U.S. companies [1][3]. Group 1: China's Manufacturing Dominance - China's industrial strategy has transformed high-tech, high-profit products into affordable consumer goods, significantly altering global market dynamics [5][7]. - The export of new products such as electric vehicles, lithium-ion batteries, and solar panels from China has surpassed one trillion yuan, marking a nearly 30% year-on-year growth [9]. - China has evolved from having a weak industrial base to becoming the world's most comprehensive manufacturing hub, capable of producing a wide range of products efficiently [11][13]. Group 2: Impact on U.S. Companies - The rise of Chinese products has led to a severe price competition, forcing U.S. companies to either engage in price wars or risk going out of business [3][19]. - American companies, such as GoPro, are experiencing significant market share losses due to the competitive pricing and performance of Chinese alternatives [17][19]. - The pressure to lower prices has created a vicious cycle for U.S. firms, reducing profit margins and limiting their ability to invest in research and development, ultimately weakening their competitive edge [21][23].

Core Insights - The article discusses the development of the inland port economy in Henan Province, emphasizing the release of the "Henan Province Port Industry Development Plan (2025-2035)" which aims to enhance the region's economic growth through a structured approach to port industry development [2][3] Group 1: Development Goals - The plan sets dual-phase development goals with key milestones in 2030 and 2035, targeting an industry scale exceeding 1 trillion yuan by 2030 and 2 trillion yuan by 2035, along with the establishment of over 15 major port industry clusters [2][6] - By 2030, the plan aims to create more than 9 port industry clusters each worth over 100 billion yuan and develop 10 or more "shipping enterprises" [2][6] Group 2: Key Port Areas - The plan identifies three core areas for port industry development: Zhoukou, Xinyang, and Zhengzhou, with Zhoukou being the largest inland port in Henan, projected to handle over 87% of the province's cargo throughput by 2024 [4][5] - Xinyang is positioned as a strategic hub for connecting the central plains with the Yangtze River Delta, with a reported cargo throughput of 1.2708 million tons as of April 21 this year, marking a year-on-year increase of 152.49% [4][5] Group 3: Infrastructure and Logistics - The plan emphasizes the need for a robust infrastructure to support the port economy, proposing the implementation of a "2+8" layered port system and a comprehensive waterway network [5][6] - It aims to enhance interconnectivity between Zhoukou and Zhengzhou ports, establishing a multi-modal transport system to facilitate efficient logistics [5][6] Group 4: Industry Focus - The plan outlines a focus on developing five major economic belts along rivers, with a primary emphasis on port logistics, advanced manufacturing, and service industries [6] - It aims to cultivate a diverse industrial ecosystem, including logistics for bulk commodities, container transport, and cold chain logistics, alongside six major manufacturing sectors such as advanced equipment and new materials [6]