核心观点 25Q1 公司营收同比-1.76%，预估自主品牌表现平稳（线下有所下滑、线上30%+高增），工程业务 10%+稳健增长；25Q1 归母净利润同比-4.02%，主要受品牌费用前置摊销影响。24 年床垫产品引领增 长，24Q4 国补带动线上增长提速、线下渠道转为正增长。 行业竞争加剧下24 年毛利率有所下降，公司加大费用投放。2024 年公司毛利率33.67%/-0.70pct，其中 床垫、软床及配套品、沙发、木制家具毛利率分别为38.40%、29.32%、18.75%、1.46%，同比 +0.12、-1.13、-6. 82、+0.31pct。24 年归母净利率为3.69%/-1.25pct，主要系销售费用率提升。24 年公司 销售、管理、研发、财务费用率分别为21.43%/+1.16pct、5.31%/+0.44pct、1.86%/-0.21pct、 0.35%/+0.22pct。销售费用率增加主要因为品牌推广费用增加。 盈利预测：预计公司2025-2027 年营收分别为94.6、101.1、107.6 亿元，分别同比增长8.3%、6.9%、 6.4%；归母净利润分别为4.2、4.7、5.2 亿元，分 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 1.73 billion in Q1 2025, showing a year-on-year decrease of 1.76%, while the net profit attributable to the parent company was 71 million, down 4.02% [1] - The retail segment demonstrated strong e-commerce growth, with online retail revenue increasing by 29.1% to 390 million, while offline retail revenue decreased by 5.8% to 650 million [2] - The company is focusing on AI sleep technology, collaborating with Tsinghua University to enhance its product offerings [4] - Financial metrics indicate a gross margin of 33.44%, with an increase in operating expenses [5] Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.73 billion, with a net profit of 71 million and a non-recurring net profit of 60 million, reflecting a decline of 4.02% and 19.31% respectively compared to the previous year [1] Retail Segment Performance - The retail business generated 1.08 billion in revenue, with online sales growing by 29.1% to 390 million, while offline sales fell by 5.8% to 650 million [2] Manufacturing and Overseas Operations - The OEM business reported a revenue of 480 million, with international sales at 360 million, showing a growth of 2.8% [3] - The cross-border e-commerce segment saw a revenue decline of 22.9% to 60 million due to strategic adjustments [3] Product Categories - Mattress revenue reached 1.13 billion, up 10% year-on-year, with proprietary brand mattresses contributing 770 million, an 18% increase [4] Financial Metrics - The gross margin stood at 33.44%, with an increase in operating expenses, including a rise in sales and financial expense ratios [5] - The company is projected to achieve revenues of 9.46 billion, 10.26 billion, and 11.15 billion for 2025, 2026, and 2027 respectively, with net profits expected to grow significantly [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 8.729 billion (up 0.59% year-on-year) and a net profit attributable to shareholders of 322 million (down 24.84% year-on-year) for the year 2024. The fourth quarter of 2024 saw a revenue of 2.753 billion (up 5.51% year-on-year), but the net profit was negative at -53 million, primarily due to a decline in gross margin and increased operating expenses [1][5][12]. Summary by Sections Retail Segment - The retail segment achieved a revenue of 5.530 billion (down 4.7% year-on-year) for 2024, with a notable growth of 10.2% in Q4. The offline retail business, which is the core of the company's operations, generated 3.010 billion (down 10.8% year-on-year) in 2024, while online retail revenue reached 1.980 billion (up 9.9% year-on-year) [2][4]. OEM & Overseas Segment - The OEM business generated 2.550 billion (up 9.2% year-on-year) in 2024, with international business contributing 1.850 billion (up 24.5%). The cross-border e-commerce segment reported a revenue of 290 million (down 11.6%) due to operational strategy adjustments [3][4]. Product Categories - The mattress category saw a revenue of 5.270 billion (up 5% year-on-year), while wooden furniture experienced significant growth with a revenue of 167 million (up 27%) [4]. Financial Metrics - The gross margin for 2024 was 33.67% (down 0.70 percentage points), with Q4 gross margin at 30.03% (down 4.68 percentage points). The operating expense ratio for 2024 was 28.94% (up 1.6 percentage points) [5][12]. Profit Forecast and Valuation - The company is expected to achieve revenues of 9.458 billion, 10.263 billion, and 11.151 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 519 million, 587 million, and 656 million [12][14].