股票 
板块 
用户 
资讯 独立不迁 横而不流
Independent and Unwavering,
Steadfast without Yielding.
◎
顾家家居:
具备扎实成长韧性
Solid Growth Resilience
投资要点
Investment Thesis
公司发布2026年半年度报告
26Q2公司实现收入48.4亿元，同比-0.9%；归母净利润4.3亿元，同比-14.4%；扣非归母净利润3.6亿元，同比-18.7%。
26H1公司实现收入98.8亿元，同比+0.8%；归母净利润9.3亿元，同比-9.3%；扣非归母净利润7.7亿元，同比-14.6%。
上半年面对房地产市场持续深度调整、家居行业全面转入存量竞争，以及汇率波动、原材料成本上涨等多重外部挑战，公司紧扣"质量经营、结构增长、精益提效、系统赋能"的经营主线，坚持综合家居运营商长期定位不动摇，适度调整战略推进节奏，围绕优质供给这一核心，在战略、组织、业务、能力四条线上同步发力，适时调整经营节奏，在行业整体承压环境下，总体保持了经营基本盘的稳定。
聚焦优质供给，以产品力为核心夯实增长根基
26年上半年公司在坚持“综合家居运营商”战略定位不变的前提下，对战略推进节奏进行了主动迭代：将资源进一步聚焦于优质供给与产品力锻造，明确“客餐厅做强、卧室做大、定制做通”的品类打法，坚定聚焦主航道，品类聚焦的成效已在终端显现。
26H1分品类：
①沙发收入64.5亿，同比+13.8%，毛利率35.2%，同比-0.9pct，
②卧室收入16.9亿，同比-0.1%，毛利率39.8%，同比-3.0pct，上半年两大高端睡眠产品合计带动卧室高端品类销售同增9.3%；
③集成收入8.3亿，同比-29%，毛利率31.6%，同比+1.4pct；
④定制收入3.4亿，同比-39%，毛利率32.8%，同比-0.3pct，定制积极推行小整家店态展示及放心整家营销差异化经营策略，深挖“软体+定制”协同价值。
内贸零售转型持续落地，外贸业务结构持续优化
26H1内贸收入45.6亿，同比-12.7%，毛利率42.1%，同比+2.6pct；公司内贸业务坚持品类专业化突围，渠道与门店结构持续优化。此外公司零售转型工作重心由平台系统建设切换至终端场景落地与全业务闭环运营，零售数字化运营能力初见成效：①全域零售数字化底座建设落地，经营指标实现标准化、可量化管控；②落地门店数字化管理工具，推动终端由经验驱动转向数据驱动；③商品数字化运营体系成型，实现全生命周期动态管理；④OMO线上线下一体化底层基础设施完成闭环搭建，模式进入落地验证周期；⑤配套服务体系数字化同步升级，支撑零售转型落地。
26H1外贸收入50.7亿，同比+19%，毛利率24.2%，同比-2.1pct；公司传统 OEM/ODM业务基本盘保持稳健增长态势，北美、欧洲、东南亚等区域业务规模稳步增长。此外海外新兴业务实现多点突破：外贸床垫国际市场业务快速增长，核心战略客户合作规模稳步提升；跨境电商业务稳步增长，加拿大市场从0到1突破；海外自有品牌业务模式创新试点稳步推进，泰国、越南标杆门店逐步成形，持续沉淀品牌出海的可复制能力。
The Company Released Its 2026 Semi-Annual Report
In Q2 2026, the Company achieved revenue of RMB 4.84 billion, Year-on-Year -0.9%; Net Profit Attributable to Parent Company of RMB 430 million, Year-on-Year -14.4%; and non-recurring net profit attributable to parent company of RMB 360 million, Year-on-Year -18.7%.
In H1 2026, the Company achieved revenue of RMB 9.88 billion, Year-on-Year +0.8%; Net Profit Attributable to Parent Company of RMB 930 million, Year-on-Year -9.3%; and non-recurring net profit attributable to parent company of RMB 770 million, Year-on-Year -14.6%.
In the first half of the year, facing multiple external challenges including the continued deep adjustment of the real estate market, the home furnishing industry's full transition into stock-based competition, as well as Exchange Rate fluctuations and rising Raw Materials costs, the Company adhered closely to its operational theme of "quality management, structural growth, lean efficiency improvement, and systematic empowerment," maintained its long-term positioning as a comprehensive home furnishing operator without wavering, moderately adjusted the pace of strategic advancement, and simultaneously drove progress across four dimensions — strategy, organization, Business Segment, and capability — centered on the core of high-quality supply. By timely adjusting its operational rhythm, the Company broadly maintained the stability of its core business foundation in an environment where the Overall Industry was under pressure.
Focusing on High-Quality Supply and Consolidating the Foundation for Growth with Product Strength as the Core
In the first half of 2026, while upholding its unchanged strategic positioning as a "comprehensive home furnishing operator," the Company proactively iterated its pace of strategic advancement: further concentrating resources on high-quality supply and the development of product strength, clearly defining the category approach of "strengthening the living and dining room, expanding the bedroom, and integrating customization," and resolutely focusing on the main track. The results of this category focus have already begun to manifest at the terminal level.
In the first half of 2026, by product category:
① Sofa revenue was RMB 6.45 billion, Year-on-Year +13.8%, Gross Profit Margin 35.2%, Year-on-Year -0.9 pct,
② Bedroom revenue was RMB 1.69 billion, Year-on-Year -0.1%, Gross Profit Margin 39.8%, Year-on-Year -3.0 pct; in the first half of the year, the combined sales of the two premium sleep products drove Year-on-Year growth of 9.3% in the high-end bedroom category;
③ Integrated revenue was RMB 830 million, Year-on-Year -29%, Gross Profit Margin 31.6%, Year-on-Year +1.4 pct;
④ Customization revenue was RMB 340 million, Year-on-Year -39%, Gross Profit Margin 32.8%, Year-on-Year -0.3 pct; the customization Business Segment is actively promoting differentiated operating strategies through small whole-home store display formats and reassuring whole-home marketing, while deeply mining the synergistic value of "soft furnishings + customization."
Domestic trade retail transformation continues to take hold; foreign trade Business Segment structure continues to be optimized
In H1 2026, domestic trade revenue was RMB 4.56 billion, Year-on-Year -12.7%, Gross Profit Margin 42.1%, Year-on-Year +2.6 pct; the company's domestic trade Business Segment adheres to a category-specialization breakthrough strategy, with channel and store structures continuously optimized. In addition, the company has shifted the focus of its retail transformation efforts from platform system development to terminal scenario implementation and full Business Segment closed-loop operations, with initial results emerging from its retail digital operating capabilities: ① the construction of a full-domain retail digital foundation has been completed, enabling standardized and quantifiable management of operating metrics; ② digital store management tools have been deployed at terminals, driving a shift from experience-driven to data-driven operations; ③ a merchandise digital operations system has taken shape, enabling dynamic management across the full product lifecycle; ④ the OMO Wuxi Online Offline Communication Information Technology integrated underlying infrastructure has completed its closed-loop build, and the model has entered a phase of on-the-ground validation; ⑤ the digital upgrade of supporting service systems has been synchronized, underpinning the implementation of the retail transformation.
In H1 2026, foreign trade revenue was RMB 5.07 billion, Year-on-Year +19%, Gross Profit Margin 24.2%, Year-on-Year -2.1 pct; the company's traditional OEM/ODM Business Segment has maintained a steady growth trajectory, with business scale in North America, Europe, Southeast Asia and other regions growing steadily. In addition, overseas emerging businesses have achieved breakthroughs on multiple fronts: the international market business for foreign trade mattresses has grown rapidly, with cooperation scale with core strategic customers steadily increasing; the cross-border e-commerce Business Segment has grown steadily, achieving a breakthrough from zero to one in the Canadian market; pilot innovation of the overseas proprietary brand business model is progressing steadily, with benchmark stores in Thailand and Vietnam gradually taking shape, continuously accumulating replicable capabilities for brand overseas expansion.
投资建议
Investment Thesis
维持“买入”评级
根据26H1业绩，考虑房地产市场持续深度调整以及汇率波动、原材料成本上涨等因素影响，我们预计26-28年归母净利润分别为18.6/20.4/23.0亿元（前值20.8/23.3/25.7亿元）。
Maintaining "Buy" Rating
Based on H1 2026 results, and taking into account the continued deep adjustment of the real estate market as well as the impact of Exchange Rate fluctuations and rising Raw Materials costs, we forecast Net Profit Attributable to Parent Company for 2026–2028 to be RMB 1.86 billion / RMB 2.04 billion / RMB 2.30 billion, respectively (previous estimates: RMB 2.08 billion / RMB 2.33 billion / RMB 2.57 billion).
风险提示
房地产市场持续调整；汇率波动；新品拓展进度缓慢；全球贸易摩擦风险等。
Risks Warnings
continued adjustment of the real estate market; Exchange Rate fluctuations; slower-than-expected progress in new product expansion; global trade friction risks, etc.
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