喜临门（603008）：向智慧睡眠进阶

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company has achieved steady growth in mattress revenue, with a focus on advancing into the smart sleep sector, supported by strategic initiatives and product enhancements [2][3]. - The company reported a revenue of 17.30 billion yuan in Q1 2025, a decrease of 1.76% year-on-year, and a net profit attributable to the parent company of 0.71 billion yuan, down 4.02% year-on-year [1]. - The company aims to transition from "AI-assisted sleep" to a more human-centered "AI companionship" model, enhancing its product offerings [3]. Financial Performance Summary - In 2024, the company generated total revenue of 87.29 billion yuan, a slight increase of 0.59% year-on-year, while the net profit attributable to the parent company was 3.22 billion yuan, down 24.84% year-on-year [1]. - The gross margin for 2024 was 33.67%, a decrease of 0.7 percentage points, and the net profit margin was 3.7%, down 1.2 percentage points [1]. - The company expects net profits for 2025, 2026, and 2027 to be 4.2 billion yuan, 5.0 billion yuan, and 5.6 billion yuan respectively, with corresponding P/E ratios of 14X, 12X, and 11X [5]. Product Segment Performance - Mattress revenue in 2024 reached 52.7 billion yuan, up 5.05% year-on-year, with sales volume of 5.366 million units, an increase of 6.19% year-on-year [2]. - Revenue from soft beds and accessories was 24.4 billion yuan, down 8.39% year-on-year, while sofa revenue was 7.2 billion yuan, down 6.55% year-on-year [2]. Retail Business Transformation - The company reported distribution revenue of 32.1 billion yuan in 2024, with a gross margin of 45.41%, and a total of 5,065 exclusive stores by the end of 2024 [4]. - Online revenue reached 19.8 billion yuan, an increase of 9.88% year-on-year, with a gross margin of 44.61% [4]. - The company is enhancing its marketing network through a multi-channel strategy, including e-commerce and social media, to improve brand penetration and operational efficiency [4].