索菲亚(002572.SZ)2026年三季度业绩回顾：收入符合预期，成本压力与经营去杠杆致利润率不及预期

Post market close of Oct 27, Suofeiya reported mixed 3Q26 results where revenue was in-line with our forecast yet profits were below our expectation weighed upon by GPM pressure. Total revenue/net profit in 3Q26 was Rmb1,945mn/Rmb108mn, changing by -21%/-70% yoy, which was 0%/-39% vs. GSe. On revenue, the company registered revenue decline across most brands and channels. By brand, Suofeiya/Milana revenue declined by 25%/24% yoy in 9M26, implying 21%/31% yoy decline in 3Q. By channel, the furnishing channel revenue declined by 20% yoy in 9M26, implying a similar decline as 1H. Although overseas revenue grew by 91% yoy in 9M26, it only accounted for 2% of total revenue. On margins, GPM declined by 4.6ppt yoy in 3Q26, likely impacted by rising input costs and competition. Accordingly, its OPM declined by 11.3ppt yoy primarily due to operating deleverage. Its SG&A ratio increased by 2.7ppt yoy with the absolute amount of OPEX declining. We revised down our 2026E-28E EPS by 11%-23% to fact