Investment Rating - The investment rating for the company is "Buy" with a target price maintained at 35.2 CNY [1][5][9] Core Views - The company is experiencing growth in both domestic and international sales, supported by optimized supply chain capabilities [1][2] - The company reported a revenue of 43.5 billion CNY in Q1 2024, a year-on-year increase of 10.0%, with a net profit of 4.2 billion CNY, up 5.0% year-on-year [2][3] - The company aims to enhance its operational efficiency and profitability through various strategic initiatives, including supply chain management and product innovation [3][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 192.1 billion CNY, representing a 6.7% year-on-year growth, with a net profit of 20.1 billion CNY, up 10.7% year-on-year [3][10] - The gross margin for 2023 was 32.8%, an increase of 2 percentage points compared to the previous year [3][10] - The company plans to distribute a cash dividend of 11.3 billion CNY, accounting for 56.3% of its net profit [3] Sales Breakdown - Domestic sales in 2023 reached 109.4 billion CNY, a 6.1% increase year-on-year, while international sales were 75.2 billion CNY, up 6.8% year-on-year [2][3] - The sofa segment generated 93.5 billion CNY in revenue, growing 4.2% year-on-year, while the bed segment saw a 15.4% increase to 41.0 billion CNY [2][3] Strategic Initiatives - The company is focusing on enhancing its channel structure and expanding its market presence through new store formats and partnerships [2][4] - The establishment of a value chain control mechanism in Vietnam has significantly improved operational efficiency and profitability [4][5] - The company is exploring new business models and innovations, including the development of a comprehensive quality control system for its products [4][5]

Investment Rating - The investment rating for the company is "Buy" [1][4][12] Core Views - The company has demonstrated steady revenue growth, with 2023 revenue reaching 19.21 billion (+6.8%) and net profit of 2.01 billion (+10.7%). The fourth quarter of 2023 saw a revenue increase of 19.5% year-on-year [1] - The company is focusing on efficiency improvements to drive growth, with a significant increase in profit margins and a proposed cash dividend of 13.9 yuan per 10 shares, raising the payout ratio to 56% [1] - High-potential product categories such as sofas and customized furniture are key growth drivers, with expected continued strong performance in 2024 [1] - Both domestic and international markets are showing growth, with domestic revenue at 10.94 billion (+6.1%) and international revenue at 7.52 billion (+6.8%) in 2023 [1] Financial Performance Summary - 2023 revenue: 19.21 billion, net profit: 2.01 billion, with a projected net profit of 2.27 billion for 2024 (+13.3%) [2][13] - Gross margin improved to 32.8% in 2023 (+2.0 percentage points), with a net margin of 10.4% (+0.4 percentage points) [1][13] - The company expects diluted EPS to be 2.76, 3.12, and 3.50 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12, 11, and 10 times [2][13] Market Position and Strategy - The company is actively restructuring its channels and expanding its partnerships with major retail properties, enhancing its domestic market presence [1] - Internationally, the company has successfully increased its profit margins and established flagship stores in India, marking a significant step in its global expansion strategy [1] - The company is expected to continue benefiting from operational efficiency and cost reduction strategies, contributing to its profitability [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][10]. Core Insights - The company reported a revenue of 19.212 billion yuan in 2023, a year-on-year increase of 6.7%, with a net profit of 2.006 billion yuan, up 10.7% from the previous year [5][11]. - The company is focusing on enhancing its domestic sales through high-potential product categories and improving its channel strategies, while also maintaining strong growth in international markets [6][9]. - The recent change in controlling shareholder to Yingfeng Group is expected to strengthen the company's market position and operational capabilities [9][10]. Summary by Sections Market Data - Closing price: 33.39 yuan - One-year high/low: 46.41/31.1 yuan - Market capitalization: 27.443 billion yuan [1] Financial Performance - 2023 revenue: 19.212 billion yuan, 2024 Q1 revenue: 4.35 billion yuan, with projected revenues of 21.224 billion yuan for 2024 and 23.544 billion yuan for 2025 [7][11]. - 2023 net profit: 2.006 billion yuan, with projections of 2.252 billion yuan for 2024 and 2.584 billion yuan for 2025 [7][11]. - Gross margin for 2023 was 32.8%, with a slight increase expected in 2024 [8]. Domestic Sales - Domestic sales revenue reached 10.935 billion yuan in 2023, driven by high-potential categories such as soft beds, functional sofas, and customized products [6]. - The company is implementing a multi-brand strategy to enhance its market presence and customer engagement [10]. International Sales - International sales revenue was 7.515 billion yuan in 2023, reflecting a year-on-year growth of 6.8% [6]. - The company is focusing on optimizing its overseas production and supply chain to improve profitability [8]. Strategic Developments - The company is advancing its "One Body, Two Wings" strategy, focusing on integrated home solutions and innovative product operations [9]. - The partnership with Yingfeng Group is expected to leverage synergies in talent, product development, and channel management [9][10].

股 票 研 究 [Table_industryInfo] 林纸产品/原材料 [ Table_Main[顾ITnaf 家bol]e 家_Ti居tle]( 603816) [评Tab级le_：Inv est] 增持 上次评级： 增持 高潜品类增长稳健，外贸打开增长空间 目标价格： 45.64 上次预测： 45.87 公 ——顾家家居2023 年报及2024 年一季报点评 当前价格： 33.39 司 刘佳昆(分析师) 王佳(分析师) 2024.05.05 更 021-38038184 010-83939781 [交Ta易bl数e_M据a rket] 新 liujiakun029641@gtjas.com wangjia025750@gtjas.com 证书编号 S0880524040004 S0880524010001 52周内股价区间（元） 31.64-45.30 报 总市值（百万元） 27,443 告 本报告导读： 总股本/流通A股（百万股） 822/822 流通 B股/H股（百万股） 0/0 公司经营稳健，2023年及2024Q1业绩符合预期，三大高潜品类持续增长，外销打开 流通股比例 100% 增长空间，有 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 33.39 CNY and a target price not specified for the next 6 months [1]. Core Views - The company has demonstrated steady revenue growth, with 2023 revenue reaching 19.21 billion CNY, a year-on-year increase of 6.7%. The net profit attributable to shareholders was 2.01 billion CNY, up 10.7% year-on-year [2][3]. - The company is focusing on improving operational efficiency, which has positively impacted profitability, with a net profit margin of 10.4% in 2023, an increase of 0.4 percentage points year-on-year [2]. - The company is expanding its domestic and international market presence, with domestic sales increasing by 37.6% to 10.94 billion CNY in 2023, while international sales grew by 6.8% to 7.52 billion CNY [3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 19.21 billion CNY, with a net profit of 2.01 billion CNY and a non-recurring net profit of 1.78 billion CNY, reflecting year-on-year growth rates of 6.7%, 10.7%, and 15.3% respectively [2]. - The gross margin for 2023 was 32.8%, an improvement of 2 percentage points year-on-year, with specific product margins showing varied performance [2][3]. - The operating cash flow for 2023 was 2.44 billion CNY, indicating stable cash flow management [2]. Product Performance - Sofa revenue reached 9.35 billion CNY in 2023, accounting for 48.7% of total revenue, while bed products saw a 15.4% increase in revenue to 4.10 billion CNY [3]. - High-potential categories such as functional sofas, bed products, and customized products showed strong growth despite market pressures [3]. Market Strategy - The company is optimizing its traditional channel structure and enhancing supply chain efficiency, with a net increase of 213 distribution stores in 2023 [3]. - The company has made significant strides in its international expansion, establishing flagship stores in India and improving profitability in its Vietnam operations [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 2.79 CNY, 3.15 CNY, and 3.50 CNY for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 12, 11, and 10 [7][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company reported a revenue of 19.21 billion yuan in 2023, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 2.01 billion yuan, up 10.7% year-on-year [2][3]. - The gross margin for 2023 was 32.8%, an increase of 2 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3]. - The company has shown strong growth in high-potential categories such as sofas and beds, with sofa revenue reaching 9.35 billion yuan, a 4.2% increase, and bed revenue at 4.10 billion yuan, up 15.4% [3][8]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 5.08 billion yuan, a year-on-year increase of 19.5%, and a net profit of 500 million yuan, up 23.5% [2]. - For Q1 2024, revenue was 4.35 billion yuan, a 10% increase year-on-year, with a net profit of 420 million yuan, up 5% [2]. Product Segmentation - The gross margin for sofas was 35.8%, for beds was 37.1%, and for custom products was 27.5% [2][3]. - The company has focused on enhancing its product mix, with significant growth in the functional sofa segment [3]. Market Strategy - Domestic sales reached 10.94 billion yuan, a 37.6% increase, while export sales were 7.52 billion yuan, up 6.8% [3]. - The company is expanding its channel structure and supply chain efficiency, with 213 new stores opened in 2023 [3][8]. Future Projections - The company forecasts revenue growth of 11.57% in 2024, with EPS expected to be 2.79 yuan [6][9]. - The projected gross margin is expected to improve slightly to 33.1% in 2024 [9][10].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 轻工制造 ＃investSuggestion＃ ＃d 顾yCo 家mp 家any＃居 （ 603816 ） ＃ 000009 investSug ＃title＃ 增持 ( 维ges持tion C)h 收入符合预期，外销增速靓丽 ange＃ 公 ＃ createTime1＃ 2024年 4月 30日 司 投资要点 点 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布2023年报及 2024年一季报。①2024Q1营业收入/归母净利 评 日期 2024-04-30 润/扣非净利润分别为43.50/4.20/3.76亿元，同比+10.04%/+5.02%/+10.29%， 报 收盘价（元） 33.39 收入增速受剥离天禧派以及转产至美国的床垫产能仍处于产能爬坡期影响， 总股本（百万股） 821.89 归母增速慢于扣非主要受政府补助减少影响。②23 年营业收入/归母净利润/ 告 流通股本（百万股） 821.89 扣非净利润分别为192.12/20.06/17.81亿元，同比+6.67%/+10.70%/+ ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 33.39 yuan [2]. Core Views - The company has shown steady revenue growth, with 2023 revenue reaching 19.21 billion yuan, a year-on-year increase of 6.67%. The net profit attributable to the parent company was 2.01 billion yuan, up 10.70% year-on-year [1][2]. - The company is focusing on efficiency improvement, capability enhancement, and transformation to drive steady performance growth in 2024 [1]. - The company is expected to achieve net profits of 2.29 billion yuan, 2.60 billion yuan, and 2.91 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 14.4%, 13.3%, and 12.2% [1][2]. Financial Performance Summary - **2023 Financials**: Revenue of 19.21 billion yuan, net profit of 2.01 billion yuan, and a gross margin of 32.83% [1][5]. - **2024 Forecast**: Expected revenue of 21.76 billion yuan, net profit of 2.29 billion yuan, and a gross margin of 32.95% [2][5]. - **Profitability Ratios**: The net profit margin for 2023 was 10.44%, with projections for 2024 at 10.54% [5][6]. - **Earnings Per Share (EPS)**: Projected EPS for 2024 is 2.79 yuan, with a PE ratio of 12 [2][6]. Product and Market Expansion - The company has diversified its product offerings, with significant growth in bed and custom products, achieving revenue of 4.10 billion yuan and 0.88 billion yuan respectively in 2023 [1]. - Domestic revenue reached 10.93 billion yuan, while overseas revenue was 7.52 billion yuan, reflecting growth rates of 6.13% and 6.84% respectively [1][5]. - The company is enhancing its distribution channels and focusing on integrated home solutions to boost profitability [1]. Cost Management and Efficiency - The gross margin increased by 2.00 percentage points to 32.83% in 2023, driven by improved operational efficiency and cost control measures [1]. - The company’s expense ratio for 2023 was 20.68%, with a slight increase in 2024 to 21.96%, primarily due to increased marketing expenses [1][5]. Strategic Focus - The company plans to strengthen its traditional home property advantages while expanding retail and distribution channels [1]. - It aims to enhance its product mix and customer value through integrated home packages and improved channel strategies [1].

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a revenue of 19.212 billion yuan in 2023, representing a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 2.006 billion yuan, up 10.7% year-on-year [1]. - The company's gross profit margin for 2023 was 32.83%, an increase of 2 percentage points year-on-year, with a gross profit margin of 34.18% in Q4 2023 [1]. - The company is experiencing positive contributions from the rapid release of production capacity in Vietnam, leading to improved overall profitability [1]. - The company is focusing on both domestic and international sales growth, with domestic sales reaching 10.935 billion yuan in 2023, a year-on-year increase of 6.13% [1]. - The company is actively expanding its presence in new channels and enhancing its product offerings, including a focus on integrated home solutions [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 4.35 billion yuan, a year-on-year increase of 5.02%, and a net profit of 420 million yuan, up 5.02% year-on-year [1]. - The company’s net profit margin for 2023 was 10.44%, with a projected increase in net profit to 2.314 billion yuan in 2024, reflecting a growth rate of 15.34% [2]. Profitability Metrics - The company’s operating profit for 2023 was 2.288 billion yuan, with a projected operating profit of 2.654 billion yuan in 2024 [3]. - The report forecasts an EPS of 2.82 yuan for 2024, with a PE ratio of 11.86 [2]. Market Strategy - The company is enhancing its collaboration with major clients and exploring new customer acquisition, including establishing flagship stores in India [1]. - The company aims to maintain rapid growth in high-potential product categories and is focusing on integrated home space products [1].

证券研究报告 | 年报点评报告 2024年04月30日 顾家家居（603816.SH） 逆势成长，行稳致远 公司发布2023年报&2024年一季报：1）2023年：实现收入192.12亿元（同比+6.7%）， 买入（维持） 归母净利润20.06亿元（同比+10.7%），扣非净利润17.81亿元（同比+15.3%）；单Q4收 入50.76亿元（同比+19.5%），归母净利润5.05亿元（同比+23.5%），扣非净利润4.16亿 股票信息 元（同比+58.3%），Q4内外销共振复苏、表现靓丽。2）2024Q1：实现收入43.50亿元（同 行业 家居用品 比+10.0%），剔除天禧派基数&美国产能爬坡影响后预计增长更快，归母净利润4.20亿元（同 比+5.0%），扣非净利润3.76亿元（同比+10.3%），表现稳健。 前次评级 买入 4月29日收盘价(元) 34.95 内外销延续复苏，盈利能力提升。2023年公司内销/外销分别实现收入109.35亿元/75.15亿 总市值(百万元) 28,725.11 元（同比+6.1%/+6.8%），毛利率分别为 37.6%/25.5%（同比+0.3pct/+4.7pct），预计 ...