GOLDENHOME(SH:603180) Xin Lang Cai Jing·2025-05-09 04:31Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a continued downward trend in Q1 2025, although some product lines showed growth [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 3.475 billion, a year-on-year decrease of 4.68%, and a net profit of 199 million, down 31.76% [1]. - Q4 2024 revenue was 1.059 billion, a decline of 3.61%, with net profit at 80 million, down 36.61% [1]. - Q1 2025 revenue was 587 million, a decrease of 8.35%, while net profit was 35 million, down 4.16% [1]. Product Performance - In 2024, revenue from kitchen cabinets, wardrobes, and wooden doors was 2.025 billion, 1.059 billion, and 250 million respectively, with year-on-year changes of -9.30%, +1.41%, and +1.82% [2]. - In Q1 2025, kitchen cabinets, wardrobes, and wooden doors generated revenue of 322 million, 206 million, and 36 million, with year-on-year changes of -17.15%, +8.26%, and +43.92% [2]. Channel Performance - In 2024, revenue from distribution stores, direct sales, bulk business, and overseas markets was 1.756 billion, 10 million, 1.242 billion, and 335 million, with year-on-year changes of -6.62%, -89.59%, -2.64%, and +22.34% [2]. - In Q1 2025, revenue from distribution stores, bulk business, and overseas markets was 306 million, 187 million, and 74 million, with year-on-year changes of +7.17%, -20.21%, and -9.47% [2]. Strategic Focus - The company will continue to focus on the "four-horsepower" strategy, which includes retail, home decoration, refined decoration, and overseas markets, aiming to enhance R&D management and accelerate digital transformation [3]. - The home decoration channel is expected to achieve approximately 40% growth year-on-year in 2024 [3]. Profitability and Cost Management - The gross margin for 2024 was 28.68%, a decrease of 0.91 percentage points, while Q4 2024 gross margin was 31.81%, an increase of 0.65 percentage points [3]. - The company’s expense ratio for 2024 was 24.03%, an increase of 1.22 percentage points, with specific expense rates for sales, management, R&D, and financial expenses [4]. Investment Outlook - The company is expected to achieve revenues of 3.731 billion, 4.074 billion, and 4.345 billion from 2025 to 2027, with year-on-year growth rates of 7.36%, 9.22%, and 6.65% [5]. - The projected net profit for the same period is 217 million, 231 million, and 265 million, with corresponding growth rates of 8.87%, 6.30%, and 14.89% [5].