顾家家居：总裁大额增持彰显信心，内销零售转型，外销经营改善

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's president, Li Donglai, plans to increase his stake in the company by investing between 150 million to 220 million CNY, reflecting confidence in the company's future [2]. - The company is focusing on domestic retail transformation and enhancing its export operations, with expectations of benefiting from government support for home renovation and upgrades [2]. - The company is expected to achieve steady growth in revenue and profit, with projected net profits of 2.11 billion CNY, 2.31 billion CNY, and 2.54 billion CNY for 2024, 2025, and 2026 respectively [2][3]. Summary by Sections Domestic Sales - The company is implementing a retail transformation strategy and focusing on the "Worry-Free Renewal Service" to capture the domestic market [2]. - The government has introduced measures to support home renovations, which the company aims to leverage [2]. Export Operations - The company is accelerating its globalization efforts, with strong performance in exports, particularly in upholstered furniture [2]. - The company has established partnerships with major clients like Costco and is expanding its presence in cross-border e-commerce [2]. Financial Projections - The company has maintained a dividend payout ratio of over 50% from 2019 to 2023, with an expected dividend rate of 50% for 2024, resulting in a dividend yield exceeding 5% [2]. - Revenue is projected to grow from 20.74 billion CNY in 2024 to 25.34 billion CNY in 2026, with corresponding PE ratios of 9.0X, 8.2X, and 7.5X [3].