顾家家居：发布高管增持计划，彰显发展信心

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 35.70, down from a previous target of RMB 50.04 [1][7]. Core Views - The company's president, Li Donglai, plans to increase his stake in the company by RMB 150-220 million, reflecting confidence in the company's long-term value amidst a challenging real estate environment [1][2]. - The report slightly lowers the domestic revenue forecast due to ongoing demand recovery issues, projecting net profits for 2024-2026 to be RMB 20.92 billion, RMB 23.21 billion, and RMB 25.81 billion respectively [1][5]. - The company is expected to benefit from new government policies supporting home renovations and a promotional campaign aimed at boosting domestic sales [3]. Summary by Sections Management and Shareholding - Li Donglai's planned share purchase represents the largest executive buyback since 2021, indicating strong management confidence in the company's future [2]. Domestic Market - The domestic market faces challenges with demand recovery, but recent government measures to support home renovations and the company's promotional activities are expected to improve sales [3]. International Market - The international market remains resilient, with expectations of strong export performance and ongoing overseas capacity expansion, particularly in Vietnam [4]. Financial Projections - Revenue projections for 2024-2026 are set at RMB 20.40 billion, RMB 22.52 billion, and RMB 24.76 billion, with corresponding net profits and EPS estimates adjusted slightly downward [5][12]. - The report highlights a decrease in PE ratios, with the 2024 PE expected to be 14 times, reflecting the company's strong management capabilities and operational advantages [1][5].