顾家家居：董事长换帅，激励绑定骨干，龙头长坡厚雪

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has appointed a new chairman, Mr. Kuang Guangxiong, who has a strong background in finance and management, indicating a strategic shift [1]. - A new stock incentive plan has been introduced, targeting 84 core employees with a grant price of 11.84 CNY per share, aiming for significant profit growth from 2025 to 2027 [1]. - The company is focusing on enhancing its retail and operational efficiency through channel integration and expansion, particularly in key international markets such as North America and Europe [1]. Financial Performance Summary - The projected net profits for 2024, 2025, and 2026 are 1.98 billion CNY, 2.16 billion CNY, and 2.39 billion CNY respectively, with corresponding P/E ratios of 9.7X, 8.9X, and 8.1X [2]. - The company's revenue for 2024 is expected to be 19.39 billion CNY, with a slight growth of 0.9% year-on-year, followed by a projected increase of 9.7% in 2025 and 11.0% in 2026 [3][11]. - The net profit margin is projected to remain stable, with a slight decrease in return on equity (ROE) from 20.6% in 2023 to 18.2% in 2026 [3][10]. Operational Strategy - The company is implementing a 1+N+X channel and store matrix to enhance its retail presence, with a focus on customized home solutions [1]. - International operations are expanding, with significant developments in Vietnam, Mexico, and the United States, aiming to improve production scale and operational efficiency [1]. - The company is also enhancing its brand presence in emerging markets such as India and Central Asia, indicating a strategic focus on global market penetration [1].