顾家家居点评报告：重视单品提升，零售能力突出

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is positioned as a leading player in the home furnishing sector, with expectations for revenue and profit growth to exceed forecasts due to a new organizational adjustment and strong retail capabilities [3][4] Summary by Sections 1. Performance Expectations - The company has initiated a new round of organizational adjustments to enhance product categories, with expectations for growth in bedroom, supporting, and customized products [4] - The company’s revenue from bedroom products is projected to improve after a decline of 20% year-on-year in the first half of 2024, while supporting products saw a 17% decline [4] 2. Retail Strategy - The company is accelerating the opening of integrated large stores, with over 35% of sales coming from whole-home package sales, which is expected to increase average transaction values [5] - The logistics and distribution coverage is expected to rise from 30% in 2023 to over 50% in 2024, enhancing turnover and customer satisfaction [5] 3. International Trade Outlook - The company plans to expand its operations in Vietnam to mitigate the impact of tariffs and has seen its foreign trade revenue grow from 3.5 billion in 2018 to 7.5 billion in 2023, with a 13% year-on-year increase in the first half of 2024 [6][11] 4. Industry Catalysts - The home furnishing sector is expected to benefit from government subsidies and a strong demand for home renovations, particularly in major cities [12] 5. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 192.17 billion, 208.08 billion, and 225.2 billion respectively, with corresponding net profits of 18.79 billion, 20.36 billion, and 22.22 billion [14]