顾家家居：多元化品类品牌布局，加速渠道市场变革

Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company is transitioning from a single product operation to a comprehensive home furnishing model, leveraging its strong brand power, organizational capabilities, R&D design strength, channel strength, and product strength to create a robust competitive moat [1][26]. - Despite facing severe challenges in both domestic and international markets, the company's performance has shown stable growth, with revenue increasing from 2.682 billion to 19.212 billion yuan from 2013 to 2023, representing a CAGR of 21.76% [1][63]. - The company has implemented a "1+N+X" development strategy to enhance retail transformation and channel organization, which has improved management efficiency and decision-making flexibility [1][26]. Summary by Sections Overview - The company is recognized globally for providing integrated home solutions and is evolving from a single product focus to a full-category home furnishing approach [1][26]. - The company has experienced significant growth in revenue and net profit over the past decade, with a notable increase in brand recognition and market presence [1][63]. Product Categories - The company has diversified its product offerings, focusing on sofas as the core category while expanding into mattresses and customized products, which are expected to drive future growth [1][26]. - The sofa segment has a wide price range, contributing significantly to revenue, while the customized furniture segment is rapidly expanding [1][64]. Channels - The "1+N+X" channel strategy is being executed to create a multi-category integrated store model, enhancing retail capabilities and improving the overall customer experience [1][26]. - The company is also transforming its retail centers and organizational structure to empower distributors and enhance channel vitality [1][26]. Globalization - The company has established a comprehensive production base layout, enhancing its global market presence and supply chain efficiency [1][26]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 18.964 billion, 20.465 billion, and 21.872 billion yuan, with corresponding net profits of 1.878 billion, 2.057 billion, and 2.241 billion yuan [1][30]. - The company is expected to maintain a stable growth trajectory, with a focus on expanding its product matrix and enhancing channel strategies [1][30].