建霖家居：以稳健的增长基础，迎接需求复苏

Investment Rating - The report maintains a "Buy" rating for the company [35]. Core Viewpoints - The company is focused on the kitchen and bathroom products sector, primarily targeting overseas markets, with a significant portion of its revenue coming from exports [25][36]. - The company has shown a stable financial performance with a revenue of 4.334 billion yuan in 2023, reflecting a year-on-year growth of 3.52%, although net profit decreased by 7.25% to 425 million yuan [52]. - The company is expanding its production capacity and enhancing its product lines, including investments in health and wellness products [75]. Summary by Sections Company Overview - The company specializes in the research, design, production, and sales of kitchen and bathroom products, with a strong emphasis on overseas markets, particularly North America [25][36]. - The company has a high concentration of ownership, with the controlling families holding nearly 50% of the shares [32]. Business Operations - The company has a robust production and R&D capability, with a focus on smart manufacturing and a diverse product line that includes water purification and air treatment products [62][66]. - The company maintains a high R&D expenditure rate, consistently around 5-6%, and has received numerous patents and awards for its innovations [67][70]. Export Market - North America is the primary market, contributing significantly to the company's revenue, with a stable demand from major clients [71]. - The company has established long-term partnerships with leading brands in the kitchen and bathroom sector, maintaining a stable market share [71][74]. Domestic Market - The company is actively expanding its domestic sales, focusing on brand development and engineering projects, with a current domestic sales ratio of 23% [75]. - The company is also investing in health and wellness products, collaborating with educational institutions and local governments to enhance its product offerings [75]. Financial Forecast - The company is expected to achieve revenue growth in the coming years, driven by a recovery in the North American real estate market and ongoing expansion in its product lines [35][78].