Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 5.7 to 6.5 billion yuan in 2024, representing a year-on-year growth of 40% to 60% [1]. - The growth in performance is attributed to several factors, including the expansion of self-owned brands, increased direct sales to retail customers, enhanced innovation and product development, improved operational quality and efficiency, and a focus on international markets [1][3]. - The company has successfully established over 150 "store-in-store" setups in retail locations across the U.S., with plans to expand to nearly 500 by Q1 2025, which is expected to drive sales growth [3]. Financial Projections - The company anticipates a net profit of 612.15 million yuan in 2024, with projections of 718.13 million yuan and 840.96 million yuan for 2025 and 2026, respectively [4]. - Revenue is expected to grow from 1,462.65 million yuan in 2022 to 2,542.62 million yuan in 2024, reflecting a growth rate of 32.33% [4][11]. - The projected EBITDA for 2024 is 652.50 million yuan, with a steady increase expected in subsequent years [4]. Market Position and Strategy - The company has expanded its customer base significantly, with all of its top 10 customers being U.S. retailers, and 70% of them being retail merchants [3]. - The focus on international markets, particularly with transactions primarily in U.S. dollars, has positively impacted the company's foreign exchange gains [1]. - The report highlights the need for the company to address challenges related to shipping container availability, which has affected overall gross margin improvement [2].
匠心家居：差异化能力打开业绩及估值空间