Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company has released a performance forecast for 2024, which exceeds expectations, with an anticipated net profit attributable to shareholders ranging from 570 to 650 million yuan, representing a year-on-year growth of 39.9% to 59.6% [6]. - The company is actively promoting its own brand development, significantly increasing direct retail customers, and successfully advancing the store-in-store model [6]. - The company has demonstrated strong R&D capabilities, with new product series and innovations contributing to revenue growth and improved profit margins [6]. - The company is enhancing its after-sales service capabilities, leading to improved operational quality and efficiency [6]. - Short-term performance is driven by innovation and brand development, while long-term growth is supported by global expansion and product upgrades [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,921 million yuan in 2023 to 4,193 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 22.7% [2]. - Net profit attributable to shareholders is expected to increase from 407 million yuan in 2023 to 917 million yuan in 2026, reflecting a CAGR of about 21.3% [2]. - The gross margin is forecasted to improve slightly from 34.0% in 2023 to 35.1% in 2026 [2]. - The return on equity (ROE) is projected to rise from 13.6% in 2023 to 19.3% in 2026 [2]. Market Data - As of February 6, 2025, the closing price of the company's stock is 77.50 yuan, with a market capitalization of approximately 3,299 million yuan [3]. - The price-to-earnings (PE) ratio for 2024 is estimated at 21, decreasing to 14 by 2026 [2][3].
匠心家居：2024年业绩预告点评：表现超预期，产品品牌升级、汇兑共振