ZBOM(603801) Huaan Securities·2025-03-08 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit from the "old-for-new" policy, which is anticipated to drive a recovery in the home furnishing market. The government has proposed a special long-term bond of 300 billion yuan to support the "old-for-new" initiative, with various regions offering subsidies for home renovation, including custom products like cabinets and wardrobes [4][5] - The company aims to build an "integrated home" capability, positioning itself to lead growth in the new era of home furnishing. The strategy focuses on integrated solutions, product leadership, digital intelligence, and superior service, which are expected to enhance market share [5] - The company is steadily advancing its home furnishing strategy, with stable growth in the kitchen cabinet business and rapid development in wardrobes and wooden doors. The company anticipates revenue of 5.772 billion yuan in 2024, with a projected growth of 7.5% in 2025 [6] Summary by Sections Investment Rating - The company maintains a "Buy" rating with a closing price of 12.48 yuan as of March 7, 2025 [2] Financial Performance - Revenue for 2023 was 6.116 billion yuan, with projections of 5.772 billion yuan for 2024, 6.208 billion yuan for 2025, and 6.617 billion yuan for 2026. The year-on-year growth rates are expected to be -5.6% in 2024, +7.5% in 2025, and +6.6% in 2026 [9] - The net profit attributable to the parent company for 2023 was 595 million yuan, with forecasts of 499 million yuan for 2024, 545 million yuan for 2025, and 592 million yuan for 2026, reflecting a year-on-year change of -16.2% in 2024, +9.3% in 2025, and +8.5% in 2026 [9] Strategic Initiatives - The company is focusing on the "integrated home" strategy, which is expected to enhance its competitive edge and market share. The leadership emphasizes the importance of adapting to market changes and leveraging unique customization capabilities [5] - The company is actively expanding its distribution channels, particularly in the southern market, and the new production base in Qingyuan is expected to contribute significantly to revenue [6]