ZBOM(603801) 华安证券·2025-03-08 18:32Investment 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 allocated 300 billion yuan in special bonds to support this 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 in the new growth phase of the home furnishing industry. The strategy focuses on integrated solutions, product leadership, digital intelligence, and superior service [5] - The company is steadily advancing its home furnishing strategy, with stable growth in its kitchen cabinet business and rapid development in wardrobes and wooden doors. The company expects revenue growth from 2024 to 2026, with projected revenues of 57.72 billion yuan, 62.08 billion yuan, and 66.17 billion yuan respectively [6] Summary by Sections Investment Rating - The company maintains a "Buy" rating with a closing price of 12.48 yuan as of March 8, 2025 [2] Market Conditions - The "old-for-new" policy is expected to stimulate home furnishing consumption, with subsidies ranging from 15% to 20% in various regions [4] - The company is well-positioned to leverage these policies due to its compliance and ability to meet diverse consumer needs [4] Strategic Initiatives - The company is focusing on an "integrated home" strategy, which is seen as a key growth area amid market challenges [5] - The leadership emphasizes the importance of collaboration with distributors to navigate economic cycles and seize growth opportunities [5] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 57.72 billion yuan, 62.08 billion yuan, and 66.17 billion yuan, with corresponding net profits of 4.99 billion yuan, 5.45 billion yuan, and 5.92 billion yuan [6][9] - The expected earnings per share (EPS) for the same period are 1.14 yuan, 1.25 yuan, and 1.36 yuan, with price-to-earnings (P/E) ratios of 10.92, 9.99, and 9.21 respectively [6][9]