Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing temporary operational pressure but is actively adjusting its strategies with expectations for profit recovery [8] - The company reported a revenue of 7.13 billion yuan in 2024, a year-on-year decrease of 6.76%, and a net profit attributable to shareholders of 67.7 million yuan, down 84.28% year-on-year [8] - The company is focusing on retail channels and aims to enhance product strength and brand marketing to optimize product structure and improve store efficiency [8] Financial Summary - Revenue projections for the company are as follows: 2023A: 7.648 billion yuan, 2024A: 7.131 billion yuan, 2025E: 7.558 billion yuan, 2026E: 7.974 billion yuan, 2027E: 8.383 billion yuan [1] - Net profit projections are: 2023A: 424.64 million yuan, 2024A: 66.77 million yuan, 2025E: 304.78 million yuan, 2026E: 355.95 million yuan, 2027E: 419.60 million yuan [1] - The company's earnings per share (EPS) are projected to be: 2023A: 0.44 yuan, 2024A: 0.07 yuan, 2025E: 0.31 yuan, 2026E: 0.37 yuan, 2027E: 0.43 yuan [1] - The price-to-earnings (P/E) ratio is projected to be: 2024A: 118.96, 2025E: 26.06, 2026E: 22.31, 2027E: 18.93 [1] - The company’s gross profit margin for 2024 is 25.24%, a decrease of 3.1 percentage points year-on-year, primarily due to intensified industry competition [8]
箭牌家居（001322）：2024年报、2025年一季报点评：经营阶段性承压，积极调整期待盈利修复