索菲亚：巩固大家居龙头优势，发力整装渠道

Investment Rating - The report assigns no rating to the company [1] Core Views - The company is focusing on consolidating its leading position in the home furnishing sector and is actively developing its integrated channel strategy [1] - In 2024, the company reported a revenue of 10.494 billion yuan, a year-on-year decrease of 10.0%, while the net profit attributable to the parent company was 1.371 billion yuan, an increase of 8.7% [1][2] - The company is implementing a "multi-brand + all-channel + all-category" strategy to enhance market share and maintain stable operations [1][2] Revenue and Profitability - The company's revenue from the integrated channel reached 2.216 billion yuan in 2024, showing a year-on-year increase of 16.22% [3] - The gross profit margin for 2024 was 35.43%, a decrease of 0.72 percentage points year-on-year, while the net profit margin was 13.06%, an increase of 2.25 percentage points [4] - The company expects net profits for 2025-2027 to be 1.48 billion, 1.61 billion, and 1.79 billion yuan respectively, with corresponding P/E ratios of 9.9X, 9.1X, and 8.2X [6] Brand and Channel Strategy - The company operates four major brands to meet diverse customer needs, with significant upgrades in product categories in 2024 [2] - The number of exclusive stores for the main brand, Sophia, decreased to 2,503 by the end of 2024, down by 224 stores year-on-year [2] - The company is expanding its digital and integrated marketing efforts, with over 30 million followers in its private domain matrix [3] Financial Performance - The company reported a significant decline in operating cash flow in Q1 2025, amounting to -700 million yuan, although it was an improvement of 317 million yuan year-on-year [6] - The company maintained a high dividend payout ratio of 77.54% in 2024, with total cash dividends and buybacks amounting to 1.063 billion yuan [6] - The company’s inventory turnover days were 35.85 days, a decrease of 2.74 days year-on-year, indicating efficient inventory management [4]