GOLDENHOME(SH:603180) Xinda Securities·2025-05-01 03:27Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on growth opportunities and strategic initiatives [1]. Core Viewpoints - The company is implementing a "Four-Horse Carriage" business development strategy to adapt to industry changes and seek growth opportunities [2]. - The company reported a decline in revenue and net profit for 2024, with a revenue of 34.75 billion and a net profit of 1.99 billion, reflecting a year-on-year decrease of 4.7% and 31.8% respectively [1][2]. - The company is focusing on optimizing channels and enhancing its retail, home decoration, and overseas business segments to drive growth [2]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 34.75 billion (down 4.7% YoY) and a net profit of 1.99 billion (down 31.8% YoY) [1]. - For Q1 2025, the company reported revenue of 5.87 billion (down 8.4% YoY) and a net profit of 0.35 billion (down 4.2% YoY) [1]. Business Strategy - The "Four-Horse Carriage" strategy includes retail, home decoration, precision decoration, and overseas markets, aiming to capture diverse customer needs [2]. - The retail segment generated 17.56 billion in 2024, with a gross margin of 36.31% [2]. - The home decoration segment saw a growth of approximately 40% in 2024, while the overseas segment achieved a revenue of 3.35 billion (up 22.34% YoY) [2]. Product Development - The company is advancing integrated development of kitchen cabinets, wardrobes, and wooden doors, achieving revenues of 20.25 billion, 10.59 billion, and 2.50 billion respectively in 2024 [3]. - The overall gross margin for 2024 was 28.68%, with a slight recovery in profit margins observed in Q1 2025 [3]. Cash Flow and Dividends - The company faced cash flow pressure in Q1 2025, with a negative operating cash flow of -4.16 billion [4]. - The cash dividend for 2024 was 0.60 billion, with a payout ratio of approximately 30.02% [5]. Profit Forecast - The company is projected to achieve net profits of 2.4 billion, 2.6 billion, and 2.8 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.7X, 10.6X, and 9.8X [5].