GOLDENHOME(SH:603180) Xinda Securities·2025-05-01 04:25Investment 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 facing challenges in a competitive market and is implementing a "Four Horsemen" business development strategy to seek growth opportunities [2]. - The company reported a decline in revenue and net profit for 2024, with a revenue of 3.475 billion and a net profit of 199 million, reflecting a year-on-year decrease of 4.7% and 31.8% respectively [1][5]. - The company is optimizing its channels and exploring growth opportunities through various business segments, including retail, home decoration, refined decoration, and overseas markets [2]. Summary by Relevant Sections Revenue and Profitability - In 2024, the company achieved a 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 a 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 Horsemen" strategy includes retail, home decoration, refined decoration, and overseas markets, aimed at finding growth opportunities amidst industry changes [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]. Financial Metrics - The company's gross margin for 2024 was 28.68%, with a net profit margin of 5.74% [3]. - The company maintained a cash dividend payout ratio of approximately 30.02% in 2024, distributing 0.60 billion in cash dividends [4][5]. - The projected net profits for 2025-2027 are estimated at 2.4 billion, 2.6 billion, and 2.8 billion respectively, with corresponding P/E ratios of 11.7X, 10.6X, and 9.8X [5].