Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a revenue of 8.124 billion yuan for 2024, representing a year-on-year increase of 33.74%, while the net profit attributable to shareholders decreased by 19.2% to 334 million yuan [1] - The company is optimizing its supply chain and enhancing its warehousing capabilities, particularly in North America, which is expected to accelerate growth [2][3] - The company has introduced new product lines and improved its marketing strategies, which are anticipated to drive steady growth post-tariff adjustments [5][11] Financial Performance Summary - For Q4 2024, the company achieved a revenue of 2.396 billion yuan, a year-on-year increase of 23.62%, but the net profit attributable to shareholders fell by 56% to 56 million yuan [1] - In Q1 2025, the company reported a revenue of 2.091 billion yuan, a year-on-year increase of 14%, with a net profit of 111 million yuan, up 10% [1] - The company expects revenues of 9.769 billion yuan in 2025, with a year-on-year growth of 20.25%, and net profits of 388 million yuan, reflecting a growth of 16.45% [11] Product and Market Performance - The furniture segment generated 4.198 billion yuan in revenue, up 37% year-on-year, while the home goods segment saw a 36% increase to 2.953 billion yuan [2] - The company has established a strong market position in Europe, with revenue of 4.896 billion yuan, a 31% increase, and in the US, revenue reached 3.017 billion yuan, up 39% [3] - The company is diversifying its sales channels, with Amazon contributing 5.37 billion yuan in revenue, a 31% increase, and independent sites growing by 58% to 214 million yuan [4] Supply Chain and Product Development - The company is enhancing its supply chain by relocating some operations to Southeast Asia, which is expected to reduce costs while maintaining quality [5] - In 2024, the company launched several new product lines and received 31 international design awards, indicating a commitment to improving product design capabilities [5] Future Outlook - The company anticipates continued revenue growth, projecting revenues of 12.034 billion yuan and net profits of 547 million yuan by 2026, with respective year-on-year growth rates of 23.19% and 40.89% [11] - The ongoing optimization of the Southeast Asian supply chain is expected to mitigate tariff impacts and strengthen long-term competitive advantages [11]
点评报告强化供应链布局，仓储尾程、供应商持续优化