金牌家居：新零售战略成效显现-20250508

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company has shown signs of effectiveness in its new retail strategy, with revenue and profit figures reflecting the current market challenges [1]. - The company is undergoing a transition phase with its new retail and international strategies, which are currently in the investment stage, leading to increased fixed costs [1][4]. - The company has diversified its product offerings, with resilient growth in the wardrobe segment despite overall revenue declines in other categories [2][3]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 587 million yuan, a year-on-year decrease of 8.4%, and a net profit of 35 million yuan, down 4.2% [1]. - For the full year 2024, the company reported revenue of 3.475 billion yuan, a decline of 4.7%, and a net profit of 199 million yuan, down 31.8% [1]. - The gross profit margin for 2024 was 28.68%, a decrease of 0.90 percentage points year-on-year, while the net profit margin was 5.74%, down 2.28 percentage points [1]. Product Segment Performance - In 2024, the overall kitchen cabinet revenue was 2.025 billion yuan, down 9.3%, while the overall wardrobe revenue increased by 1.4% to 1.059 billion yuan [2]. - In Q1 2025, the kitchen cabinet revenue was 322 million yuan, a decrease of 17.2%, while the wardrobe revenue rose by 8.3% to 206 million yuan [2]. Channel and International Development - The company has implemented a new retail strategy, referred to as the "140 Strategy," focusing on enhancing dealer capabilities and expanding multi-channel marketing [4]. - The company has also accelerated its international development, establishing a manufacturing base in Thailand and satellite factories to enhance local service capabilities [4]. Financial Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 230 million yuan, 250 million yuan, and 270 million yuan respectively [5][7]. - The expected P/E ratios for 2025-2027 are projected to be 12.54, 11.41, and 10.45 respectively [7].