GOLDENHOME(SH:603180) Guotou Securities·2025-05-09 02:33Investment Rating - The investment rating for the company is "Buy-A" with a target price of 24.33 CNY, maintaining the rating [5]. Core Views - The company has experienced a decline in revenue and net profit in 2024, with a revenue of 3.475 billion CNY, down 4.68% year-on-year, and a net profit of 199 million CNY, down 31.76% year-on-year. However, the company is focusing on upgrading its "four-horsepower" strategy, which includes retail, home decoration, refined decoration, and overseas markets [1][9]. - The company is actively expanding its overseas market presence, particularly in North America, Australia, and Southeast Asia, leading to a 22.34% increase in overseas revenue in 2024 [3]. - The company aims to enhance its home decoration channel, achieving approximately 40% growth in this segment in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.475 billion CNY, a decrease of 4.68% year-on-year, and a net profit of 199 million CNY, a decline of 31.76% year-on-year. The first quarter of 2025 saw a revenue of 587 million CNY, down 8.35% year-on-year, and a net profit of 35 million CNY, down 4.16% year-on-year [1][9]. - The gross profit margin for 2024 was 28.68%, a decrease of 0.91 percentage points year-on-year, while the first quarter of 2025 saw a gross profit margin of 29.96%, an increase of 1.95 percentage points year-on-year [4]. Product and Channel Performance - In 2024, the company achieved revenues of 2.025 billion CNY from kitchen cabinets, 1.059 billion CNY from wardrobes, and 250 million CNY from wooden doors, with respective year-on-year changes of -9.30%, +1.41%, and +1.82%. In Q1 2025, the revenues were 322 million CNY from kitchen cabinets, 206 million CNY from wardrobes, and 36 million CNY from wooden doors, with year-on-year changes of -17.15%, +8.26%, and +43.92% [2]. - The company’s revenue from distribution stores, direct sales, bulk business, and overseas markets in 2024 was 1.756 billion CNY, 10 million CNY, 1.242 billion CNY, and 335 million CNY, with year-on-year changes of -6.62%, -89.59%, -2.64%, and +22.34% respectively [3]. Future Outlook - The company is projected to achieve revenues of 3.731 billion CNY, 4.074 billion CNY, and 4.345 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.36%, 9.22%, and 6.65% [10]. - The expected net profit for 2025, 2026, and 2027 is 217 million CNY, 231 million CNY, and 265 million CNY, with respective growth rates of 8.87%, 6.30%, and 14.89% [10].