GOLDENHOME(SH:603180) Tai Ping Yang·2024-02-06 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [9][15]. Core Insights - The company has demonstrated stable revenue growth, with a reported total revenue of 3.642 billion yuan in 2023, reflecting a 2.50% increase year-on-year. The net profit attributable to shareholders reached 292 million yuan, up 5.45% from the previous year [14][15]. - The company has successfully reduced costs and improved efficiency, leading to a significant recovery in operating cash flow, which increased by 150.73% to 619 million yuan [4][15]. - Future revenue projections are optimistic, with expected revenues of 4.200 billion yuan in 2024 and 4.859 billion yuan in 2025, representing growth rates of 15.33% and 15.68%, respectively [2][15]. Financial Performance Summary - Revenue and Profitability: - 2022 Revenue: 3.553 billion yuan, 2023 Revenue: 3.642 billion yuan (+2.50%), 2024 Revenue: 4.200 billion yuan (+15.33%), 2025 Revenue: 4.859 billion yuan (+15.68%) [2]. - 2022 Net Profit: 277 million yuan, 2023 Net Profit: 292 million yuan (+5.45%), 2024 Net Profit: 346 million yuan (+18.36%), 2025 Net Profit: 393 million yuan (+13.70%) [2]. - Earnings Per Share (EPS): - 2022 EPS: 1.80 yuan, 2023 EPS: 1.89 yuan (+6.11%), 2024 EPS: 2.24 yuan, 2025 EPS: 2.55 yuan [2][15]. - Price-to-Earnings Ratio (PE): - 2023 PE: 9.50, 2024 PE: 8.03, 2025 PE: 7.06 [2][15]. Strategic Outlook - The company is focusing on enhancing its domestic home decoration and expanding into overseas markets, particularly in North America and Australia, while also exploring Southeast Asian markets [22]. - The report anticipates that the company's overseas revenue will approach 10% of total revenue in the future, driven by strategic investments in production facilities in Thailand and satellite factories in other Southeast Asian countries [22].