多渠道+品类协同，盈利能力稳健

Investment Rating - The investment rating for the company is "Buy" with a 6-month target price maintained [4][7]. Core Views - The company reported a revenue of 1.095 billion yuan in Q4 2023, representing a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 128 million yuan, up 14.0% year-on-year [2]. - The company is focusing on enhancing supply chain management and has achieved significant cost reduction and efficiency improvements [3]. - The company is expanding its retail presence, with a net increase of 39, 101, 105, and 22 stores in kitchen cabinets, wardrobes, wooden doors, and balcony bathrooms respectively by the end of Q3 2023 [2]. - The company is also pursuing overseas market expansion, with a revenue of 200 million yuan in Q1-Q3 2023, reflecting a year-on-year growth of 19.5% [6]. Financial Performance - The company adjusted its profit forecast for 2023, expecting net profits of 294.5 million yuan, 353 million yuan, and 416 million yuan for 2023, 2024, and 2025 respectively, with corresponding P/E ratios of 10, 8, and 7 [3][7]. - The company achieved a net profit margin of 11.7% in Q4 2023, an increase of 1 percentage point year-on-year, benefiting from inventory optimization and improved supplier management efficiency [14]. - The company’s total revenue for 2023 is projected to be 3.642 billion yuan, with a growth rate of 2.5% [12]. Market Strategy - The company is implementing a differentiated strategy to penetrate the North American, Australian, and Southeast Asian markets, planning to invest up to 700 million yuan to establish a production base in Thailand [6]. - The company emphasizes multi-channel and multi-category collaboration to enhance its overall market presence and profitability [12].