收入、利润逆势双增，加速推进整家战略

Investment Rating - The report maintains a "Buy" rating for the company [3][17]. Core Insights - The company is experiencing steady growth across multiple product categories, including kitchen cabinets, wardrobes, and wooden doors, driven by integrated design and order advantages [2][15]. - The company's retail business continues to grow steadily, with significant contributions from bulk sales and strategic partnerships in the home decoration sector [15][14]. - The financial forecast for 2024-2025 estimates net profits of 6.9 billion and 8.0 billion yuan, with corresponding P/E ratios of 9.2X and 7.9X [3][4]. Financial Performance - The company achieved a revenue of 6.116 billion yuan in 2023, representing a year-on-year growth of 13.5% [14]. - The net profit for 2023 was 595 million yuan, with a year-on-year increase of 10.8% [14]. - The projected revenue for 2024 and 2025 is 7.035 billion and 8.085 billion yuan, respectively, with growth rates of 15.0% and 14.9% [4]. Market Strategy - The company is expanding its presence in the southern market and enhancing its multi-category strategy, which is expected to drive further growth [3][15]. - The integration of kitchen, wardrobe, and wooden door products is expected to increase the overall order rate [2][15]. - The company has signed strategic partnerships with over 20 leading decoration companies, anticipating continued high growth in integrated home decoration revenue [15].