ZBOM(SH:603801) Minsheng Securities·2024-03-11 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company is expected to achieve steady growth in its cabinet business, with a revenue increase of 0.04% year-on-year for Q1-Q3 2023, and a continued robust performance anticipated in Q4 2023 due to integrated business efforts [1]. - The wardrobe segment has shown significant growth, with a 16.22% year-on-year increase in revenue for Q1-Q3 2023, and further acceleration is expected in Q4 2023 as the company expands its product categories and market reach [1]. - The wooden door and wall panel business has experienced remarkable growth, with a 93.13% year-on-year revenue increase for Q1-Q3 2023, and this high growth is expected to continue into Q4 2023 [1]. - The retail channel is projected to see accelerated growth in Q4 2023, driven by the company's integrated home strategy and innovative marketing approaches [2]. - The company is also focusing on international expansion, with plans to enhance its overseas business through strategic resource allocation and market development [2]. - The company's profitability remains stable, with a projected net profit margin of 9.73% for 2023, slightly down from the previous year, primarily due to increased asset impairment losses and higher R&D expenses [3]. - The forecasted net profits for 2023-2025 are expected to be 5.95 billion, 6.90 billion, and 7.94 billion yuan, reflecting year-on-year growth rates of 10.9%, 15.8%, and 15.2% respectively [3][4]. Financial Summary - The company achieved a total revenue of 61.2 billion yuan in 2023, representing a 13.5% year-on-year increase, with Q4 2023 revenue expected to reach 21.9 billion yuan, a 16.9% increase [10]. - The projected earnings per share for 2023-2025 are 1.36 yuan, 1.58 yuan, and 1.82 yuan, with corresponding price-to-earnings ratios of 11, 9, and 8 [4].