2023业绩快报点评：聚焦整家多渠道发力，业绩双位数增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the coming months [11][14]. Core Insights - The company achieved double-digit growth in both revenue and profit in 2023, with total revenue reaching 6.116 billion yuan, a 13.50% increase year-on-year, and net profit attributable to shareholders at 595 million yuan, up 10.78% [1][14]. - The company is focusing on a multi-channel strategy to drive growth, including enhancing its retail business through new models and expanding its presence in the southern market and overseas [2][14]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 7.063 billion yuan in 2024 and 8.137 billion yuan in 2025, reflecting growth rates of 15.47% and 15.21% respectively [17][24]. Summary by Sections Financial Performance - In 2023, the company reported an adjusted total revenue of 6.116 billion yuan, a 13.50% increase from 2022, and a net profit of 595 million yuan, marking a 10.78% growth [1][17]. - The basic earnings per share (EPS) for 2023 was 1.36 yuan, an increase of 8.59% compared to the previous year [1][14]. Business Strategy - The company is enhancing its retail strategy by focusing on the "whole home" concept, which includes expanding product categories and improving customer engagement through innovative sales models [2][14]. - The company is also strengthening its large-scale business segment, which accounts for approximately 30% of its revenue, by managing systemic risks and adjusting its customer structure [2][14]. Market Outlook - The company is expanding its operations in Southeast Asia through franchise stores, with plans to penetrate the U.S. and Australian markets, aiming to unlock new growth opportunities [2][14]. - The projected financials indicate a steady increase in net profit, with estimates of 698 million yuan in 2024 and 808 million yuan in 2025, reflecting growth rates of 17.29% and 15.72% respectively [17][24].