整家战略驱动，业绩稳步增长

Investment Rating - The investment rating for the company is "Buy" and maintained [5][20]. Core Views - The company, Zhigang Home (603801), is driven by a whole-home strategy and has shown steady growth in performance [6][20]. - In 2023, the company achieved a revenue of 6.116 billion yuan, representing a year-on-year increase of 13.50%, and a net profit attributable to the parent company of 595 million yuan, up 10.78% year-on-year [18][23]. - The fourth quarter of 2023 saw a revenue of 2.188 billion yuan, a year-on-year increase of 16.87%, and a net profit of 246 million yuan, up 10.86% year-on-year [18][19]. Financial Performance - The company's net profit margin for Q4 2023 reached 11.24%, with a year-on-year decrease of 0.62 percentage points and a quarter-on-quarter increase of 0.80 percentage points [8]. - The revenue growth rates for 2023 Q1, Q2, Q3, and Q4 were 6.20%, 17.11%, 9.88%, and 16.87% respectively, indicating a steady recovery in terminal demand [19]. - The company is focusing on core business and main markets, transitioning from "single-category kitchen cabinets" to "whole-home customization" and eventually to "full-case delivery" [19]. Future Projections - The company is expected to achieve net profits of 695 million yuan and 797 million yuan in 2024 and 2025, respectively, with year-on-year growth rates of 16.80% and 14.76% [20][23]. - The corresponding price-to-earnings ratios (PE) for 2024 and 2025 are projected to be 10 and 9 times, respectively [20].