SFY(002572) 渤海证券·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.28 yuan [38] Core Viewpoints - The company is focused on its "multi-brand, full-category, full-channel" home furnishing strategy, which has driven growth in 2023 [36] - The company's employee stock ownership plan, announced on March 2, sets performance targets for 2024 and 2025, with revenue and net profit growth of at least 10% and 20% respectively [8] - The company plans to strengthen its marketing strategy for the Sofa brand, expand the Milan brand, and enhance channel construction for the Simi and Huahe brands in 2024 [8] - The company's Q4 2023 revenue was 3.466 billion yuan, a year-on-year increase of 5.38%, while net profit attributable to the parent company was 303 million yuan, a year-on-year increase of 16.09% [15] - The company's net profit margin for 2023 was 10.76%, an increase of 1.28 percentage points compared to 2022 [15] Financial Performance - In 2023, the company achieved revenue of 11.666 billion yuan, a year-on-year increase of 3.95%, and net profit attributable to the parent company was 1.255 billion yuan, a year-on-year increase of 17.93% [23] - The company's EPS for 2023 was 1.38 yuan, and the forecast for 2024 and 2025 is 1.50 yuan and 1.71 yuan respectively, with a 2024 PE valuation of 11 times [24] - The company's revenue growth rate for 2023 was 3.9%, with a forecasted growth rate of 12.0% and 11.6% for 2024 and 2025 respectively [26] - The company's net profit growth rate for 2023 was 17.9%, with a forecasted growth rate of 15.4% and 13.6% for 2024 and 2025 respectively [26] Strategic Development - The company is expected to continue its multi-brand strategy in 2024, with a focus on expanding overseas markets [8] - The company's cost reduction and efficiency improvement measures have significantly improved its profitability, with a notable increase in gross profit margin [36] - The company's integrated home furnishing strategy has driven growth in new channels, with the whole-house customization and Milan brands maintaining high growth trends [36]