23年业绩稳健，整家战略驱动成长

Investment Rating - The investment rating for the company is "Buy" with a target price set at 15.53 CNY [4][3]. Core Insights - The company reported a revenue of 11.67 billion CNY for 2023, reflecting a year-on-year growth of 4.0%. The net profit attributable to the parent company was 1.26 billion CNY, an increase of 17.9% [24]. - The company is implementing a multi-brand, omni-channel, and full-category strategy, which is progressing steadily. This includes accelerating terminal recruitment and store openings, as well as expanding designer and construction company channels [2][32]. - The company has adjusted its profit forecasts for 2024-2025, expecting net profits of 1.36 billion CNY and 1.57 billion CNY respectively, with corresponding EPS of 1.41 CNY and 1.63 CNY [25]. Financial Summary - The total market capitalization of the company is approximately 14.96 billion CNY, with a circulating market value of about 9.92 billion CNY [4]. - The company’s total assets are reported at 12.43 billion CNY, with total liabilities of 6.49 billion CNY, resulting in a debt-to-asset ratio of 51.46% [4][9]. - The company’s gross profit margin improved, with a net profit margin of 10.8%, an increase of 1.3 percentage points year-on-year [34]. Growth Potential - The company’s growth strategy includes enhancing customer value through a whole-home solution approach, which integrates various product categories and channels [24][33]. - The company is focusing on optimizing its customer structure in the engineering channel and expanding its overseas market presence [24]. - The company has seen significant improvements in operational efficiency and cost reduction, which are expected to further enhance profitability in 2024 [34].