Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's fundamentals have confirmed a bottom, with channel replenishment and real estate recovery expected to drive growth [4] - Despite a significant decline in revenue in 2023, the company is projected to recover in 2024, with potential for double-digit growth in 2025-2026 [6] Financial Summary - The company reported a revenue of $1.375 billion in 2023, a year-over-year decline of 30.9%, primarily due to changes in inventory policies from its core customer, Lowe's [5] - The net loss for 2023 was $0.372 billion, with a gross margin of 28.14% [5] - Revenue forecasts for 2024 and 2025 have been adjusted to $1.444 billion and $1.662 billion, respectively, with a projected net profit of -$0.017 billion in 2024 and $0.050 billion in 2025 [4][7] - The company’s current price-to-book (PB) ratio is 1.34, significantly below its historical average of 2.64 [4] Growth Drivers - Key growth drivers include the replenishment of inventory by core customers and a recovery in the U.S. real estate market, with forecasts indicating a 3.3% and 9.8% increase in new home sales for 2024 and 2025, respectively [6]
港股公司信息更新报告：基本面底部确认，渠道补库及地产复苏有望驱动成长