SFY(SZ:002572) Guolian Securities·2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.79 yuan, based on a 13x PE for 2024 [9][13]. Core Insights - The company achieved a revenue of 11.666 billion yuan in 2023, representing a year-on-year increase of 3.95%. The net profit attributable to shareholders was 1.261 billion yuan, up 18.51% year-on-year [4][16]. - The company is focusing on a multi-brand, full-category, and all-channel strategy, which has proven effective in driving revenue and customer value [5][25]. - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, totaling 0.952 billion yuan, with a dividend payout ratio of 75% [4][12]. Financial Performance - Revenue projections for 2024-2026 are 13.126 billion yuan, 14.695 billion yuan, and 16.429 billion yuan, with respective growth rates of 12.52%, 11.95%, and 11.80% [8][13]. - The net profit attributable to shareholders is expected to be 1.466 billion yuan, 1.660 billion yuan, and 1.874 billion yuan for the same period, with growth rates of 16.23%, 13.24%, and 12.90% respectively [8][13]. - The company has shown significant improvement in cost management, with a gross margin increase of 3.16 percentage points to 36.15% in 2023 [6][31]. Business Segments - The company's cabinet business is undergoing adjustments, with expectations for recovery in 2024. The wood door segment has shown strong growth of 35.73% year-on-year [6][31]. - The Milan brand has successfully penetrated the blue ocean market, achieving a revenue increase of 47.24% year-on-year [5][31]. - The integrated channel has seen a substantial revenue increase of 67.52% year-on-year, indicating strong performance in this area [5][31]. Market Position - The company has a total share capital of 963.05 million shares, with a circulating market value of 10,092.95 million yuan [2]. - The company's price-to-earnings ratio (P/E) is currently at 12.3, while the price-to-book ratio (P/B) stands at 2.2 [8].