Investment Rating - Maintain "Overweight" rating [2] Core Views - The company released its 2023 annual report, showing revenue of 6.074 billion yuan, a YoY increase of 11.34%, and net profit attributable to the parent company of 413 million yuan, a YoY increase of 65.08% [2] - In Q4 2023, revenue reached 1.938 billion yuan, a YoY increase of 45%, and net profit attributable to the parent company was 126 million yuan, a YoY increase of 60.59% [2] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) [2] Product Performance - Furniture series revenue in 2023 was 2.71 billion yuan, a YoY increase of 4.79% [3] - Home series revenue was 2.285 billion yuan, a YoY increase of 22.31% [3] - Pet series revenue was 519 million yuan, a YoY increase of 37.3% [3] - Garden series revenue was 466 million yuan, a YoY decrease of 12.26% [3] Market Performance - European market revenue in 2023 was 3.729 billion yuan, a YoY increase of 21.64% [3] - North American market revenue was 2.173 billion yuan, a YoY decrease of 3.16%, but growth expectations for 2024 are optimistic [3] Channel Performance - B2C revenue from Amazon in 2023 was 4.102 billion yuan, a YoY increase of 12.82% [3] - Other B2C channels (e.g., Otto, independent websites) grew rapidly, with revenue of 837 million yuan, a YoY increase of 20.44% [3] - B2B online revenue was 625 million yuan, a YoY decrease of 10.98%, while offline revenue was 420 million yuan, a YoY increase of 21.64% [3] Profitability - Gross profit margin in 2023 was 36.3%, a YoY increase of 4.67 percentage points [3] - Net profit margin was 6.8%, a YoY increase of 2.21 percentage points [3] - Inventory costs as a percentage of revenue decreased by 6.2 percentage points due to lower shipping costs [3] - Transportation costs as a percentage of revenue increased by 1.41 percentage points due to Amazon FBA price hikes [3] Operational Efficiency - Inventory turnover rate improved from 3.19 to 3.43 times [3] - The company's self-owned warehouse area reached 280,000 square meters by the end of 2023, with most European deliveries achieving 3-4 day delivery times [3] Financial Forecast - Net profit attributable to the parent company is expected to be 484 million yuan in 2024, a YoY increase of 17.2%, and 630 million yuan in 2025, a YoY increase of 30.1% [3] - The PE ratio is projected to be 20.2x for 2024 and 15.6x for 2025 based on the closing price on April 18, 2024 [3] Financial Metrics - Revenue in 2023 was 6.074 billion yuan, with a YoY growth of 11.3% [11] - Net profit attributable to the parent company was 413 million yuan, with a YoY growth of 65.1% [11] - Gross profit margin was 36.3%, and ROE was 13.2% [11] - EPS in 2023 was 1.03 yuan, with a PE ratio of 23.7x [11]
业绩符合预期，经营效率稳步提升