Keeson(SH:603610) Guohai Securities·2024-04-21 12:30Investment Rating - The report maintains an "Accumulate" rating for the company [1][12]. Core Insights - In 2023, the company achieved a revenue of 3.103 billion yuan, representing a year-on-year increase of 16.50%, and a net profit attributable to shareholders of 206 million yuan, reflecting a significant year-on-year growth of 625.17% [1][10]. - The company has successfully expanded its market presence, particularly in the smart electric bed segment, which accounted for 81.31% of total revenue in 2023 [2][10]. - The gross profit margins for smart electric beds, mattresses, and accessories improved to 35.70%, 46.61%, and 43.27% respectively, with year-on-year increases of 5.05, 8.61, and 16.71 percentage points [2][10]. - The company is actively enhancing its domestic market presence while maintaining strong relationships with major clients in overseas markets, contributing to a revenue increase of 15.48% in international sales [10][12]. Financial Performance - The company reported a gross margin of 36.68% in 2023, an increase of 5.07 percentage points year-on-year, and a net profit margin of 6.57%, up by 5.70 percentage points [11][12]. - The forecast for 2024-2026 anticipates revenues of 3.487 billion, 3.915 billion, and 4.352 billion yuan, with net profits projected at 258 million, 290 million, and 326 million yuan respectively [12][24]. - The company’s return on equity (ROE) is expected to improve from 6% in 2023 to 8% by 2026, indicating a positive growth trajectory [12][24]. Market Position and Strategy - The company is focusing on expanding its brand "Shufu De" through increased marketing efforts, including media campaigns and celebrity endorsements, which has led to a rise in brand awareness [23]. - The establishment of 109 new stores nationwide for the "Shufu De" brand in 2023 demonstrates the company's commitment to enhancing consumer experience and product accessibility [10][12]. - The company is positioned as a leader in the smart electric bed market, benefiting from the increasing penetration of electric beds and a stable development strategy with existing major clients [12][24].