Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company achieved record high revenue and profit in Q4 2023, with revenue of 6.07 billion (+11.3%) and net profit attributable to shareholders of 413 million (+65.1%) for the full year [3] - The company plans to distribute a cash dividend of 5 yuan for every 10 shares [3] - The company is a leading player in the cross-border e-commerce furniture sector, with strong growth potential in product categories and channel expansion [3] Financial Performance - In 2023, the company reported a revenue of 60.7 billion, with a year-on-year growth of 11.3%, and a net profit of 4.1 billion, reflecting a 65.1% increase [3] - Q4 2023 revenue reached 19.4 billion, marking a 45.0% increase year-on-year, with net profit of 1.3 billion, up 60.6% [3] - The company’s gross margin improved to 36.3%, an increase of 4.7 percentage points, with a net margin of 6.8%, up 2.2 percentage points [3] Segment Performance - The home and pet segments performed well, with furniture revenue increasing in the second half of the year after resolving supply issues [3] - Revenue from furniture, home, pet, and garden segments for 2023 was 27.1 billion, 22.9 billion, 5.2 billion, and 4.7 billion respectively, with growth rates of 4.8%, 22.3%, 37.3%, and -12.3% [3] - European revenue grew by 21.6% to 37.3 billion, while North American revenue decreased by 3.2% to 21.7 billion, with a recovery trend noted in H2 [3] Market Trends - The company has successfully expanded its online retail presence on platforms such as SHEIN, TikTok Shop, and others, and has entered the North American offline market [3] - Amazon B2C revenue grew by 12.8% to 41.0 billion, accounting for 68.6% of total revenue, while OTTO saw a significant increase of 81.0% to 2.5 billion [3] Profitability Outlook - The company has locked in shipping costs through long-term contracts, which is expected to improve profitability in the upcoming quarters [3] - The profit forecast for 2024-2026 is adjusted to 4.8 billion, 6.0 billion, and 7.0 billion respectively, with year-on-year growth rates of 17.1%, 23.8%, and 16.2% [3]
2023年年报点评：Q4旺季销售较好，全年业绩优异