Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in 2023, with revenue reaching 6.074 billion yuan (+11.34% YoY) and net profit attributable to shareholders reaching 413 million yuan (+65.08% YoY) [2] - The company's performance improved significantly due to the recovery of the European and American economies, easing inflation pressure, and the decline in global shipping container prices [4] - The company's gross margin increased to 36.32% (+4.67pct YoY), and net margin reached 6.80% (+2.21pct YoY) [8] Business Performance Revenue Breakdown by Channel - B2C revenue reached 4.939 billion yuan (+14.04% YoY), accounting for 82.54% of total revenue (+2.01pct YoY) [3] - Amazon channel revenue was 4.102 billion yuan (+12.82% YoY), accounting for 68.55% of total revenue (+0.94pct YoY) [3] - OTTO channel revenue grew rapidly to 250 million yuan (+80.99% YoY), accounting for 4.18% of total revenue (+1.61pct YoY) [3] Revenue Breakdown by Product Category - Furniture series revenue was 2.710 billion yuan (+4.79% YoY), accounting for 45.30% of total revenue (-2.79pct YoY) [3] - Home series revenue reached 2.285 billion yuan (+22.31% YoY), accounting for 38.19% of total revenue (+3.45pct YoY) [3] - Pet series revenue grew significantly to 519 million yuan (+37.30% YoY), accounting for 8.67% of total revenue (+1.65pct YoY) [3] Regional Performance - European revenue reached 3.729 billion yuan (+21.64% YoY), accounting for 62.31% of total revenue (+5.32pct YoY) [8] - North American revenue was 2.173 billion yuan (-3.16% YoY), accounting for 36.32% of total revenue (-5.41pct YoY) [8] Financial Projections - Revenue is expected to grow to 7.581 billion yuan in 2024 (+25% YoY), 9.191 billion yuan in 2025 (+21% YoY), and 11.220 billion yuan in 2026 (+22% YoY) [12] - Net profit attributable to shareholders is projected to reach 506 million yuan in 2024 (+23% YoY), 606 million yuan in 2025 (+20% YoY), and 729 million yuan in 2026 (+20% YoY) [12] - The company's P/E ratio is expected to be 19x in 2024, 16x in 2025, and 13x in 2026 [12]
2023年年报点评报告： 营收利润齐增长，拓品逻辑顺畅，新渠道打开成 长空间