SFY(SZ:002572) BOHAI SECURITIES·2024-04-25 08:32Investment Rating - The report maintains a rating of "Accumulate" for the company [41]. Core Insights - The company reported a revenue of 11.666 billion yuan in 2023, a year-on-year increase of 3.95%, and a net profit attributable to shareholders of 1.261 billion yuan, up 18.51% year-on-year [8]. - The basic earnings per share (EPS) is 1.38 yuan, and the company plans to distribute a cash dividend of 10.00 yuan per 10 shares, resulting in a dividend yield exceeding 6.00% [8]. - The company has implemented an IPD system, achieving organizational transformation and enhancing operational efficiency through various projects, leading to a comprehensive gross margin of 36.15%, an increase of 3.16 percentage points year-on-year [9]. - The company continues to pursue a multi-brand strategy, with a focus on brand channel development in 2024 [9]. Financial Summary - The company achieved a gross margin increase in its wardrobe and wooden door businesses, with margins rising by 3.43 percentage points and 5.82 percentage points, respectively [9]. - The sales expense ratio, management expense ratio, and financial expense ratio decreased by 0.28 percentage points, 0.15 percentage points, and 0.16 percentage points year-on-year, respectively, contributing to a net profit margin increase of 1.76 percentage points [9]. - The company’s revenue from the whole-house channel grew by 67.52% year-on-year, with the number of cooperative construction enterprises reaching 221 [10]. - The company’s revenue from the bulk channel was 1.451 billion yuan, a year-on-year decrease of 4.86%, with plans to improve operational quality in this area [10]. Future Projections - The report forecasts EPS for 2024-2026 to be 1.50 yuan, 1.71 yuan, and 1.92 yuan, respectively, with a corresponding PE of 11 times for 2024 [10].