Investment Rating - The report maintains a "Buy" rating for the company [20][21]. Core Insights - The company reported a revenue of 1.842 billion yuan in Q1 2024, representing a year-on-year increase of 45.3%. The net profit attributable to the parent company was 101 million yuan, up 15.1% year-on-year, while the net profit excluding non-recurring items was 96 million yuan, reflecting a 13.6% increase year-on-year [2]. - The company benefits from regional and platform expansion, with a notable increase in sales volume despite slight adjustments in average prices due to consumer downgrade trends. Profit growth has slowed primarily due to external factors such as rising shipping costs and foreign exchange fluctuations [2][6]. - The company has established a brand advantage on the Amazon platform, ranking first in the home furniture category in Germany, France, the UK, and Italy. The North American market is expected to see increased contributions as the company optimizes its operational model and enhances supply chain management [19]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 36.0%, a decrease of 0.8 percentage points year-on-year, while the net profit margin was 5.5%, down 1.4 percentage points year-on-year. The increase in shipping costs and a decline in average prices impacted the gross margin, although the company continues to optimize supply management to mitigate some of these effects [7]. - The operating cash flow for Q1 2024 was 438 million yuan, an increase of 180 million yuan year-on-year. The turnover days for accounts receivable, accounts payable, and inventory were 8.63, 32.76, and 76.11 days, respectively, showing a year-on-year change of -0.68, +7.30, and +3.80 days [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 490 million yuan, 613 million yuan, and 736 million yuan, respectively, with corresponding PE valuations of 21.3X, 17.0X, and 14.2X [20].
多元平台&地区共驱成长，盈利小幅承压