ZBOM(SH:603801) SINOLINK SECURITIES·2024-04-26 02:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][8]. Core Insights - The company demonstrated resilience in revenue growth, with a 13.5% year-on-year increase in 2023, reaching 6.12 billion RMB, and a 10.87% increase in net profit to 595 million RMB [17]. - The company is focusing on the home furnishing sector, emphasizing the importance of the integrated channel and enhancing terminal capabilities to navigate industry challenges [17]. - The report projects earnings per share (EPS) for 2024-2026 to be 1.54, 1.73, and 1.94 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 9, 8, and 7 [17]. Financial Summary - Revenue (in million RMB): - 2022: 5,389 - 2023: 6,116 - 2024E: 6,779 - 2025E: 7,667 - 2026E: 8,625 - Revenue Growth Rate: - 2022: 4.58% - 2023: 13.50% - 2024E: 10.83% - 2025E: 13.10% - 2026E: 12.50% [9] - Net Profit (in million RMB): - 2022: 537 - 2023: 595 - 2024E: 671 - 2025E: 753 - 2026E: 846 - Net Profit Growth Rate: - 2022: 6.17% - 2023: 10.87% - 2024E: 12.69% - 2025E: 12.35% - 2026E: 12.32% [9] - Diluted EPS (in RMB): - 2022: 1.721 - 2023: 1.363 - 2024E: 1.536 - 2025E: 1.726 - 2026E: 1.938 [9] - Return on Equity (ROE): - 2022: 18.65% - 2023: 18.10% - 2024E: 17.75% - 2025E: 17.81% - 2026E: 17.86% [9] - Price-to-Earnings (P/E) Ratio: - 2022: 15.62 - 2023: 12.30 - 2024E: 9.26 - 2025E: 8.25 - 2026E: 7.34 [9]