Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company achieved a revenue of 1.921 billion yuan in 2023, representing a year-on-year increase of 31.37%. The net profit attributable to shareholders was 407.39 million yuan, up 21.76% year-on-year [9]. - The gross margin for 2023 was 33.95%, an increase of 1.4 percentage points compared to the previous year, driven by product optimization. However, the non-recurring net profit margin decreased to 18.54%, down 1.25 percentage points year-on-year due to rising expense ratios influenced by currency fluctuations [8][9]. - The company has been focusing on product innovation and has maintained a research and development expense ratio above 6% since 2022. In 2023, the sales of smart electric sofas reached 1.426 billion yuan, a growth of 46.26% year-on-year [8]. Financial Summary - The company forecasts earnings per share (EPS) of 3.89 yuan, 4.74 yuan, and 5.59 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 17X, 14X, and 12X [8]. - The projected total operating revenue for 2024 is 2.374 billion yuan, with a year-on-year growth rate of 23.57% [17]. - The company has successfully expanded its customer base, adding 34 new clients, including five from the top 100 furniture retailers in the U.S. [8].
销售拓展实现快速增长，海外自主品牌探索逐步落地