渠道结构丰富，Q1经营承压

Investment Rating - The report maintains a "Buy" rating for the company [17] Core Views - The company reported a revenue of 3.738 billion yuan in 2023, representing a year-on-year increase of 16.5%, and a net profit of 390 million yuan, up 230.6% [2] - In Q1 2024, the company experienced a revenue decline of 8.2% year-on-year, with a net profit decrease of 50.8% [2] - The company continues to expand its product offerings in integrated healthy home products, including doors, windows, wall panels, cabinets, flooring, bathrooms, and hardware [2] Financial Performance Summary - In 2023, the company achieved revenues of 3.738 billion yuan, with a net profit of 390 million yuan and a gross margin of 26.0% [4][16] - The projected revenues for 2024, 2025, and 2026 are 4.354 billion yuan, 4.940 billion yuan, and 5.557 billion yuan respectively, with corresponding net profits of 451 million yuan, 511 million yuan, and 577 million yuan [4][16] - The company's EPS for 2023 was 2.20 yuan, with projections of 2.55 yuan for 2024 and 2.89 yuan for 2025 [4][16] Revenue Breakdown - In 2023, the company generated revenue from various segments: 2.17 billion yuan from door products, 830 million yuan from wooden composite doors, 230 million yuan from cabinets, and 300 million yuan from other products, showing significant growth in all categories [3] - The revenue from distribution channels in 2023 was 980 million yuan from distribution, 1.34 billion yuan from engineering, and 1.11 billion yuan from agency channels, with respective growth rates of 11.9%, 12.4%, and 22.1% [15] Profitability Metrics - The company's net profit margin for 2023 was 10.4%, while the gross margin was 26.0% [16] - The projected P/E ratios for 2024, 2025, and 2026 are 9.0X, 7.9X, and 7.0X respectively, indicating a favorable valuation trend [16] Cash Flow and Efficiency - The company generated a net operating cash flow of 4.2 billion yuan in 2023, but reported a negative cash flow of 2.1 billion yuan in Q1 2024 [16][21] - The accounts receivable turnover days increased to 123 days in Q1 2024, indicating a potential challenge in cash collection [16]