xilinmen(603008) 民生证券·2024-04-28 07:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 17.75 yuan [13]. Core Insights - The company achieved revenue of 8.678 billion yuan in 2023, representing a year-on-year growth of 10.71%. The net profit attributable to shareholders was 429 million yuan, up 80.54% year-on-year [1][3]. - The gross margin improved due to a higher proportion of high-margin mattress sales and ongoing cost reduction efforts. The gross margins for 2023 were 34.37% overall, with specific segments showing varying margins [2][10]. - The company is expected to continue its steady growth, with projected net profits of 620 million yuan, 700 million yuan, and 780 million yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Performance - In Q4 2023, the company reported revenue of 2.609 billion yuan, a 24.39% increase year-on-year, while the net profit attributable to shareholders reached 39 million yuan, up 125.49% year-on-year [1][2]. - The company’s revenue from mattresses, soft beds, and related products grew by 23.94%, while the overall revenue from online sales increased by 22% [10][11]. - The projected revenue for 2024 is estimated at 9.854 billion yuan, with a growth rate of 13.6% [3][14]. Business Segments - The company’s mattress segment showed significant growth, while the soft bed and sofa segments experienced slight declines. The furniture segment, however, saw a 27.93% increase [10][11]. - The company has expanded its retail presence, with a total of 4,653 stores, including specialized stores for its brands [10][11]. Future Outlook - The company is expected to leverage new channels for growth in 2024, focusing on offline multi-channel strategies and enhancing online sales through emerging platforms [2][11]. - The report highlights the potential for cross-border e-commerce to contribute to revenue growth in the coming years [11].