GOLDENHOME(603180) 中国银河·2024-04-28 14:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Views - The company reported a total revenue of 3.645 billion yuan in 2023, representing a year-on-year increase of 2.59%. The net profit attributable to shareholders was 292.03 million yuan, up 5.40% year-on-year [7][8]. - The company is expected to achieve earnings per share (EPS) of 2.20 yuan, 2.55 yuan, and 2.87 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 9X, 8X, and 7X [8]. Financial Summary - Revenue Forecast: Projected total revenues are 4.138 billion yuan for 2024, 4.676 billion yuan for 2025, and 5.238 billion yuan for 2026, with growth rates of 13.50%, 13.02%, and 12.00% respectively [2]. - Net Profit Forecast: Expected net profits are 339.21 million yuan for 2024, 393.36 million yuan for 2025, and 442.34 million yuan for 2026, with growth rates of 16.16%, 15.96%, and 12.45% respectively [2]. - EPS and PE: The EPS is projected to increase to 2.20 yuan in 2024, 2.55 yuan in 2025, and 2.87 yuan in 2026, with PE ratios decreasing from 9.45 in 2024 to 7.24 in 2026 [2]. Operational Insights - The company has diversified its product offerings, with significant contributions from kitchen cabinets, wardrobes, and wooden doors, achieving revenues of 2.232 billion yuan, 1.044 billion yuan, and 246 million yuan respectively in 2023 [8]. - The company is expanding its channel strategies, with a focus on retail and home decoration, and has seen a notable increase in its overseas market performance, achieving 274 million yuan in revenue from international operations in 2023, a year-on-year increase of 16.92% [8].