整装渠道加速突破，积极探索海外新版图

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 6.116 billion yuan in 2023, representing a year-on-year growth of 13.5%, and a net profit of 595 million yuan, up 10.8% year-on-year. The first quarter of 2024 saw a revenue of 820 million yuan, a slight increase of 1.8%, but a net profit decline of 8.4% year-on-year [3] - The company is implementing a whole-house integration strategy with an increasingly comprehensive product layout. Revenue from cabinets, wardrobes, wooden doors, and other categories in 2023 was 2.84 billion, 2.51 billion, 410 million, and 360 million yuan, respectively, with year-on-year growth rates of 3.7%, 19.1%, 79.9%, and 12.9% [3] - The company is experiencing rapid growth in its integrated channel and is actively exploring overseas markets. In 2023, revenue from distribution, direct sales, and bulk sales was 3.124 billion, 470 million, and 2.009 billion yuan, respectively, with year-on-year growth rates of 7.8%, 18.5%, and 21.2% [3] - The company is focused on cost reduction and efficiency improvement, maintaining a stable gross margin of 37.07% in 2023 and 37.22% in Q1 2024. The net profit margin for 2023 was 9.73%, with a slight improvement when excluding stock incentive costs [3] Financial Summary - The company forecasts net profits of 670 million, 750 million, and 840 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.3X, 8.3X, and 7.4X [3][10] - The total revenue for 2023 was 6.116 billion yuan, with a projected growth rate of 11.0% for 2024 [10] - The company’s total assets increased from 5.781 billion yuan in 2022 to 6.387 billion yuan in 2023, with a projected increase to 6.970 billion yuan in 2024 [13]