Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 82.40 [10][11]. Core Insights - The company's performance meets expectations, with a significant acceleration in customer expansion, particularly in Q1 2024, where it acquired 24 new clients, all retail companies [10][11]. - Revenue growth is expected to continue, with projected revenues of 2,440 million in 2024, up from 1,921 million in 2023, reflecting a growth rate of 27% [10][11]. - The company is focusing on enhancing its brand recognition and market presence through a "store-in-store" model, which is expected to deepen brand loyalty and drive valuation upwards [10][11]. Financial Summary - Total revenue for 2022 was 1,463 million, increasing to 1,921 million in 2023, with projections of 2,440 million for 2024 and 2,953 million for 2025 [10][11]. - Operating profit (EBIT) is forecasted to rise from 396 million in 2023 to 546 million in 2024, indicating a growth rate of 38% [10][11]. - Net profit attributable to shareholders is expected to grow from 407 million in 2023 to 480 million in 2024, reflecting an 18% increase [10][11]. Valuation Metrics - The company is valued at a PE ratio of 20.02 for 2024, which is expected to decrease to 17.00 in 2025 [10][11]. - The projected dividend yield is 4.9% for 2024, increasing to 7.4% in 2025 [10][11]. - The report highlights a gross margin improvement, with a forecasted gross margin of 35.0% for 2024, up from 34.0% in 2023 [10][11].
匠心家居2024Q1财报点评：扣非利润表现亮眼，客户扩张再提速