罗莱生活2023年年报及2024年一季报点评：国内业务稳健增长，美国业务拖累业绩

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.04 CNY, maintaining the previous rating of "Buy" [1][10]. Core Views - The company has shown steady growth in its domestic home textile business, while its U.S. operations have negatively impacted overall performance. The company is expected to gradually return to healthy growth as U.S. business improves [1][10]. - The report highlights that the company's earnings are under pressure, but it is anticipated that performance will stabilize through store expansion and efficiency improvements, with negative impacts from U.S. operations expected to gradually improve [1][10]. Summary by Sections Financial Performance - In 2023, the company's revenue was 5,315 million CNY, with a net profit attributable to shareholders of 572 million CNY, reflecting a slight increase in revenue but a decline in net profit compared to the previous year [1][10]. - The company’s Q4 2023 revenue was 1,560 million CNY, with a net profit of 160 million CNY, showing a year-on-year decline of 12.3% and 49.5% respectively [1][10]. - For Q1 2024, the expected revenue is 1,090 million CNY, with a net profit of 90 million CNY, indicating a further decline [1][10]. Market Position - The company is positioned as a leading player in the home textile industry, with a solid market presence and brand recognition [1][10]. - The report notes that the domestic home textile sector has shown resilience, with a year-on-year revenue growth of 3.4% despite challenges in the U.S. market [1][10]. Future Outlook - The company is projected to achieve an EPS of 0.73 CNY in 2024, down from a previous estimate of 0.86 CNY, reflecting adjustments due to underperformance [1][10]. - The target price is based on a price-to-earnings (PE) ratio of 16 times, which is considered reasonable given the company's leading position in the industry [1][10].