受海外家具业务下滑拖累，仍需等待下半年改善

Investment Rating - The investment rating for the company is "Outperform" [4] Core Insights - The company reported a revenue of 5.32 billion yuan in 2023, which is flat year-on-year, and a net profit of 572 million yuan, down 1.4% year-on-year. In Q1 2024, revenue dropped to 1.09 billion yuan, a decrease of 12.3% year-on-year, with a net profit of 89 million yuan, down 49.5% year-on-year, primarily due to a significant decline in overseas furniture business and early marketing expenses [4][18] - The company plans to distribute a cash dividend of 330 million yuan, with a payout ratio of 58%, translating to a dividend of 0.4 yuan per share, which corresponds to a dividend yield of over 6% based on the latest stock price [4] - The company maintains stable profitability with improvements in operational efficiency, as evidenced by a gross margin of 47.3% in 2023, and a net profit margin of 10.8% [4][18] Financial Summary - For 2023, the total revenue was 5.32 billion yuan, with a net profit of 572 million yuan. The forecast for 2024 is a revenue of 5.52 billion yuan and a net profit of 608 million yuan, reflecting a growth rate of 3.9% [18] - The company’s gross margin is projected to be 47.1% in 2024, with a net profit margin of 13.5% [18] - The company had a significant increase in operating cash flow, reaching 940 million yuan in 2023, up 117% year-on-year, indicating improved cash management [4] Channel Performance - Direct sales saw a strong rebound with revenue of 410 million yuan in 2023, up 31.7% year-on-year, while online sales grew to 1.61 billion yuan, an increase of 8.6% year-on-year [4] - The total number of stores reached 2,730 by the end of 2023, with a net increase of 68 stores, indicating an active expansion phase [4] Market Position - The company has maintained the number one market share in bedding products for 19 consecutive years, and domestic home textile business continues to grow steadily [4] - The forecast for net profit for 2024-2026 is adjusted to 610 million yuan, 700 million yuan, and 820 million yuan respectively, with corresponding PE ratios of 13, 11, and 10 [4][18]