2023年年报及2024年一季报点评：收入稳健成长，提效助力盈利提升

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 33.39 yuan [2]. Core Views - The company has shown steady revenue growth, with 2023 revenue reaching 19.21 billion yuan, a year-on-year increase of 6.67%. The net profit attributable to the parent company was 2.01 billion yuan, up 10.70% year-on-year [1][2]. - The company is focusing on efficiency improvement, capability enhancement, and transformation to drive steady performance growth in 2024 [1]. - The company is expected to achieve net profits of 2.29 billion yuan, 2.60 billion yuan, and 2.91 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 14.4%, 13.3%, and 12.2% [1][2]. Financial Performance Summary - 2023 Financials: Revenue of 19.21 billion yuan, net profit of 2.01 billion yuan, and a gross margin of 32.83% [1][5]. - 2024 Forecast: Expected revenue of 21.76 billion yuan, net profit of 2.29 billion yuan, and a gross margin of 32.95% [2][5]. - Profitability Ratios: The net profit margin for 2023 was 10.44%, with projections for 2024 at 10.54% [5][6]. - Earnings Per Share (EPS): Projected EPS for 2024 is 2.79 yuan, with a PE ratio of 12 [2][6]. Product and Market Expansion - The company has diversified its product offerings, with significant growth in bed and custom products, achieving revenue of 4.10 billion yuan and 0.88 billion yuan respectively in 2023 [1]. - Domestic revenue reached 10.93 billion yuan, while overseas revenue was 7.52 billion yuan, reflecting growth rates of 6.13% and 6.84% respectively [1][5]. - The company is enhancing its distribution channels and focusing on integrated home solutions to boost profitability [1]. Cost Management and Efficiency - The gross margin increased by 2.00 percentage points to 32.83% in 2023, driven by improved operational efficiency and cost control measures [1]. - The company’s expense ratio for 2023 was 20.68%, with a slight increase in 2024 to 21.96%, primarily due to increased marketing expenses [1][5]. Strategic Focus - The company plans to strengthen its traditional home property advantages while expanding retail and distribution channels [1]. - It aims to enhance its product mix and customer value through integrated home packages and improved channel strategies [1].