线下稳步扩张，电商和跨境强劲增长

Investment Rating - The report maintains a "Buy" rating for the company [20]. Core Insights - The company achieved a revenue of 8.678 billion yuan in 2023, representing a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 429 million yuan, up 80.5% year-on-year [17]. - For Q1 2024, the company reported a revenue of 1.761 billion yuan, a 20.0% increase year-on-year, with a net profit of 74 million yuan, also up 20.2% year-on-year [17]. - The company is experiencing growth in both offline and online channels, with strong performance in cross-border e-commerce [2][3]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 9.852 billion yuan, 11.090 billion yuan, and 12.431 billion yuan respectively [4]. - The net profit attributable to shareholders is expected to reach 5.2 billion yuan in 2024, 6.2 billion yuan in 2025, and 7.3 billion yuan in 2026, corresponding to a PE ratio of 13.6x, 11.4x, and 9.8x [18]. - The gross margin for 2023 was 34.4%, an increase of 2.0 percentage points year-on-year, and is projected to be 33.5% in Q1 2024 [18]. Business Performance - The company’s mattress segment saw a revenue increase of 23.9% in 2023, while the sofa segment faced a decline of 14.6% [17]. - The offline retail network expanded to 5,653 stores by the end of 2023, with a revenue of 3.686 billion yuan, a 2.0% increase year-on-year [18]. - Online sales reached 1.804 billion yuan in 2023, growing by 22.0% year-on-year, with a gross margin of 44.4% [18].