国内业务稳健增长，美国业务拖累2023年业绩

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.05 yuan based on a 15x PE valuation for 2024 [4][14]. Core Insights - The company achieved a revenue of 5.32 billion yuan in 2023, remaining flat year-on-year, while the net profit attributable to the parent company decreased by 1.44% to 570 million yuan. In Q1 2024, revenue and net profit fell by 12.3% and 49.5% year-on-year, respectively, primarily due to declining profits from overseas subsidiaries [1][39]. - The home textile business showed steady growth, but the performance was dragged down by the U.S. operations, which saw an 11.6% decline in revenue. The U.S. business, mainly high-end customized furniture, is affected by a longer business cycle and external economic factors [1][39]. - The company plans to distribute a dividend of 330 million yuan, with a payout ratio of approximately 58.3%. By the end of 2023, operating cash flow increased by 117% year-on-year [1][39]. Financial Performance Summary - In 2023, the company reported a revenue of 5,315 million yuan, unchanged from 2022, with a projected revenue increase of 3.4% in 2024 and 9.4% in 2025 and 2026. The gross profit margin improved to 47.3% in 2023 [36][45]. - The net profit attributable to the parent company for 2023 was 572 million yuan, with a slight decrease from 2022. The earnings per share for 2024, 2025, and 2026 are projected to be 0.67, 0.77, and 0.90 yuan, respectively [36][45]. - The company’s gross margin is expected to remain stable, with slight improvements projected in the coming years [36][45]. Business Segment Analysis - The online, direct, and franchise channels saw revenue growth of 8.6%, 31.7%, and a decline of 3.9%, respectively. The online channel continues to show a positive trend, indicating effective brand enhancement and product optimization [1][39]. - The company has upgraded its research institute to focus on enhancing its competitive edge in soft technology, with plans for smart factory upgrades and capacity expansion [1][39]. Shareholder Activity - As of Q1 2024, CA Fabric Investments, a subsidiary of Carlyle Group, holds 5.96% of the company's shares, having reduced its stake by 1.99 percentage points through block trades to minimize stock price volatility [1][39].