整家成效显现，23年营收、利润双增，分红提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [27][31]. Core Insights - The company reported a revenue of 6.12 billion in 2023, reflecting a growth of 13.5% year-on-year, with a net profit of 595 million, up 10.8% [21]. - The company is actively promoting a whole-home strategy, enhancing collaboration with franchisees, and expanding into new business areas such as home renovation and overseas markets [9][25]. - The company has successfully implemented cost reduction and efficiency improvement measures, leading to a sustainable enhancement in profitability [10][13]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.19 billion, a year-on-year increase of 16.9%, and a net profit of 250 million, up 10.5% [3]. - The overall revenue for wardrobes in 2023 was 2.51 billion, with a growth of 19.2%, while the overall kitchen cabinet revenue was 2.84 billion, growing by 3.7% [4][6]. - The company plans to distribute a cash dividend of 306 million for 2023, with a dividend payout ratio of 51.3% [19]. Business Segment Performance - Retail revenue for 2023 reached 3.59 billion, growing by 9.0%, while the wholesale segment generated 2.01 billion, reflecting a growth of 21.2% [8][20]. - The overseas market saw significant growth, with revenue of 150 million in 2023, up 31.9%, and a remarkable 66.6% increase in Q1 2024 [9]. - The company has expanded its product offerings, including custom kitchen cabinets, wardrobes, and wooden doors, which have shown positive market validation [7][22]. Future Outlook - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 670 million, 754 million, and 835 million respectively, with corresponding P/E ratios of 9.4, 8.4, and 7.6 [13][14]. - The company is focusing on enhancing its digital capabilities and optimizing its cost management system to drive operational efficiency [13][10].