2023年报&2024年一季报点评：23年家纺业务稳健恢复，美国家具业务表现不佳

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company's home textile business showed a steady recovery in 2023, achieving revenue of 4.27 billion yuan, a year-on-year increase of 3.4%, with a net profit of 530 million yuan, up 10.25% year-on-year [1] - The U.S. furniture business faced challenges, with revenue of 1.05 billion yuan, a year-on-year decline of 11.61%, and a net profit of 39 million yuan, down 59.5% [1] - The company is expected to maintain a dividend of 4 yuan per 10 shares for 2023, with a payout ratio of 58.3% [1] Financial Performance Summary - In 2023, the company reported total revenue of 5.315 billion yuan, with a net profit attributable to shareholders of 572 million yuan, reflecting a slight increase of 0.03% and a decrease of 1.4% year-on-year, respectively [6] - The gross margin for 2023 was 47.3%, with a projected increase to 47.8% in 2024 [6] - The company’s return on equity (ROE) was 13.5% in 2023, expected to remain stable in the following years [6] Operational Metrics - The company’s accounts receivable turnover days, inventory turnover days, and accounts payable turnover days for 2023 were 36, 191, and 79 days, respectively [5] - In Q1 2024, the company achieved a gross margin of 43.55%, with a net profit margin of 8.23%, reflecting a decrease compared to the previous year [14] - The company’s sales expense ratio increased to 21.75% in Q1 2024, while the management expense ratio rose to 9.26% [14] Future Projections - The company is projected to achieve net profits of 601 million yuan, 671 million yuan, and 733 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 4.9%, 11.7%, and 9.3% [14] - The price-to-earnings (PE) ratios for the upcoming years are expected to be 12.5X, 11.1X, and 10.2X for 2024, 2025, and 2026, respectively [14]