Investment Rating - The investment rating for the company is "Buy-A" with a target price of 92.65 CNY, maintaining the rating [4][28]. Core Insights - The company reported a revenue of 1.9215 billion CNY in 2023, a year-on-year increase of 31.37%, and a net profit of 407.4 million CNY, up 21.76% year-on-year [3][28]. - The company is focusing on optimizing its product structure, with a significant increase in the proportion of electric sofas, which generated 1.426 billion CNY in revenue, a 46.26% increase year-on-year [26][28]. - The company is expanding its overseas brand presence, with a notable increase in retail customers in the U.S., accounting for 75.61% of its U.S. furniture customer base [23][28]. Financial Performance - In Q4 2023, the company achieved a revenue of 467 million CNY, a 32.00% increase year-on-year, and a net profit of 85 million CNY, up 9.17% year-on-year [3][28]. - The gross profit margin for 2023 was 33.95%, an increase of 1.40 percentage points year-on-year, while the net profit margin was 21.20%, a decrease of 1.64 percentage points year-on-year [13][28]. - The company expects revenues of 2.3348 billion CNY, 2.8212 billion CNY, and 3.3878 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 495.3 million CNY, 601.1 million CNY, and 720.7 million CNY [20][28]. Market Position and Strategy - The company is actively developing its overseas brand and channel strategy, with plans to accelerate market expansion in the U.S. through a "store-in-store" model [23][28]. - The company has successfully acquired 24 new retail customers in Q1 2024, all of which are U.S. retailers, contributing to a strong sales performance [23][28]. - The MotoLiving series, developed by a renowned designer, has received significant orders, indicating a positive outlook for the company's product offerings [23][28].
营收利润延续靓丽表现，海外自主品牌建设稳步推进中