Investment Rating - The report maintains a "Hold" rating for the company [6][35]. Core Views - The company is expected to see a recovery in its main product categories in 2024, with a focus on enhancing brand influence through strategic initiatives [6][8]. - The company's overall gross margin improved to 50.3%, reflecting effective management and a shift away from low-margin direct supply business [8][9]. - The company achieved a significant increase in operating cash flow, with a net cash flow of 1.93 billion in 2023, up 198.8% year-on-year [8][9]. Financial Performance Summary - In 2023, the company reported revenue of 55.8 billion, a decrease of 4.03% year-on-year, while net profit attributable to the parent company was 8 billion, an increase of 13.25% [13][35]. - The company forecasts revenue growth of 15.87% in 2024, with projected revenues of 64.64 billion [13][17]. - Earnings per share (EPS) are expected to be 2.21 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 16 [6][13]. Product Performance - The mattress and bed frame segments generated revenues of 2.58 billion and 1.67 billion respectively in 2023, with declines of 5.4% and 2.6% year-on-year [6][17]. - The sofa segment saw a revenue of 0.43 billion, down 3.6%, while other products experienced a 12.7% increase in revenue [6][17]. Channel Performance - The company’s distribution channels showed robust growth, with revenue from the distribution channel reaching 41.6 billion, up 7.0%, and e-commerce revenue at 10.3 billion, up 29.2% [9][35]. - The company plans to enhance its online and offline marketing strategies to improve overall scale and profitability [9][35].
24Q1业绩增长亮眼，员工持股计划彰显信心