ZBOM(SH:603801) Changjiang Securities·2024-05-06 01:02Investment Rating - The report does not provide a clear investment rating for the company [4]. Core Insights - In 2023, the company achieved revenue of 6.116 billion yuan, a year-on-year increase of 14%, with net profit attributable to shareholders reaching 595 million yuan, up 11% [19][21]. - The company expects to maintain steady growth in 2024, with a focus on expanding both domestic and international markets [25]. - The company has improved its profitability through cost reduction and efficiency enhancement, with a stable profit margin of around 9.7% [22][24]. Financial Performance Summary - In 2023, the company reported revenue of 6.116 billion yuan, net profit of 595 million yuan, and net profit after deducting non-recurring items of 548 million yuan, reflecting increases of 14%, 11%, and 10% respectively [19][21]. - For Q4 2023, the company recorded revenue of 2.188 billion yuan, net profit of 246 million yuan, and net profit after deducting non-recurring items of 224 million yuan, with year-on-year growth rates of 17%, 11%, and 11% respectively [21][23]. - In Q1 2024, the company achieved revenue of 820 million yuan, with net profit and net profit after deducting non-recurring items at 47 million yuan and 39 million yuan, showing a year-on-year change of +2%, -8%, and -10% respectively [21][23]. Business Growth and Strategy - The company has seen significant growth in its wardrobe segment, with a 19% increase in revenue, and a remarkable 80% increase in sales of supporting products like wooden doors and wall panels [22]. - The integrated home business has also grown rapidly, with a 34.5% increase in revenue, while the bulk business saw a 21% increase [22]. - The company plans to optimize its organizational structure to enhance development in southern markets and execute its overseas expansion strategy, focusing on Southeast Asia, Australia, and North America [25]. Market Outlook - The company anticipates continued growth driven by its domestic integrated home strategy and overseas expansion, with a projected net profit of 670 million yuan and 750 million yuan for 2024 and 2025 respectively [25]. - The company has increased its dividend payout ratio to 51%, corresponding to a dividend yield of 4.8% [25].