Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 29.46 [6][27][36] Core Insights - The company reported a revenue of RMB 6.07 billion for 2023, representing a year-on-year growth of 11.34%, and a net profit attributable to shareholders of RMB 413 million, up 65.08% year-on-year [15][27] - In Q4 2023, the company achieved a revenue of RMB 1.94 billion, a 44.98% increase year-on-year, and a net profit of RMB 126 million, up 60.59% year-on-year [15][27] - For Q1 2024, revenue reached RMB 1.84 billion, growing 45.30% year-on-year, with a net profit of RMB 101 million, up 15.06% year-on-year [15][27] Summary by Sections Revenue Breakdown - The furniture series generated RMB 2.71 billion in revenue, up 4.79% year-on-year; the home furnishing series saw revenue of RMB 2.29 billion, up 22.31% year-on-year; the pet series grew rapidly to RMB 519 million, up 37.30% year-on-year; while the outdoor series revenue was RMB 466 million, down 12.26% year-on-year [26][35] - The company has a strong product matrix and new product development capabilities, which are expected to drive future performance growth [26][35] Financial Forecast - The forecast for net profit for 2024-2026 is RMB 493 million, RMB 574 million, and RMB 670 million, reflecting year-on-year growth rates of 19.4%, 16.6%, and 16.6% respectively [27][36] - The current closing price corresponds to a PE ratio of 19 and 16 times for 2024-2025, with a valuation of 24 times PE for 2024 [27][36] Market Position - The company is positioned as a leading cross-border e-commerce enterprise in home furnishing and furniture, with a target price based on a 24 times PE valuation for 2024 [27][36]
公司年报点评：产能问题已于2023年下半年得到解决，品牌影响力有望逐步走强