SFY(SZ:002572) Guoxin Securities·2024-05-06 13:00Investment Rating - The investment rating for the company is "Buy" [6][8][17] Core Views - The company achieved revenue growth of 3.9% year-on-year in 2023, reaching 11.67 billion, with a net profit of 1.26 billion, reflecting an 18.5% increase. The first quarter of 2024 showed even stronger performance with a revenue increase of 17.0% year-on-year [2][5] - The company's brands, including Sofia and Milana, demonstrated robust growth, with Sofia's revenue increasing by 11.0% and Milana's by 47.2% in 2023. The average transaction value also rose, contributing to overall revenue growth [2][5] - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, with a total payout of 950 million, resulting in a dividend payout ratio of 75% [2][5] Financial Performance Summary - In 2023, the company's revenue from wardrobes and related products was 9.41 billion, with a year-on-year growth of 2.5%. The revenue from kitchen cabinets and accessories decreased by 2.2%, while the wooden door category saw a significant increase of 35.7% [2][5] - The gross profit margin improved to 36.2% in 2023, up by 3.2 percentage points, primarily due to product mix optimization and enhanced production efficiency. The net profit margin also increased to 10.8% [2][5] - The company expects net profits for 2024-2026 to be 1.47 billion, 1.67 billion, and 1.89 billion respectively, with year-on-year growth rates of 16%, 14%, and 13% [2][5][7]