2023年年报&2024年一季报点评：收入表现稳健，提效降本驱动盈利提升

Investment Rating - The investment rating for the company is "Buy" [1][4][12] Core Views - The company has demonstrated steady revenue growth, with 2023 revenue reaching 19.21 billion (+6.8%) and net profit of 2.01 billion (+10.7%). The fourth quarter of 2023 saw a revenue increase of 19.5% year-on-year [1] - The company is focusing on efficiency improvements to drive growth, with a significant increase in profit margins and a proposed cash dividend of 13.9 yuan per 10 shares, raising the payout ratio to 56% [1] - High-potential product categories such as sofas and customized furniture are key growth drivers, with expected continued strong performance in 2024 [1] - Both domestic and international markets are showing growth, with domestic revenue at 10.94 billion (+6.1%) and international revenue at 7.52 billion (+6.8%) in 2023 [1] Financial Performance Summary - 2023 revenue: 19.21 billion, net profit: 2.01 billion, with a projected net profit of 2.27 billion for 2024 (+13.3%) [2][13] - Gross margin improved to 32.8% in 2023 (+2.0 percentage points), with a net margin of 10.4% (+0.4 percentage points) [1][13] - The company expects diluted EPS to be 2.76, 3.12, and 3.50 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12, 11, and 10 times [2][13] Market Position and Strategy - The company is actively restructuring its channels and expanding its partnerships with major retail properties, enhancing its domestic market presence [1] - Internationally, the company has successfully increased its profit margins and established flagship stores in India, marking a significant step in its global expansion strategy [1] - The company is expected to continue benefiting from operational efficiency and cost reduction strategies, contributing to its profitability [1]