内外销结构成长，供应链能力优化

Investment Rating - The investment rating for the company is "Buy" with a target price maintained at 35.2 CNY [1][5][9] Core Views - The company is experiencing growth in both domestic and international sales, supported by optimized supply chain capabilities [1][2] - The company reported a revenue of 43.5 billion CNY in Q1 2024, a year-on-year increase of 10.0%, with a net profit of 4.2 billion CNY, up 5.0% year-on-year [2][3] - The company aims to enhance its operational efficiency and profitability through various strategic initiatives, including supply chain management and product innovation [3][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 192.1 billion CNY, representing a 6.7% year-on-year growth, with a net profit of 20.1 billion CNY, up 10.7% year-on-year [3][10] - The gross margin for 2023 was 32.8%, an increase of 2 percentage points compared to the previous year [3][10] - The company plans to distribute a cash dividend of 11.3 billion CNY, accounting for 56.3% of its net profit [3] Sales Breakdown - Domestic sales in 2023 reached 109.4 billion CNY, a 6.1% increase year-on-year, while international sales were 75.2 billion CNY, up 6.8% year-on-year [2][3] - The sofa segment generated 93.5 billion CNY in revenue, growing 4.2% year-on-year, while the bed segment saw a 15.4% increase to 41.0 billion CNY [2][3] Strategic Initiatives - The company is focusing on enhancing its channel structure and expanding its market presence through new store formats and partnerships [2][4] - The establishment of a value chain control mechanism in Vietnam has significantly improved operational efficiency and profitability [4][5] - The company is exploring new business models and innovations, including the development of a comprehensive quality control system for its products [4][5]