Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [25][26]. Core Insights - The company plans to distribute a cash dividend of 390 million yuan for 2023, with a total cash distribution of 520 million yuan, accounting for 64.44% of the net profit attributable to shareholders [1]. - In Q4 2023, the company reported revenue of 1.77 billion yuan, a year-on-year increase of 6.9%, and a net profit of 280 million yuan, up 0.8% year-on-year [2]. - The company aims to enhance its brand influence through cross-marketing and collaborations with new media, while also expanding its store network and improving operational capabilities [2]. - The gross margin for 2023 was 50.3%, an increase of 3.8 percentage points year-on-year, indicating improved profitability [4]. - The company is focusing on optimizing its product structure and accelerating product upgrades to sustain profitability [4]. - The company has entered the cross-border e-commerce market, planning to increase investment and recruit key talents to drive overseas business growth [12]. - The company’s operating cash flow for 2023 was 1.93 billion yuan, a year-on-year increase of 12.8%, although Q1 2024 showed a negative cash flow of 20 million yuan due to increased cash-settled payables [13]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 890 million, 980 million, and 1.13 billion yuan respectively [13]. Financial Summary - The company reported a revenue of 5.58 billion yuan in 2023, a decrease of 4.03% year-on-year, with a projected revenue of 6.43 billion yuan for 2024, reflecting a growth rate of 15.20% [14]. - The net profit attributable to shareholders for 2023 was 802.27 million yuan, with an expected increase to 891.66 million yuan in 2024, representing a growth rate of 11.14% [14]. - The company’s EBITDA for 2023 was 1.25 billion yuan, with projections of 1.24 billion yuan for 2024 [14]. - The company’s cash and cash equivalents increased to 2.88 billion yuan in 2023, with expectations to reach 4.64 billion yuan by 2024 [16]. Business Strategy - The company plans to enhance its offline retail network, with over 5,700 stores by the end of 2023, and aims to open more stores in key markets in 2024 [24]. - The company is focusing on integrating its sofa and bedding product lines to increase customer value and sales conversion rates [23]. - The company aims to solidify its position in traditional e-commerce while expanding into social media and live-streaming sales channels [21].
Q1业绩高增，品类、渠道升级，员工持股显信心