SFY(SZ:002572) Tianfeng Securities·2024-05-07 06:19Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [16][18]. Core Insights - The company is advancing its multi-brand, all-channel, and all-category strategy, aiming for more growth opportunities in 2024 [8]. - The first quarter of 2024 saw a revenue increase of 17.0% year-on-year, with a net profit growth of 58.6% [7]. - The company is optimizing its cost structure, leading to improved operating cash flow despite changes in dealer assessment criteria [2][9]. Financial Performance Summary - Revenue for 2024 is projected at 13,170.51 million yuan, reflecting a growth rate of 12.90% [3]. - The net profit attributable to the parent company is expected to reach 1,465.71 million yuan in 2024, with a growth rate of 16.21% [3]. - The company's EBITDA for 2024 is estimated at 2,689.62 million yuan [3]. - The projected earnings per share (EPS) for 2024 is 1.52 yuan, with a price-to-earnings (P/E) ratio of 11.26 [3]. Strategic Developments - The company is expanding its product categories and enhancing its marketing strategy to boost sales across various segments, including cabinets, wooden doors, and furniture [1]. - The new brand, Milan, continues to open stores rapidly, focusing on penetrating lower-tier markets and refining its overall strategy [2]. - The company is also enhancing its channel construction and optimizing its customer structure to strengthen partnerships with quality real estate clients [8].