Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [17]. Core Insights - The company reported a profit that exceeded expectations for Q1 2024, with a revenue of 5.59 billion yuan, a year-on-year increase of 30.7%, and a net profit of 1.21 billion yuan, a year-on-year increase of 58.0% [17]. - The growth in revenue is attributed to the steady expansion of new customers, new products, new series, and new channels [17]. - The company's gross margin improved due to supply chain integration, product structure upgrades, and customer structure optimization, with a gross margin of 34.0% in 2023, up 1.4 percentage points year-on-year [17]. Financial Summary - For 2023, the company achieved total revenue of 19.21 billion yuan, a 31.4% increase year-on-year, and a net profit of 4.07 billion yuan, a 21.8% increase year-on-year [12][17]. - The company expects net profits of 4.91 billion yuan in 2024, 5.98 billion yuan in 2025, and 7.31 billion yuan in 2026, with respective year-on-year growth rates of 20.4%, 21.8%, and 22.3% [17]. - The company's earnings per share are projected to be 3.83 yuan in 2024, 4.67 yuan in 2025, and 5.71 yuan in 2026 [12][17]. Market Position and Strategy - The company has successfully acquired 34 new customers in 2023, including 32 retailers, with a significant portion of sales coming from U.S. retailers [17]. - New product launches, particularly in the smart electric sofa segment, have driven revenue growth, with smart electric sofas generating 14.26 billion yuan in revenue, a 46.3% increase year-on-year [17]. - The company is exploring overseas brand development and expects continued high growth in exports of functional sofas to the U.S. market [17].
2023年年报及2024年一季报点评：24Q1利润超预期，新客户、新产品、新系列、新渠道稳步放量