国内家纺业务保持平稳增长，海外家具业务承压拖累业绩

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [31]. Core Views - The company is a leading player in the domestic mid-to-high-end home textile market, continuously expanding its "big home textile, small home goods" strategy and employing a multi-brand management approach to cater to various consumer segments [22]. - The company has shown stable growth in its domestic home textile business, while its overseas furniture business has faced challenges impacting overall performance [5]. - The company has achieved a market share leadership position in its product categories, with a focus on brand differentiation and innovative product offerings [3][19]. Financial Summary - In 2023, the company reported revenue of 5,315 million yuan, a slight increase of 0.03% year-on-year, and a net profit of 572 million yuan, down 1.44% year-on-year [19]. - The company's gross margin improved to 47.27% in 2023, an increase of 1.31 percentage points year-on-year, while the net profit margin was 10.74%, a decrease of 0.05 percentage points year-on-year [5]. - The company forecasts earnings per share (EPS) of 0.72 yuan, 0.85 yuan, and 0.97 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 12.5X, 10.6X, and 9.3X [22]. Business Expansion - The company has expanded its store count, with 335 direct-operated stores and 2,395 franchise stores as of 2023, reflecting a net increase of 28 and 40 stores respectively [3]. - The company employs a hybrid sales model combining online and offline channels, with significant partnerships with major e-commerce platforms and a focus on innovative marketing strategies [3][6]. Market Position - The company has maintained its market leadership in the home textile sector for 19 consecutive years, with a strong brand presence and consumer recognition [3]. - The company has introduced unique product lines, such as the "super soft bedding" series, to differentiate itself in a competitive market [3].