罗莱生活：23年整体稳健，24年静待家居业务改善

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected performance that is 5% to 15% stronger than the market benchmark index [39]. Core Views - The company, 罗莱生活, reported a slight increase in main revenue for 2023 at 5.315 billion yuan, with a year-on-year growth of 0.03%. However, the net profit attributable to the parent company decreased by 1.44% to 572 million yuan [18]. - The home textile business remains stable, contributing 80% of the company's revenue, while the furniture segment has faced challenges, leading to a decline in overall performance [18]. - The company has a strong cash flow position, with a net cash flow from operating activities of 936 million yuan, representing a 117% increase year-on-year [18]. Financial Summary - The company’s total assets are projected to grow from 6.266 billion yuan in 2022 to 9.296 billion yuan by 2026 [4]. - The gross profit margin for the home textile business was 50.57% in 2023, an increase of 2.1 percentage points year-on-year, while the furniture business saw a decline in gross margin to 33.83% [18]. - The forecasted net profit for 2024-2026 is expected to be 581 million, 639 million, and 713 million yuan respectively, with corresponding PE ratios of 12.82, 11.66, and 10.44 [18][19]. Business Performance - The company operates approximately 3,000 sales outlets across nearly 32 provinces and cities in China, with a mix of direct and franchise stores [9]. - The home textile segment's revenue for 2023 was approximately 4.267 billion yuan, reflecting a year-on-year increase of 3.37%, while the furniture segment's revenue was 1.048 billion yuan, down 11.61% [18]. - The company plans to maintain a dividend of no less than 0.2 yuan per share in 2024, continuing a strong dividend policy [18].