Investment Rating - The investment rating for the company is "Outperform the Market" [5][24][30] Core Views - The company demonstrated resilient revenue growth with a total revenue of 9.19 billion yuan in 2024, a year-on-year increase of 1.39%. However, the net profit attributable to shareholders decreased by 15.11% to 590 million yuan due to credit impairment and goodwill impairment [8][24] - The company plans to distribute a cash dividend of 3.2 yuan per share (before tax), resulting in a total dividend payout of 493 million yuan for 2024, with a dividend payout ratio of 84.2% [8][24] - The company is focusing on expanding its market presence in rural areas and small B channels, which is expected to drive growth in its board materials and custom home furnishing segments [24] Revenue and Profitability - In 2024, the decorative materials and custom home furnishing businesses generated revenues of 7.404 billion yuan and 1.72 billion yuan, respectively, with year-on-year growth rates of 8.0% and a decline of 18.7% [12][24] - The overall gross margin for 2024 was 18.1%, slightly down by 0.32 percentage points year-on-year, while the operating cash flow was 1.15 billion yuan, reflecting a decrease of 39.7% [19][24] Financial Forecasts - The company expects earnings per share (EPS) to be 0.96, 1.04, and 1.14 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 11.0, 10.1, and 9.2 [24][28] - The projected net profit for 2025 is 798 million yuan, representing a significant recovery of 36.4% compared to 2024 [4][28]