Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion with a year-on-year growth of 14% in Q1 2025, and a net profit attributable to the parent company of 110 million, up 10.3% year-on-year [1]. - For 2024, the company expects a revenue of 8.1 billion, an increase of 34%, but a decrease in net profit attributable to the parent company by 19% to 330 million [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, and increased tariffs, which pose significant risks to supply chain stability [1][3]. - Despite these challenges, the company is focusing on product diversification, channel expansion, and logistics optimization to enhance efficiency and reduce costs [1]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.1 billion, with a net profit of 110 million, and a non-recurring net profit of 120 million, reflecting a 25% increase year-on-year [1]. - The projected revenue for the furniture series in 2024 is 4.2 billion, up 37%, while the home series is expected to generate 3 billion, up 36% [1]. - The company anticipates a revenue of 4.9 billion from Europe, a 31% increase, and 3 billion from North America, a 39% increase in 2024 [1]. Adjusted Profit Forecast - The profit forecast for 2025-2027 has been adjusted to 380 million, 550 million, and 700 million respectively, reflecting the impact of tariff uncertainties and supply chain transitions [5]. - The adjusted price-to-earnings ratios for 2025-2027 are projected to be 20X, 14X, and 11X respectively [5]. Market and Competitive Landscape - The company plans to transition its main shipping base to Southeast Asia by Q3 2025, with 40% of shipments currently originating from this region [3]. - The cost of furniture procurement in Southeast Asia is approximately 10% higher than domestic costs, with additional logistics costs leading to an overall increase of 25% in operational costs [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion in Q1 2025, a 14% year-on-year increase, and a net profit attributable to shareholders of 110 million, up 10.3% year-on-year. The adjusted net profit after excluding non-recurring items was 120 million, reflecting a 25% increase [1]. - For the year 2024, the company expects a revenue of 8.1 billion, a 34% increase, but a decrease in net profit to 330 million, down 19% year-on-year [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, extended shipping cycles, and increased tariffs, which pose significant risks to supply chain stability and competitive pressures [1]. - The company is focusing on product diversification and channel expansion, with specific strategies including logistics optimization, channel development, and digital ecosystem collaboration [1]. - Revenue projections for 2024 include 4.2 billion from furniture, 3 billion from home goods, 700 million from pet products, and 200 million from sports and outdoor products [1]. Financial Summary - The company’s revenue is projected to grow from 6.1 billion in 2023 to 8.1 billion in 2024, with a growth rate of 33.74% [9]. - The net profit attributable to shareholders is expected to decrease from 412.88 million in 2023 to 333.57 million in 2024, reflecting a decline of 19.21% [10]. - The company’s earnings per share (EPS) is projected to be 0.83 in 2024, down from 1.03 in 2023 [10]. - The company’s total assets are expected to increase from 5.58 billion in 2023 to 6.27 billion in 2024 [10]. - The company’s debt-to-asset ratio is projected to be 48.55% in 2024, up from 44.08% in 2023 [10].