Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown strong performance in home products and steady growth overseas, with a revenue forecast adjustment for 2024 and an increase in gross margin expectations [3][11] - The company is expected to achieve EPS of 0.91, 1.06, and 1.18 yuan for the years 2025, 2026, and 2027 respectively, with a target price set at 17.29 yuan based on a 19x PE for 2025 [3][7] Financial Summary - The company reported a revenue of 1,146 million yuan in 2023, with a slight increase to 1,148 million yuan in 2024, and projected revenues of 1,294 million yuan, 1,465 million yuan, and 1,650 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 12.8%, 13.2%, and 12.6% [5][11] - The gross margin is expected to improve from 63.0% in 2023 to 67.2% in 2024, with a slight decline projected thereafter [5][11] - The net profit attributable to the parent company is forecasted to grow from 329 million yuan in 2023 to 507 million yuan in 2027, with growth rates of 30.7%, 5.1%, 12.9%, 16.9%, and 11.2% for the respective years [5][11] - The company’s operating profit is projected to increase from 345 million yuan in 2023 to 547 million yuan in 2027, with growth rates of 34.6%, 9.5%, 9.3%, 19.3%, and 11.1% [5][11] - The company’s net profit margin is expected to rise from 28.7% in 2023 to 30.7% in 2027 [5][11]