Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decline in revenue and net profit for 2024, with a revenue of 5.258 billion (down 14.04% YoY) and a net profit of 385 million (down 35.23% YoY) [5][11] - The first quarter of 2025 showed a slight revenue decrease of 0.30% YoY, amounting to 818 million, while net profit decreased by 10.90% YoY to 42 million [5][11] - The company is focusing on optimizing its store layout and expanding its overseas channels, with significant growth in direct sales [2][3] Revenue Performance - In 2024, the revenue from kitchen cabinets was 2.394 billion (down 15.6% YoY), while the revenue from wardrobes was 2.121 billion (down 15.4% YoY) [2] - The company closed 262 stores in Q1 2025, optimizing its store network [2] - Direct sales revenue in Q1 2025 increased significantly by 205.81% YoY to 296 million [3] Financial Metrics - The operating cash flow for 2024 was 491 million, down 35.13% YoY due to decreased sales receipts [4] - The gross margin for 2024 was 36.27%, a decrease of 0.80 percentage points YoY [4] - The company expects revenue growth of 7.88% in 2025, reaching 5.672 billion, and a net profit increase of 28.19% to 494 million [11] Future Outlook - The company aims to enhance its integrated home strategy, focusing on product service and supply chain improvements [5] - There is a significant market opportunity in the stock housing market, which the company plans to leverage through its R&D capabilities [5] - The company is actively expanding into innovative project areas such as offices, apartments, and hotels, aligning with customer trends [5]