Core Viewpoint - The company, Mousse, demonstrated resilience in its 2024 annual report, achieving revenue of 5.603 billion yuan and a net profit of 767 million yuan, amidst a challenging home furnishing industry environment marked by intensified competition and changing consumer demands [1][2]. Group 1: Financial Performance - In 2024, Mousse reported a revenue of 5.603 billion yuan, representing a year-on-year growth of 0.43% [2]. - The net profit attributable to shareholders was 767 million yuan [1]. - The company announced a cash dividend of 10 yuan per 10 shares to all shareholders [1]. Group 2: Market Strategy and Growth - Mousse's domestic business maintained stability through channel optimization and steady growth in traditional main businesses, supported by a diversified sales network with over 5,400 offline stores [2][3]. - E-commerce revenue reached 1.093 billion yuan in 2024, growing by 6.04% year-on-year, showcasing significant online and offline synergy [2]. - The mattress segment generated 2.679 billion yuan in revenue, reflecting a year-on-year increase of 3.78% [2]. Group 3: Research and Development - Mousse invested over 400 million yuan in R&D from 2020 to 2022, ranking among the industry leaders, and continued to increase R&D spending to 205 million yuan in 2024, up by 10.51% [3]. - The launch of the AI smart mattress T11PRO, featuring proprietary "Tidal Technology" for sleep algorithm adjustment, marked a significant product innovation [3]. Group 4: International Expansion - Mousse's overseas business generated 155 million yuan in revenue in 2024, a remarkable year-on-year growth of 61.07%, particularly in the Southeast Asian market [3]. - The company has established a retail network covering 19 countries, including Australia, Europe, and Singapore, and is actively exploring new e-commerce platforms [3]. Group 5: Policy Impact and Future Outlook - The "old-for-new" policy initiated by the government has positively influenced the home furnishing market, with significant retail growth in the furniture sector [4][5]. - Mousse has actively participated in these initiatives, launching promotional activities and offering additional subsidies to stimulate consumer demand [5]. - The company is preparing for the 2025 policy environment by developing innovative products, including AI smart mattresses, to enhance its market position [6][7].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company is expected to benefit from the growing demand for smart sleep products, particularly with the launch of the AI smart mattress T11PRO, which has already surpassed sales of 100 million yuan by December 2024 [2][3] - The e-commerce channel has shown resilience, with revenue reaching 1.093 billion yuan, a year-on-year increase of 6%, contributing to 19.51% of total revenue [2] - The company is optimizing its offline channels by upgrading existing stores and eliminating underperforming ones, leading to a slight decline in direct sales revenue [2] - The membership community has seen significant growth, with 1.4837 million new registered members in the year, doubling from the previous year, enhancing customer loyalty [2] - The company is accelerating its brand expansion overseas, completing the acquisition of Maxcoil's Singapore sales headquarters and production assets [3] Financial Performance Summary - In 2024, the company achieved revenue of 5.6 billion yuan (up 0.43% year-on-year) and a net profit of 767 million yuan (down 4.36%) [1] - For Q4 2024, the company reported a revenue of 1.725 billion yuan (down 2.72%) and a net profit of 245 million yuan (down 13.7%) [1] - In Q1 2025, revenue was 1.121 billion yuan (down 6.66%) with a net profit of 118 million yuan (down 16.43%) [1] - The company is projected to achieve revenues of 6.002 billion yuan, 6.434 billion yuan, and 6.946 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 803 million yuan, 876 million yuan, and 956 million yuan [5][11]