The company publishes its 2023 annual report and 2024 quarterly report 24Q1 revenue 8Bigcarptackle.200 million, an increase of 1.8%; a return to the mother of 50 million, a decrease of 8.4%; a gross profit margin of 37.2%, an increase of 0.3pct; and a net interest rate of 5.8%, minus 0.6pct. 23Q4 income was 2.19 billion, up 16.9%, while returning to the mother was 250 million, up 10.5%. After excluding the impact of impairment, it is expected to increase by 14%, and revenue and profits will grow against the trend. The annual income in 23 was 6.12 billion, an increase of 13.5%, and that of returning to the mother was 600 million, an increase of 10.8%. It is mainly due to the balanced development of the company's business, diversified development of business channels, retail and bulk business to maintain growth; from the product point of view, kitchen cabinets continue to grow, wardrobes continue to power, wooden walls and other new business growth. The company plans to distribute a cash dividend of 306 million yuan (including tax) in 2023, with a dividend rate of 51.3%. The wardrobe grew beautifully, and the category fusion effect highlighted the 23-year overall cabinet income of 2.84 billion, with an increase of 3.7%; gross profit margin of 40.9%, minus 0.3pct / 24Q1 income of 320 million, same minus 0.7%; gross profit margin of 41.5%, same minus 4.9pct. In 23 years, the wardrobe income was 2.51 billion, with an increase of 19.2%; the gross profit margin was 38.0%, and the gross profit margin was 0.6pctten 24Q1, which was 380 million, an increase of 8.8%; and the gross profit margin was 41.1%, with an increase of 5.5pct. In 23 years, the wooden door income was 410 million, with an increase of 79.9%, and the gross profit margin was 21.0%, with an increase of 10.6pct. 24Q1 income 50 million, with an increase of 11.6%; gross profit margin 14.4%, with an increase of 7.7pct. The company perfects the layout of the whole family according to the established plan, and develops through the product system.BigcarptackleWith the steady progress of customized kitchen cabinets, custom wardrobes, wooden door wallboards, Weiyang, finished household and other categories of synergy advantages have been gradually verified by the market. The whole empowered retail, bulk robust, overseas incremental optimistic retail: 23 annual revenue of 3.59 billion, with an increase of 9.0%; gross profit margin of 39.3%, with 0.6% increase of 0.6pct / 24Q1 income, same increase of 0.6%; gross margin of 41.7%, same increase of 0.7pct. As of 24Q1, the number of cabinets / wardrobes / wooden doors was 1759, 1912, 1046 respectively, a net increase of 44-62-63 over the end of last year. The company actively promotes people's residence, pays attention to building an ecosystem for common development with franchisees, helps franchisees speed up the improvement of categories, enhance delivery capacity, and speed up new businesses such as refurbishment of old houses, hardcover upgrading and local renovation in the stock market. In 23 years, the company released the whole assembly everyone living in Qianping exhibition hall, and successively released multi-dimensional enabling systems such as "super service state", "full space efficient assembly", "top ten super capabilities" and so on, and reached cooperation with a number of excellent equipment enterprises. 23 years of cooperation in the whole assembly channel increased by 34.50%. Bulk: 23 annual income of 2.01 billion, an increase of 21.2%; gross profit margin of 37.7%, year-on-year-2.9pct. 24Q1 income 150 million, with an increase of 9.7%; gross profit margin of 36.5%, with an increase of 3.9pct. In the past 23 years, the company has promoted the re-carding and adjustment of real estate engineering cooperative customers, so that the business risk has been effectively controlled. in addition, the attempt of innovative business such as enterprises and institutions, old-age pension and medical care has also achieved initial results. Overseas: 23 annual income of 150 million, with an increase of 31.9%; gross profit margin of 18.2%, with an increase of 6.1pct. 24Q1 income 40 million, with an increase of 66.6%; gross profit margin of 24.3%, with an increase of 0.6pct. In 23 years, the company released the "BETTER HOME BETTER LIFE" global brand strategy overseas for the first time, replicating the successful experience of the C-end of the local market to the overseas retail market, laying the foundation for sustainable and high-quality business growth in the future. With the promotion of reducing costs and improving efficiency, the profitability continued to increase by 37.1% for 23 years, with a gross profit margin of 37.1%, with a reduction of 0.6 pct, and a net interest rate of 9.7%, with a reduction of 0.2pct. 24Q1 gross profit margin is 37.2%, same as increase of 0.3pct; net profit rate is 5.8%, same as minus 0.6pct. The company continues to tap the potential to reduce costs and increase efficiency, continue to follow the path from explicit cost reduction to recessive cost reduction, and further to systematic cost reduction, promote the implementation of a series of transformative cost reduction and efficiency programs, reduce the waste of product production and the internal friction of organization and management, control the value chain driven mainly by efficiency, further optimize and improve the cost management system, and strengthen process and digital construction. Further improve the operational efficiency of the whole value chain of research, production, marketing and supply, and steadily build sustainable enterprise competitiveness. Adjust the profit forecast, maintain the "buy" rating companies to actively promote multi-category integration and whole sales, southward layout and overseas markets are expected to open up room for growth, cost reduction and efficiency results. According to the 23 annual report, we adjust our profit forecast and expect to return home to 6.5 million in 24-26 years (690 million in 24-25) and 9.4 in PE to 8.4 in 7.6X, maintaining the Buy rating. Risk hint: market competition intensifies, raw material prices fluctuate, offline store development is not as expected, domestic real estate continues to be weak, etc. [disclaimer] this article only represents the views of third parties and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.