收入稳健增长，渠道优化+降本增效初见成效

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance relative to the market index by more than 15% [6][10] Core Views - The company achieved robust revenue growth in 2023, with total revenue reaching RMB 7.773 billion, a year-on-year increase of 12.16% [6] - Net profit attributable to the parent company surged by 256.63% year-on-year to RMB 720 million, driven by optimized retail channels and cost reduction efforts [6] - The company's gross margin improved to 32.02%, up by 2.28 percentage points compared to the previous year, reflecting enhanced profitability [6] - Retail channel performance accounted for 71% of total revenue, with significant growth in tile product sales volume, which increased by 23.64% year-on-year [6] - The company's cost control measures, including lean management, contributed to a 11.1% reduction in tile unit sales cost [6] Financial Performance Summary Revenue and Profit - Revenue is projected to grow steadily, with forecasts of RMB 8.559 billion, RMB 9.444 billion, and RMB 10.409 billion for 2024E, 2025E, and 2026E, respectively [2][6] - Net profit attributable to the parent company is expected to increase to RMB 793 million, RMB 910 million, and RMB 1.049 billion for 2024E, 2025E, and 2026E, respectively [2][6] Profitability Metrics - Gross margin is forecasted to remain stable at around 32% over the next three years [2][6] - ROE is expected to improve from 9.3% in 2023 to 11.4% by 2026, reflecting enhanced capital efficiency [2][6] Operational Efficiency - The company's asset turnover ratio is projected to increase from 61.4% in 2023 to 69.2% by 2026, indicating improved operational efficiency [7] - Inventory turnover ratio is expected to remain strong, with forecasts of 299.1%, 294.8%, and 295.7% for 2024E, 2025E, and 2026E, respectively [7] Valuation Metrics - The company's PE ratio is forecasted to decline from 11.8x in 2023 to 8.1x by 2026, reflecting an attractive valuation [2][6] - PB ratio is expected to decrease from 1.1x in 2023 to 0.9x by 2026, further supporting the investment case [7]