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江山欧派:公司信息更新报告:2024H1业绩阶段性承压,工程代理渠道表现亮眼
KAIYUAN SECURITIES· 2024-08-22 07:38
Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company's performance in H1 2024 is under pressure, with a revenue of 1.44 billion yuan, down 9.95% year-on-year, and a net profit of 105 million yuan, down 26.06% year-on-year. The second quarter saw a revenue of 820 million yuan, down 11.3%, and a net profit of 80 million yuan, down 8.7% [3]. - Due to the ongoing adjustment in the real estate market, the profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 386 million, 418 million, and 460 million yuan respectively [3]. - The company's diversified channel development and strong brand influence support the "Buy" rating despite current challenges [3]. Revenue Breakdown - In H1 2024, revenue from various product categories was as follows: 808 million yuan from laminated doors, 253 million yuan from solid wood composite doors, and 93 million yuan from cabinet products, with year-on-year changes of -13.73%, -23.52%, and -21.06% respectively [4]. - The gross margins for these products were 21.39%, 18.85%, and 15.09%, reflecting year-on-year declines of 3.36, 2.87, and 7.29 percentage points [4]. - Revenue from distribution and bulk channels was 330 million and 1 billion yuan respectively, with year-on-year changes of -24.66% and -7.96% [4]. - The engineering direct and factory agency channels showed strong performance, generating 400 million and 550 million yuan in revenue, with year-on-year changes of -33.75% and +27.63% respectively [4]. Profitability - The gross margin for H1 2024 was 22.2%, down 3.8 percentage points, while the net profit margin was 7.2%, down 3.2 percentage points [5]. - In Q2 2024, the gross margin was stable at 24.9%, and the net profit margin improved to 9.3%, up 0.3 percentage points [5]. Financial Forecast Summary - The company is projected to have revenues of 3.68 billion, 3.98 billion, and 4.35 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -1.5%, 8.2%, and 9.2% [6]. - The expected diluted EPS for the same years is 2.18, 2.36, and 2.59 yuan, with corresponding P/E ratios of 7.6, 7.0, and 6.4 [6].
江山欧派 2024 年中报点评:积极调整渠道结构,代理渠道增长靓丽
Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's performance is under short-term pressure due to downstream demand, but channel structure is continuously improving, and the expansion of agency channels and non-real estate business is expected to drive steady growth in performance [3][4]. - The company achieved revenue of 1.442 billion yuan in H1 2024, down 10.0% year-on-year, and a net profit attributable to the parent company of 105 million yuan, down 26.1% year-on-year [4]. - The revenue for Q2 2024 was 816 million yuan, a decrease of 11.3%, with a net profit of 76 million yuan, down 8.7% [4]. - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 298 million, 344 million, and 398 million yuan, respectively [4]. - The target price has been adjusted to 25.20 yuan from the previous 29.74 yuan, based on comparable company valuations [4][11]. Financial Summary - The company reported a revenue of 3.209 billion yuan in 2022, which increased to 3.738 billion yuan in 2023, but is expected to decrease to 3.557 billion yuan in 2024, followed by growth to 3.913 billion yuan in 2025 and 4.304 billion yuan in 2026 [5]. - The net profit attributable to the parent company was -299 million yuan in 2022, turning positive to 390 million yuan in 2023, but is projected to decrease to 298 million yuan in 2024 [5]. - The earnings per share (EPS) is expected to be 1.68 yuan in 2024, increasing to 1.94 yuan in 2025 and 2.25 yuan in 2026 [5]. Market Position and Strategy - The company is actively adjusting its channel structure, aiming to reduce the proportion of direct engineering business to 20-25% from over 30% in 2023, while increasing the construction of distribution and agency channels [4]. - The number of franchise distributors increased by 7,809 in Q2 2024, a growth of 155.8%, indicating a rapid expansion of income scale from agency channels [4].
江山欧派:渠道逆势扩张、结构持续优化
Tianfeng Securities· 2024-08-21 09:30
Investment Rating - The investment rating for Jiangshan Oupai (603208) is "Buy" with a maintained rating [1]. Core Views - The company is experiencing channel expansion against the trend, with continuous optimization of its structure [1]. - Despite a challenging market environment, the company's profitability remains relatively stable, and it is actively pursuing cost reduction measures [1]. - The company is focusing on expanding its overseas market and optimizing its engineering channel structure [1]. Financial Performance Summary - In Q2 2024, the revenue was 820 million yuan, a year-on-year decrease of 11.28%, and the net profit attributable to the parent company was 76 million yuan, down 8.71% year-on-year [1]. - For the first half of 2024, the total revenue was 1.442 billion yuan, a decrease of 9.95% year-on-year, with a net profit of 105 million yuan, down 26.06% year-on-year [1]. - The revenue from the panel-pressed doors in H1 2024 was 808 million yuan, down 13.73% year-on-year, while the revenue from solid wood composite doors was 253 million yuan, down 23.52% year-on-year [1]. Channel and Market Strategy - The company has rapidly expanded its dealer network, with the number of franchise dealers reaching 52,000 by mid-2024, an increase of 16,000 from the beginning of the year [1]. - The company is optimizing its engineering channel structure and has established strategic partnerships with major engineering clients [1]. - The company is focusing on mainstream regions and developing overseas markets, particularly in the Middle East and North America [1]. Profitability and Cost Management - The gross profit margin for H1 2024 was 22.23%, a decrease of 1.27 percentage points year-on-year [1]. - The company is implementing cost reduction measures, including centralized procurement of production materials and optimizing production line layouts [1]. - The company expects to maintain controllable cash flow risks while expanding its agency channel development [1]. Financial Forecast - The company has adjusted its profit forecast, expecting net profits attributable to the parent company to be 300 million yuan, 330 million yuan, and 370 million yuan for 2024, 2025, and 2026, respectively [1]. - The corresponding price-to-earnings ratios (PE) are projected to be 10, 9, and 8 times for the respective years [1].
江山欧派:Q2经营延续承压,持续推进渠道多元化
GOLDEN SUN SECURITIES· 2024-08-21 09:09
Investment Rating - The report maintains a "Buy" rating for Jiangshan Oupai (603208.SH) [3] Core Views - The company reported a revenue of 1.442 billion yuan for H1 2024, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 105 million yuan, down 26.1% year-on-year [1] - The overall industry is experiencing a downturn, with the company's Q2 revenue and profit continuing to decline, while the diversification of channels is being actively pursued [1] - The AAM business continues to contribute incremental growth [1] Financial Performance Summary - For Q2 2024, the company achieved revenues of 816 million yuan, a decrease of 11.3% year-on-year, and a net profit of 76 million yuan, down 8.7% year-on-year [1] - The revenue from distribution, engineering, and agency channels for Q2 2024 was 200 million yuan, 220 million yuan, and 300 million yuan respectively, with year-on-year changes of -25.2%, -31.2%, and +15.7% [1] - The gross profit margins for these channels were 19.8%, 27.5%, and 19.1% respectively [1] Business Segment Performance - The wood door business is under pressure, with revenues for Q2 2024 from various product lines being 440 million yuan for laminated doors, 160 million yuan for solid composite doors, 40 million yuan for cabinets, and 100 million yuan for others, showing year-on-year changes of -22.5%, -1.8%, -17.9%, and +16.1% respectively [1] - The company is expanding into multiple categories such as windows, wall panels, flooring, bathroom products, and hardware, with other product revenues continuing to grow [1] Profitability and Efficiency - The gross margin for Q2 2024 was 24.9%, remaining stable year-on-year, while the net profit margin was 9.34%, an increase of 0.3 percentage points year-on-year [1] - The company’s accounts receivable turnover days increased to 112 days, up 28 days year-on-year, while accounts payable turnover days increased to 82 days, up 11 days year-on-year [1] Earnings Forecast - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 350 million yuan, 390 million yuan, and 430 million yuan respectively, with corresponding P/E ratios of 8.4X, 7.6X, and 6.9X [1]
江山欧派:江山欧派关于公司使用闲置自有资金进行现金管理的进展公告
2024-08-21 09:05
| 证券代码:603208 | 证券简称:江山欧派 公告编号:2024-062 | | --- | --- | | 债券代码:113625 | 债券简称:江山转债 | 江山欧派门业股份有限公司 关于公司使用闲置自有资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示: 投资种类:委托理财; 投资金额:5,000 万元; 履行的审议程序:江山欧派门业股份有限公司(以下简称"公司") 第五 届董事会第四次会议、第五届监事会第三次会议、2023 年年度股东大会,审议通 过了《关于公司及子公司使用闲置自有资金进行现金管理的议案》。公司监事会 发表了明确同意意见。 特别风险提示:尽管公司及子公司购买的产品为安全性高,流动性好, 风险低的理财产品,属于低风险投资产品,但金融市场受宏观经济、金融政策的 影响较大,不排除该项投资受到市场波动风险、利率风险、流动性风险、政策风 险、信息传递风险以及不可抗力风险等因素的影响。公司将根据经济形势以及金 融市场的变化适时适量介入,因此短期投资的实际收益不可预期。 ...
江山欧派:江山欧派关于2024年半年度业绩说明会召开情况的公告
2024-08-21 09:05
| 证券代码:603208 | 证券简称:江山欧派 公告编号:2024-063 | | --- | --- | | 债券代码:113625 | 债券简称:江山转债 | 江山欧派门业股份有限公司 关于2024年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 江山欧派门业股份有限公司(以下简称"公司")于2024年8月21日(星期三) 上 午 10:00-11:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 ( 网 址 : https://roadshow.sseinfo.com/)以网络文字互动的方式召开"2024年半年度 业绩说明会"。关于本次业绩说明会的召开事项,公司已于2024年8月15日在上 海证券交易所网站(www.sse.com.cn)及公司其他指定信息披露媒体披露了《江 山欧派关于召开2024年半年度业绩说明会的公告》(公告编号:2024-059)。现 将本次说明会召开情况公告如下: 一、本次说明会召开情况 2024年8月21日,公司总经理王忠先生、财务负责人吴水燕女士 ...
江山欧派-20240820
-· 2024-08-20 15:08
Summary of Conference Call Company/Industry Involved - The conference call pertains to a specific company, but the name is not explicitly mentioned in the provided content. Core Points and Arguments - The company expresses gratitude to participants for attending the meeting and acknowledges the organization of the conference by Guohai [1]. Other Important but Possibly Overlooked Content - The company references its mid-year report, indicating that it has been shared with the attendees [1].
江山欧派:2024年中报点评:工程代理业务持续增长,经销商数量快速提升
Minsheng Securities· 2024-08-20 15:00
Investment Rating - The report maintains a "Recommended" rating for Jiangshan Oupai (603208.SH) with a current price of 16.59 yuan [4]. Core Views - Jiangshan Oupai's engineering agency business continues to grow, with a rapid increase in the number of dealers. The company has over 1,000 agents as of mid-2024, up from over 800 at the end of 2023 [1]. - The company is focusing on diversifying its channels and expanding into lower-tier markets while enhancing its product offerings through a multi-category sales approach [2]. - The projected net profit for 2024-2026 is expected to be 3.86 billion, 4.26 billion, and 4.68 billion yuan respectively, with corresponding year-on-year changes of -0.9%, +10.3%, and +9.9% [2]. Financial Summary - For the first half of 2024, Jiangshan Oupai reported revenues of 1.442 billion yuan, a decrease of 10.0% year-on-year, and a net profit attributable to shareholders of 105 million yuan, down 26.1% [1]. - The company's gross margin for the first half of 2024 was 22.23%, with a slight decline compared to the previous year, while the net profit margin improved to 7.28% in the first half of 2024 [1]. - The company expects revenues to reach 3.679 billion yuan in 2024, with a slight decline of 1.6% compared to 2023, followed by growth in subsequent years [3][5].
江山欧派:江山欧派关于2024年半年度主要经营情况的公告
2024-08-19 09:21
| | | 江山欧派门业股份有限公司 关于 2024 年半年度主要经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十五号——家具制造 (2022 年修订)》的有关规定,江山欧派门业股份有限公司(以下简称"公司) 现将 2024 年半年度主要经营情况报告如下: 一、报告期经营情况 (一)2024 年半年度主营业务分产品情况 注:上述表中数据尾差系因四舍五入所致。 (二)2024 年半年度主营业务分渠道情况 单位:人民币万元 | 销售渠道 | 营业收入 | 营业成本 | 毛利率 | 营业收入同 | 营业成本同 | 毛利率同比 | | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | 比增减(%) | 比增减(%) | 增减(%) | | 经销商渠道 | 33,006.99 | 26,541.68 | 19.59 | -24.66 | -22.15 | -2.59 | | 大宗渠道 | 99,585.27 | ...
江山欧派:江山欧派关于公司使用闲置自有资金进行现金管理到期赎回的公告
2024-08-19 09:18
关于公司使用闲置自有资金进行现金管理到期赎回的 公告 | 证券代码:603208 | 证券简称:江山欧派 | 公告编号:2024-061 | | --- | --- | --- | | 债券代码:113625 | 债券简称:江山转债 | | 江山欧派门业股份有限公司 | | | 元) | 本金(万元) | 收益(万元) | 本金金额(万 | | --- | --- | --- | --- | --- | --- | | | | | | | 元) | | 1 | 银行理财产品 | 5,000 | 5,000 | 7.06 | — | | 2 | 银行理财产品 | 5,000 | 5,000 | 10.08 | — | | 3 | 银行理财产品 | 20,000 | 20,000 | 30.45 | — | | 4 | 银行理财产品 | 30,000 | 30,000 | 46.63 | — | | 5 | 银行理财产品 | 20,000 | 20,000 | 18.37 | — | | 6 | 银行理财产品 | 15,000 | 15,000 | 11.13 | — | | 7 | 银行理财产品 | 10,00 ...