橱衣柜收入降幅收窄，盈利水平逆势提升 欧派家居(603833) 欧派家居 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 吕科佳(分析师) | 021-23185623 | lvkejia@gtht.com | S0880525040069 | 本报告导读： 25Q2 公司核心业务橱衣柜收入降幅收窄；降本控费能力突出，毛利率及扣非后利润 率有效改善。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 22,782 | 18,925 | 19,029 | 20,233 | 21,086 | | (+/-)% | 1.3% | -16.9% | 0.6% | 6.3% | 4.2% ...

景气度分化，关注细分赛道投资机会 [Table_Industry] 耐用消费品 轻工制造 2025 年中报业绩综述 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | | 吕科佳(分析师) | 021-23185623 | lvkejia@gtht.com | S0880525040069 | | 王文杰(分析师) | 021-23185637 | wangwenjie4@gtht.com | S0880525040070 | 本报告导读： 板块景气度明显分化，建议关注景气度上行板块投资机会。 投资要点： [Table_Report] 相关报告 耐用消费品《新型烟草行业增长提速，新品市场 表现可期》2025.08.05 耐用消费品《AI 眼镜新品百花齐放，产品加速破 圈》 ...

Industry Overview - The overall revenue and net profit of custom home furnishing companies have declined to levels seen four years ago, with 9 out of 10 companies experiencing a drop in revenue, sales expenses, and R&D expenses [1][8][9] - The average revenue decline among the 10 companies analyzed is 12.54%, with only Wo Le Home experiencing a slight increase of less than 2% [8][9] Company Performance - Oppein Home achieved a revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, marking a 20.88% year-on-year growth, solidifying its leading position in the industry [5][10] - Other companies, such as PIANO and MAG, faced significant challenges, with PIANO's revenue nearly halving and MAG's revenue declining by 23.07% [8][9] Profitability Analysis - Oppein Home leads in net profit margin at 12.39%, followed by Wo Le Home at 9.77%, indicating a strong profitability position [32][36] - The gross profit margin shows a clear tiered structure, with Wo Le Home leading at over 40%, while several other companies maintain margins above 30% [28][30] Channel Changes - Traditional distribution channels are under pressure, with only King Cabinet and Wo Le Home reporting revenue growth in this area; other companies have seen declines, particularly Zhihong Home with a 34.18% drop [12][13] - Direct sales channels and overseas markets have shown positive growth, with significant increases reported by companies like Topsolid and Sophia [12][16] Cost Control Measures - Companies are focusing on cost control, with many reducing sales expenses by over 14%, although excessive cuts have led to revenue declines for some [17][20] - R&D investments have generally decreased, except for Oppein Home, which saw a slight increase of 2.53% [24][26] Store Count Changes - Most companies have seen a net reduction in store counts, with Oppein and Zhihong Home closing over 100 stores each, while Wo Le Home and Haoleke have increased their store counts [14][15]

证券代码：603833 证券简称：欧派家居 公告编号：2025-068 转债代码：113655 转债简称：欧 22 转债 欧派家居集团股份有限公司 关于使用闲置募集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、准确性和完整性承担法律责任。 重要内容提示： | 单位：万元 | | --- | | 序 | 产品类型 | 实际投入金额 | 实际收回金额 | 实际收益 | 尚未收回本 | | --- | --- | --- | --- | --- | --- | | 号 | | | | | 金金额 | | 1 | 银行理财产品 | 5,000 | 5000 | 5.54 | - | | 2 | 银行理财产品 | 10,000 | 10,000 | 31.49 | - | | 3 | 银行理财产品 | 10,000 | 10,000 | 65.72 | - | | 4 | 银行理财产品 | 20,000 | - | - | 20,000 | | 5 | 银行理财产品 | 5,000 | 5,000 | 12.20 | - | | 6 | ...

Core Viewpoint - The report from Guohai Securities indicates that Oppein Home achieved a net profit attributable to shareholders of 1.018 billion yuan in H1 2025, representing a year-on-year increase of 2.88%, while Q2 2025 saw a net profit of 710 million yuan, reflecting a year-on-year decrease of 7.96% [1] Group 1 - Despite revenue pressure, the company has implemented a scientific performance assessment mechanism to control costs and expenses, upgrade automation in production lines, and optimize product structure to enhance profit margins [1] - The company is committed to its "big home" strategy and is actively researching the transformation of its distribution system towards a big home business model [1] - Investment in e-commerce channels has increased, with a focus on strengthening the online customer acquisition system through a triad of headquarters collaboration, market joint investment, and local e-commerce, resulting in over 10% growth in online transaction customers in H1 2025 [1] Group 2 - The overseas business has seen breakthroughs across the board, consolidating growth momentum through diversified efforts [1] - The company is positioned to take the lead during key industry transitions, with a first-mover advantage as consumer promotion policies and national subsidies are expected to create potential market growth in 2025 [1] - The company is aligning with industry trends by actively advancing its big home strategy, and with the implementation of marketing organizational changes, category integration is expected to accelerate, optimizing performance [1]

Macro Insights - The report suggests that the stock and bond markets are likely to gradually "decouple," with the market pricing in profit recovery and capital inflow expectations [1][7] - There is a reallocation logic in assets due to anticipated Fed rate cuts, leading to a weaker dollar cycle and global capital reallocation [1][7] - Short-term sentiment has not reached extreme levels, but there is a focus on style rebalancing driven by micro trading congestion, with narratives shifting towards consumption, non-ferrous metals, and innovative industries [1][8] Defense and Aerospace - The report on Xirui (2507.HK) indicates that the company is gradually expanding its production capacity and service network, with expected net profits of $170 million, $210 million, and $260 million for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 14.0, 11.2, and 9.2 [2][10] - The demand for private jets is increasing, driven by a growing high-net-worth population and improved flight infrastructure, benefiting leading companies like Xirui [9] Electronics - Shengke Communication (688702.SZ) is expected to achieve revenues of 1.353 billion, 1.776 billion, and 2.195 billion yuan from 2025 to 2027, with year-on-year growth rates of 25.1%, 31.3%, and 23.6% respectively, maintaining a "buy" rating [3][13] - The company is focusing on high-end switch chip products to meet the demands of large-scale data centers and cloud services [12] Computer Industry - Ruijun Power (301236.SZ) is projected to achieve revenues of 365 billion, 424 billion, and 493 billion yuan from 2025 to 2027, with net profits of 3.84 billion, 5.18 billion, and 7.81 billion yuan respectively, maintaining a "buy" rating [4][16] - The company is deepening its soft-hard integration strategy, with significant growth in revenue from computing products and smart electronics [15][17] Power Equipment - Guoxuan High-Tech (002074.SZ) reported a revenue of 19.394 billion yuan for the first half of 2025, a year-on-year increase of 15.48%, with net profits of 367 million yuan, up 35.22% [22][24] - The company is expanding its international presence and has successfully launched its first experimental line for solid-state batteries, enhancing its competitive edge [24] Automotive - Li Auto (02015.HK) achieved a revenue of 30.25 billion yuan in Q2 2025, with a net profit of 1.1 billion yuan, maintaining a stable gross margin of 20.1% [30][32] - The company is expanding its sales and service network, with plans to increase the number of supercharging stations significantly [31][32] - The report on Seris (601127.SH) indicates a revenue of 62.402 billion yuan for the first half of 2025, with a net profit growth of 81.03%, driven by strong sales of its high-end models [38][39] Tire Manufacturing - Linglong Tire (601966.SH) reported a revenue of 11.812 billion yuan for the first half of 2025, a year-on-year increase of 13.80%, despite a decline in net profit [41][42] - The company is expanding its global footprint with a new production base in Brazil, aiming to enhance its international competitiveness [42][43]

Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a narrowing decline in revenue with a year-on-year growth of 7% in non-recurring profit for Q2 2025, indicating gradual reform effectiveness [1]. - The company is committed to its home furnishing strategy, with a significant increase in overseas business and a focus on optimizing its supply chain to enhance profitability [2][3]. - Despite challenges in the real estate sector, the company is expected to maintain a positive growth trajectory in net profit for 2025-2027, albeit with a downward revision in profit forecasts [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 8.24 billion yuan, a decrease of 4.0% year-on-year, with a net profit of 1.02 billion yuan, reflecting a growth of 2.9% [1]. - For Q2 2025, revenue was 4.79 billion yuan, down 3.4% year-on-year, while net profit was 710 million yuan, down 8.0% [1]. Channel Performance - In H1 2025, revenue growth by channel was as follows: Direct sales +5.6%, Distribution -4.1%, Bulk -11.3%, and Overseas +30.1% [2]. - The company has expanded its overseas business significantly, adding 18 new distributors and achieving over 40% growth in overseas project orders [2]. Profitability and Cost Control - The gross margin for Q2 2025 increased to 37.6%, up 3.2 percentage points year-on-year, with improvements across various product categories [3]. - The company has implemented strict cost control measures, resulting in a decrease in sales expense ratio to 9.1% and management expense ratio to 6.1% [3]. Profit Forecasts - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 2.701 billion yuan, 2.923 billion yuan, and 3.095 billion yuan respectively, reflecting year-on-year growth rates of 3.9%, 8.2%, and 5.9% [4][5].

2025 年 09 月 03 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 供应链改革成效显著，大家居战略持续推进 ——欧派家居（603833）2025H1 中报业绩点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 欧派家居 | 6.7% | -6.9% | 32.4% | | 沪深 300 | 10.7% | 16.9% | 37.5% | | 市场数据 | | | 2025/09/02 | | 当前价格（元） | | | 55.02 ...

Core Viewpoint - The company held a performance briefing on September 1, 2025, to discuss its half-year results and strategic reforms in response to market challenges, particularly in the context of the home furnishing industry and its relationship with the real estate sector [1][2]. Group 1: Company Performance and Strategy - The company reported a 3.98% decline in revenue for the first half of 2025, indicating that achieving annual revenue growth is unlikely, although it aims to maintain profit levels [3][4]. - The company has implemented a series of reforms focused on a multi-brand, multi-category, and multi-base strategy to adapt to changing consumer demands in home furnishing [2][3]. - The company is enhancing its research and development capabilities and adjusting its personnel structure to better meet consumer needs [2][4]. Group 2: Market Conditions and Competition - The company acknowledges that its performance is closely tied to the real estate market, which is currently undergoing significant adjustments, impacting consumer demand for home furnishings [3][5]. - The competitive landscape in the home furnishing industry is becoming increasingly concentrated, and the company is confident in its ability to increase market share through innovation and improved product offerings [3][4]. Group 3: Customer Structure and Trends - The customer structure varies significantly across different city tiers, with high-tier cities seeing a predominance of second-hand and old house renovations, while lower-tier cities focus more on new housing [5][6]. - The company anticipates that the demand for old house renovations will grow, although it currently represents less than 10% of its business [5][6]. Group 4: Digital Transformation and Innovation - The company is investing in digital tools to enhance operational efficiency, including AI applications and improved management systems [4][6]. - A focus on optimizing the front-end city layout and enhancing the capabilities of underperforming distributors is part of the company's strategy to improve overall business performance [4][6]. Group 5: Financial Management and Future Outlook - The company has a strong cash position, with over 20 billion in liquid assets, which allows it to manage its financial obligations effectively, including the potential adjustment of convertible bond conversion prices [11][12]. - The company is committed to maintaining a balance between long-term strategic investments and short-term operational efficiency, especially in light of the current economic environment [11][12].