Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is actively deepening its whole-house home furnishing strategy, leading a new model of home development [2][4]. - The company is a leading one-stop high-quality home service provider in China, engaged in personalized design, research and development, production, sales, installation, and interior decoration services for whole-house home products [2][4]. - The company has a diversified brand matrix and is advancing its home furnishing strategy, with a focus on integrating various product categories and channels [2][4][64]. Summary by Sections Overview - The company is transitioning from a cabinet-focused business to a comprehensive home product provider, covering kitchen, wardrobe, bathroom, wooden door systems, metal doors and windows, soft furnishings, and furniture [64]. - The brand matrix includes multiple brands targeting different consumer segments, with over 8,000 stores globally [64][66]. Industry - Policy incentives are attracting customer traffic, and the whole-house model is enhancing customer value [2][4]. - The "old-for-new" policy is expected to stimulate home consumption, benefiting leading companies due to their higher compliance [2][4]. Company - The company is undergoing significant departmental reforms to enhance product integration and deepen its omnichannel development strategy [2][4]. - The company has achieved leading revenue in the industry, with a focus on expanding its product categories and improving profit margins [2][4][76]. - The company’s revenue for 2023 was 227.82 billion yuan, with a year-on-year growth of 1.35% [76]. - The company’s net profit for 2023 was 30.36 billion yuan, with a year-on-year growth of 12.9% [76]. Financial Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are 194.75 billion yuan, 206.28 billion yuan, and 215.62 billion yuan, with respective year-on-year changes of -14.5%, +5.9%, and +4.5% [4][5]. - Net profit forecasts for the same period are 26.52 billion yuan, 28.24 billion yuan, and 29.72 billion yuan, with respective year-on-year changes of -12.7%, +6.5%, and +5.2% [4][5].

| | | | 投入金 | | | 赎回 | 实际年 | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方 | 产品 | 产品名称 | 额（万 | 预计年化 | 存续 | 金额 | 化收益 | 收益 | | 名称 | 类型 | | | 收益率 | 期限 | | | | | | | | 元） | | | （万元） | 率 | （万元） | | 中国建设 | 银行 | 中国建设银 行广东省分 | | 收益率上 | | | | | | 银行股份 | 理财 | 行单位人民 | 5,000 | 限：2.00% | 31天 | 5,000 | 1.31% | 5.54 | | | | | | 收益率下 | | | | | | 有限公司 | 产品 | 币定制型结 | | 限：0.80% | | | | | | | | 构性存款 | | | | | | | 注：实际收益数值保留两位小数。 证券代码:603833 证券简称:欧派家居 公告编号:2024-093 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 70.38 CNY per share based on a 15x PE valuation for 2025 [6][3]. Core Views - The company's profitability has improved, with Q1-3 2024 revenue at 13.88 billion CNY, down 16.2% year-on-year, and net profit at 2.03 billion CNY, down 12.1% year-on-year. The third quarter saw revenue of 5.30 billion CNY, down 21.2% year-on-year, and net profit of 1.04 billion CNY, down 11.6% year-on-year [2][3]. - Revenue pressure continues, but the company anticipates positive effects from the "old-for-new" program starting in Q4. Revenue from cabinets, wardrobes, sanitary ware, and wooden doors in Q1-3 2024 was 4.03 billion CNY, 7.19 billion CNY, 0.80 billion CNY, and 0.83 billion CNY respectively, showing declines of 22.0%, 19.0%, 1.6%, and 17.1% year-on-year [3][2]. - Gross margin has improved, with Q1-3 2024 gross margin at 35.5%, up 1.6 percentage points year-on-year, and net margin at 14.6%, up 0.8 percentage points year-on-year. In Q3 2024, gross margin reached 40.4%, up 2.7 percentage points year-on-year, and net margin was 19.7%, up 2.2 percentage points year-on-year [3][2]. Financial Summary - The company is projected to achieve net profits of 2.70 billion CNY, 2.85 billion CNY, and 2.99 billion CNY for 2024, 2025, and 2026 respectively, with corresponding valuations of 15x, 14x, and 13x [3][5]. - The company's revenue for 2024 is estimated at 19.78 billion CNY, reflecting a decline of 13.2% year-on-year, with a projected recovery in subsequent years [5][3]. - The report highlights a decrease in the number of stores, with a net reduction of 536 stores to 8,180 by the end of Q3 2024, indicating ongoing operational pressures [3][2].

本次会议是否有否决议案：无 2024 年第一次临时股东大会决议公告 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： | 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-092 | | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | 欧派家居集团股份有限公司 | 1、出席会议的股东和代理人人数 | 550 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 511,173,273 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 84.3901 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长姚良松先生主持，本次会议以现场投票 和网络投票相结合的方式对本次股东大会通知中列明的事项进行了投票表决。其 中：出席本次股东大会现场会议的股东以记名表决的方式对本次股东大会通知中 列明的事项进行了投票表决，并进行了监票、计票 ...

广东信达律师事务所 股东大会法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12楼 邮政编码：518038 11-12/F, TaiPing Finance Tower,Yitian Road 6001,Futian District, ShenZhen, P.R.China 518038 电话(Tel.)：(86 755)88265288 传真(Fax.)：(86 755)88265537 电子邮件（Email）：info@sundiallawfirm.com 网址（Website）：www.sundiallawfirm.com 广东信达律师事务所 关于欧派家居集团股份有限公司 2024 年第一次临时股东大会的法律意见书 信达会字（2024）第 299 号 致：欧派家居集团股份有限公司 广东信达律师事务所（下称"信达"）接受欧派家居集团股份有限公司（下 称"欧派家居"或"公司"）的委托，指派信达律师出席欧派家居 2024 年第一 次临时股东大会（下称"本次股东大会"），对欧派家居本次股东大会的合法性 进行见证，并出具本《广东信达律师事务所关于欧派家居集团股份有限公司 2024 年第一次临时股 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 89 CNY per share, compared to the current price of 72.02 CNY [1]. Core Insights - The company reported a revenue of 138.8 billion CNY and a net profit attributable to shareholders of 20.3 billion CNY for the first three quarters of 2024, reflecting a year-over-year decline of 16.2% and 12.1% respectively. In Q3 alone, the revenue was 53.0 billion CNY, with a net profit of 10.4 billion CNY, showing a year-over-year decline of 21.2% and 11.6% respectively [1]. - Despite the challenging market conditions, the company continues to optimize its store structure and maintain profitability. The gross margin improved to 40.4% in Q3, up 2.7 percentage points year-over-year, attributed to cost reduction and an increase in the proportion of high-margin customized products [1]. - The company is focusing on channel transformation and cost efficiency, with expectations that the home replacement policy will boost end-demand. Projected net profits for 2024-2026 are 26.69 billion CNY, 28.52 billion CNY, and 30.82 billion CNY respectively [1]. Financial Summary - For 2023, the total revenue is projected at 22,782 million CNY, with a year-over-year growth of 1.3%. However, for 2024, a decline of 14.1% is expected, with revenues of 19,580 million CNY. The net profit for 2023 is estimated at 3,036 million CNY, with a projected decline of 12.1% to 2,669 million CNY in 2024 [2]. - The earnings per share (EPS) for 2023 is 4.98 CNY, expected to decrease to 4.38 CNY in 2024, with a price-to-earnings (P/E) ratio of 16 for 2024 [2][4].

我是中研究院的分析师肖浩会员很欢迎大家来参加今天的我们2025年度策略会的线上交流这一场的交流呢是我们然后呢我们今天也是很荣幸的邀请到了公司的IR任总来给我们分享一下公司最新的一些情况下面呢首先第六环节我们还是有请 就是冷总来给我们介绍一下公司的就近期啊经营的一个状态吧然后呢我们再进入提问的环节哎冷总哎好的消耗你稍等我大概15秒啊我这个好的好的好没问题稍等一下嗯嗯好好好没问题是然后也是为了方便就后续大家那个参会啊我们这场会议尽量就在10点50或者55左右就结束啊因为很多人可能也要去转会场 那我们就稍等轮抖一下然后我们就开始好的可以了可以了也感谢中信的组织也感谢各位 对欧海家居的关注确实十月份以来这个行业里面也是发生了比较多的一些至少公司层面会有一些相对来说整个一到九月份更为积极的一些严肃的一些显现和叠加先说公司本身公司的话在九月底十月初也是披露了我们的一个三级报从整个三级报的一个情况来去看的话整个行业的情况 但在印度整体的收入增速普遍是加速下滑的大概平均的幅度是在15到20这样的水平那么公司的话也是在这个水平的收入下滑那么经济的话就是说在整个收入 相对来说有一个比较大幅的这样的一个向下波动的一个情况之下公司的 ...

欧派家居 20241111 摘要 • 欧派家居在近期受益于政府推出的定制家具和家居消费补贴政策，该政策 通过直接补贴的方式刺激消费，有效提升了消费者购买意愿，缓解了行业 过去两年面临的支付意愿下降、消费降级和去品牌化等问题。 • 补贴政策对欧派家居产生了积极影响，提升了消费者对品牌产品的选择意 愿，并提高了整体销售额。同时，政策提高了行业准入门槛，有助于优化 市场竞争环境。 • 补贴政策主要侧重于激活存量需求，预计能有效释放过去未被释放的潜在 需求，对欧派家居以及整个家具行业产生积极影响。 • 欧派家居预计存量大宗居民办公消费需求总量至少超过 1 亿户，甚至接近 2 亿户，公司将积极配合政策，通过深入研究消费者需求变化，进一步把 握市场机遇。 • 补贴政策落地后，欧派家居观察到消费者支付意愿显著提高，客流增加， 客单值提升，公司将继续响应国家号召，通过各种优惠形式推广整家产品 及多品类产品，提升整体竞争优势和市场份额。 • 欧派家居预计未来发展方向将向一站式、一体化以及品牌化推进，公司将 长期投入资源，强化品牌影响力、创新模式及调整管理架构，以顺应市场 整体需求变化。 Q&A 欧派家居在近期的经营状况和以旧换 ...

欧派家居集团股份有限公司 关于股份回购实施结果暨股份变动的公告 | 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-091 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 转债 | | 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： | 回购方案首次披露日 | 2024/11/11 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 11 月 10 11 | 日~2024 | 年 | 月 | 9 | 日 | | 预计回购金额 | 5,000 万元~10,000 万元 | | | | | | | 回购价格上限 | 元/股 100 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue and net profit for the first three quarters of 2024 were 13.879 billion and 2.031 billion yuan, respectively, representing declines of 16% and 12% year-on-year. In Q3 2024, the figures were 5.296 billion and 1.041 billion yuan, with declines of 21% and 12% [3][4]. - Despite revenue pressure, the overall performance in the integrated and retail home furnishing sectors showed resilience. The improvement in profitability in Q3 exceeded expectations, with a significant increase in gross margin attributed to cost control measures [4][5]. - The company is actively optimizing its channel structure and advancing its home furnishing transformation, which enhances operational resilience and competitiveness. The recent government subsidies for home furnishing are expected to boost demand and improve market share [4][5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenues of 13.879 billion yuan, a decline of 16% year-on-year, and a net profit of 2.031 billion yuan, down 12%. In Q3 alone, revenues were 5.296 billion yuan, down 21%, and net profit was 1.041 billion yuan, down 12% [3][4]. - The gross margin improved by 2.7 percentage points year-on-year in Q3, attributed to effective cost control and operational optimization [4]. Channel and Market Strategy - The company has reduced the number of physical stores by 536 this year, with a net decrease of 140 stores in Q3, bringing the total to 5,504. It is encouraging dealers to transition to a home furnishing model, with nearly 930 home furnishing stores established by the end of Q3 [4][5]. - The company is implementing five major reforms to enhance operational efficiency and adapt to the home furnishing strategy, including channel management and supply chain optimization [5]. Future Outlook - The ongoing government subsidies for home furnishing are expected to stimulate demand and enhance the company's market share. The company has established a national subsidy cooperation with the Guangzhou government, which is anticipated to yield quick results [5][6]. - The company plans to continue its home furnishing strategy while optimizing dealer support and product offerings, with a three-year dividend plan to strengthen investment value and market confidence [6].