欧派家居集团股份有限公司 2024 年第一次临时股东大会会议资料 （证券代码：603833） 二零二四年十一月 第 1 页 共 12 页 | 2024 | 年第一次临时股东大会会议须知 3 | | --- | --- | | 2024 | 年第一次临时股东大会议程 4 | | 2024 | 年第一次临时股东大会审议议案 5 | | | 议案一：关于公司未来三年（2024-2026 年）股东分红回报规划的议案 5 | | | 议案二：关于续聘华兴会计师事务所（特殊普通合伙）为公司 年度财务报告审计机构 2024 | | | 和内部控制审计机构的议案 9 | 欧派家居集团股份有限公司 2024 年第一次临时股东大会会议资料 欧派家居集团股份有限公司 2024 年第一次临时股东大会会议资料 五、股东临时要求发言或就相关问题提出质询的，应当先向大会现场工作人员申请，经大 会主持人许可后实施，并且临时要求发言的股东安排在登记发言的股东之后。 六、股东在大会上的发言，应围绕本次大会所审议的议案，简明扼要，每位股东发言的时 间一般不得超过三分钟。主持人可安排公司董事、监事和高级管理人员等回答股东问题。对于 与本次股东大会议 ...

Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company's performance has faced temporary pressure, but the ongoing deepening of the whole-home strategy supports a resilient growth outlook [1][2] - The company achieved operating revenue of 13.88 billion yuan in 2024Q1-Q3, a year-on-year decrease of 16.21%, and a net profit attributable to the parent company of 2.03 billion yuan, down 12.1% [1] - The company is expected to benefit from the implementation of old-for-new policies, which are anticipated to stimulate end-user demand in the home furnishing sector [2] Revenue Breakdown - Revenue from cabinets, wardrobes, and related products, bathrooms, and wooden doors for 2024Q1-Q3 was 4.03 billion, 7.19 billion, 800 million, and 830 million yuan respectively, with year-on-year changes of -21.99%, -18.99%, -1.62%, and -17.10% [2] - Gross margins for these categories were 30.62%, 40.88%, 29.01%, and 26.75%, with year-on-year changes of -3.28, +5.72, +0.24, and +4.31 percentage points [2] Profitability - The company's gross margin for 2024Q1-Q3 was 35.5%, an increase of 1.6 percentage points, while the net profit margin was 14.7%, up 0.8 percentage points [3] - In 2024Q3, the gross margin improved to 40.4%, with a net profit margin of 19.7%, reflecting significant quarterly improvements [3] Financial Forecast - Projected operating revenue for 2024 is 19.55 billion yuan, a year-on-year decrease of 14.2%, with a net profit of 2.736 billion yuan, down 9.9% [4] - The expected EPS for 2024 is 4.49 yuan, with a P/E ratio of 15.0 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5][10]. Core Insights - The company's Q3 performance showed a significant improvement in gross margin, reaching 40.4%, up 2.7 percentage points year-on-year, primarily driven by better margins in wardrobes and related products [4][5]. - Despite a decline in revenue and net profit for the first three quarters of 2024, the company is optimistic about its long-term growth potential due to strategic shifts towards a comprehensive home furnishing model [5][10]. - The company is actively optimizing its product and pricing matrix to enhance competitiveness in a challenging consumer environment [6][9]. Financial Data and Profitability Forecast - For the first three quarters of 2024, the company reported revenue of 13.879 billion yuan, a year-on-year decline of 16.2%, and a net profit of 2.031 billion yuan, down 12.1% [5][8]. - The Q3 revenue was 5.296 billion yuan, reflecting a 21.2% year-on-year decrease, while the net profit for the same period was 1.041 billion yuan, down 11.6% [5][8]. - The company anticipates a gradual recovery in net profit, projecting figures of 2.667 billion yuan, 2.784 billion yuan, and 2.945 billion yuan for 2024, 2025, and 2026 respectively [10][11]. Product and Channel Performance - The Q3 revenue from wardrobes and related products was 2.77 billion yuan, down 19.6%, while kitchen cabinets saw a 29.7% decline in revenue [6][7]. - Retail and bulk sales channels faced challenges, with retail revenue down 20.6% and bulk channel revenue down 28.9% in Q3 [7][9]. - The company is focusing on transforming its sales model to a comprehensive home furnishing approach, with over 850 effective retail stores by mid-2024 [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has shown a significant improvement in profitability despite a decline in revenue, with a firm commitment to advancing its home furnishing strategy [1][5] - The company is strategically increasing investments in brand promotion, e-commerce traffic, and market training to enhance consumer and dealer benefits [3][4] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 13.879 billion yuan, a year-on-year decrease of 16.21%, and a net profit of 2.031 billion yuan, down 12.08% year-on-year [1] - In Q3 2024, the company achieved revenue of 5.296 billion yuan, a decline of 21.21% year-on-year, with a net profit of 1.041 billion yuan, down 11.56% year-on-year [1] Product Performance - Revenue from major product categories showed pressure, with cabinets and wardrobes down 21.99% and 18.99% respectively, while the decline in the bathroom segment was relatively smaller at 1.62% [2] - The company’s gross margin for Q1-Q3 2024 was 35.54%, an increase of 1.55 percentage points year-on-year, while the net margin was 14.66%, up 0.77 percentage points year-on-year [3] Channel Performance - Direct sales channels led growth, with revenue from direct sales increasing by 4.09%, while revenue from distribution and bulk business decreased by 18.90% and 12.33% respectively [2] - The total number of stores decreased by 536 compared to the end of 2023, totaling 8,180 stores [2] Future Outlook - The company is expected to achieve revenues of 20.646 billion yuan, 21.708 billion yuan, and 22.819 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.758 billion yuan, 2.959 billion yuan, and 3.146 billion yuan [5][6] - The company is actively responding to the "old-for-new" policy, which is expected to stimulate demand and enhance customer flow and conversion [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 90.80 CNY, up from a previous forecast of 71.10 CNY [4][10]. Core Views - The company's cost reduction and efficiency enhancement strategy has positively impacted its gross margin, leading to better-than-expected performance in Q3 [3]. - The company is experiencing a steady advancement in its home furnishing strategy, despite short-term revenue pressures due to market conditions [10]. Summary by Sections Financial Performance - The company's Q3 revenue from cabinets, wardrobes, and related products was 14.7 billion CNY, down 29.7% year-on-year. The revenue from wardrobes was 27.7 billion CNY, down 19.6% year-on-year, and from sanitary ware and wooden doors was 3.0 billion CNY and 3.3 billion CNY, down 15.9% and 21.9% year-on-year, respectively [10]. - The overall gross margin improved to 40.4%, an increase of 2.7 percentage points year-on-year, driven by cost control measures and favorable material price differences [10]. Future Earnings Expectations - The company maintains its earnings expectations, forecasting EPS of 4.74 CNY, 5.04 CNY, and 5.56 CNY for 2024, 2025, and 2026, respectively [10][11]. - The company plans to distribute a total cash dividend of no less than 4.5 billion CNY from 2024 to 2026, indicating a stable return for shareholders [10]. Market Position and Strategy - The company has a total of 8,180 stores as of Q3 2024, with a net increase of 149 stores since the end of Q2 [10]. - The company is actively promoting its "big home" strategy, integrating channels and product lines to enhance profitability for its distributors [10].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 5.296 billion yuan in Q3 2024, a year-on-year decrease of 21.2%, with a net profit attributable to shareholders of 1.041 billion yuan, down 11.6% year-on-year. The decline in revenue is attributed to weak real estate and consumer demand, while internal management efforts and product structure optimization have led to improved profitability [1] - Revenue from cabinets, wardrobes, and supporting products, sanitary ware, and wooden doors in Q3 2024 was 1.47 billion, 2.77 billion, 300 million, and 330 million yuan respectively, with year-on-year declines of 29.7%, 19.6%, 15.9%, and 21.9%. The cabinet segment saw an increased decline compared to Q2 2024, while the wardrobe and wooden door declines have narrowed [1] - The retail channel experienced a revenue of 4.19 billion yuan in Q3 2024, down 20.6% year-on-year, with direct sales and distribution revenues decreasing by 12.9% and 20.9% respectively. The retail gross margin improved to 41.6%, up 2.1 percentage points year-on-year [1] - The company has completed the layout of five major manufacturing bases, which operate independently and cover a 500-kilometer radius for product delivery. The overall logistics cost has significantly improved, and the net operating cash flow for Q3 2024 was 1.451 billion yuan, an increase of 230 million yuan year-on-year [1] Financial Summary - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 2.71 billion, 2.84 billion, and 3.00 billion yuan respectively, corresponding to P/E ratios of 16.0X, 15.2X, and 14.5X [1][2] - The revenue for 2024 is projected to be 19.475 billion yuan, reflecting a year-on-year decrease of 14.5%, with a gradual recovery expected in subsequent years [2][10] - The latest diluted EPS for 2024 is estimated at 4.44 yuan, with a projected net asset return rate of 14.1% [2][10]

]yrtsudnI_elbaT[ [Table_Title] 欧派家居（603833）2024年三季报点评 业绩短期承压，重视股东投资回报 2024 年 10 月 29 日 [【投资要点】 Table_Summary] 公司发布 2024 年三季报。 2024 年前三季度，公司实现收入 138.8 亿元，同比-16.2%；归母净利 润 20.3 亿元，同比-12.1%；扣非归母净利润 17.6 元，同比-20.0%。 24Q3 公司实现收入 53.0 亿元，同比-21.2%；归母净利润 10.4 亿元， 同比-11.6%；扣非归母净利润 9.9 亿元，同比-12.6%。2023 年基数较 高，2024 年房地产市场承压、终端需求低迷，以及内部大家居深化改 革调整下，公司业绩承压。 分产品：卫浴相对稳健。2024 年前三季度，厨柜、衣柜及配套、卫浴、 木 门 收 入 分 别 为 40.3/71.9/8.0/8.3 亿 元 ， 同 比 -22.0%/-19.0%/-1.6%/-17.1%；毛利率为 30.6%/40.9%/29.0%/26.8%， 同比-3.3pct/+5.7pct/+0.2 pct/+4.3 p ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 71.1 yuan as of October 28, 2024, corresponding to a PE ratio of 16/16/14X for 2024-2026 [2][5] Core Views - The company reported a revenue of 13.88 billion yuan for the first nine months of 2024, a year-on-year decrease of 16.2%, and a net profit attributable to shareholders of 2.03 billion yuan, down 12.1% year-on-year [1] - Retail demand remains under pressure, with core product categories such as cabinets, wardrobes, and bathroom products experiencing declines in revenue, while the wardrobe, bathroom, and wooden door categories saw improvements in gross margins due to cost optimization and product structure adjustments [1] - The direct sales channel showed resilience, with a 4.1% year-on-year increase in revenue, while the distribution channel faced pressure due to weak retail demand [1] - The company's gross margin for the first nine months of 2024 was 35.5%, up 1.6 percentage points year-on-year, reflecting significant cost reductions and efficiency improvements from supply chain reforms [2] - The net profit margin for the first nine months of 2024 was 14.6%, up 0.7 percentage points year-on-year, with a single-quarter net profit margin of 19.7% in Q3 2024, up 2.1 percentage points year-on-year [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be 19.82 billion yuan, 20.83 billion yuan, and 22.06 billion yuan, respectively, with year-on-year growth rates of -13.01%, 5.12%, and 5.87% [4] - The net profit attributable to shareholders is expected to be 2.67 billion yuan, 2.77 billion yuan, and 3.06 billion yuan for 2024-2026, with year-on-year growth rates of -12.20%, 3.88%, and 10.68% [4] - The gross margin is projected to remain stable at around 34.2%-34.4% for 2024-2026 [4] Operational Efficiency and Strategic Progress - The company has optimized its dealer policies and improved store operational efficiency, with a total of 5,504 stores for its main brand as of the first nine months of 2024, a decrease of 140 stores compared to the first half of 2024 [2] - The company's organizational and governance reforms have shown initial results, with improvements in profitability and operational efficiency [2] - The "Whole Home" strategy continues to advance steadily, with the integrated home furnishing channel achieving stable growth [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company reported a revenue of 13.879 billion yuan for the first three quarters, a year-on-year decrease of 16.2%, with a net profit attributable to shareholders of 2.031 billion yuan, down 12.1% year-on-year [1]. - Despite short-term industry demand pressures, there is an expectation for future demand improvement due to ongoing home furnishing subsidies and a gradual recovery in domestic consumer confidence [4]. - The company has a strong internal culture and execution capabilities, which are expected to enhance its market share amid favorable policies for leading companies [4]. Summary by Sections Revenue Performance - In Q3, the company achieved a revenue of 5.296 billion yuan, a decline of 21.2% year-on-year, with a net profit of 1.041 billion yuan, down 11.6% year-on-year [1]. - For the first three quarters, revenue from different product categories showed declines: cabinets down 22%, wardrobes down 19%, and bathroom products down 2% [2]. - Revenue from various channels also varied, with direct sales up 4% but wholesale down 19% [2]. Cost Control and Profitability - The gross margin for Q3 was 40.4%, an increase of 2.8 percentage points year-on-year, driven by improved margins in wardrobes and bathroom products [3]. - The company effectively managed its operating expenses, with a net profit margin of 19.7% for Q3, up 2.1 percentage points year-on-year [3]. - Operating cash flow for the first three quarters was 2.7 billion yuan, a decrease of 28% year-on-year, primarily due to reduced cash receipts from sales [3]. Financial Forecast and Valuation - The company is projected to achieve net profits of 2.58 billion yuan, 2.59 billion yuan, and 2.72 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of -15.1%, 0.6%, and 4.8% [4]. - The current stock price corresponds to a P/E ratio of 17x for 2024 and 25, with the TTM P/E at the 11.7% percentile since its listing [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company's performance in the first three quarters of 2024 has been under pressure due to weak real estate sales, with a significant improvement in gross margin in Q3 [4][6] - The company is actively pursuing a home furnishing strategy, which is expected to capture a larger market share in the future [9] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.88 billion yuan, a year-on-year decrease of 16.2%, and a net profit attributable to shareholders of 2.03 billion yuan, down 12.1% year-on-year [4][9] - In Q3 2024, the company reported revenue of 5.30 billion yuan, a decline of 21.2% year-on-year, and a net profit of 1.04 billion yuan, down 11.6% year-on-year [4][9] - The gross margin for the first three quarters of 2024 was 35.5%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 14.6%, up 0.7 percentage points year-on-year [6][9] Product and Channel Performance - Revenue by product for the first three quarters of 2024: cabinets 4.03 billion yuan (-22.0%), clothing accessories 7.19 billion yuan (-19.0%), bathroom products 800 million yuan (-1.6%), and wooden doors 830 million yuan (-17.1%) [6] - Revenue by channel: direct sales 530 million yuan (+4.1%), distribution 10.39 billion yuan (-18.9%), and bulk sales 2.35 billion yuan (-12.3%) [6] - The total number of dealer stores decreased to 8,180 by the end of Q3 2024, down 536 from the end of 2023 [6] Margin Analysis - The gross margin for Q3 2024 was 40.4%, an increase of 2.7 percentage points year-on-year, driven by lower raw material costs and improved production efficiency [6][9] - The gross margins by product in Q3 2024 were: cabinets 33.0%, clothing accessories 47.6%, bathroom products 35.8%, and wooden doors 31.2% [7] - The gross margins by channel in Q3 2024 were: direct sales 61.3%, distribution 40.6%, and bulk sales 31.8% [7] Future Outlook - The revenue forecast for 2024 has been adjusted down to 19.45 billion yuan, a reduction of 7%, while the net profit forecast has been slightly lowered to 2.77 billion yuan, a decrease of 1% [9] - The company is expected to maintain stable revenue and net profit forecasts for 2025-2026, with EPS projected at 4.54 yuan, 5.01 yuan, and 5.64 yuan for 2024-2026 respectively [9]