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].

欧派家居集团股份有限公司 投资者交流活动会议纪要 一、基本情况 1、时间：2024 年 11 月 1 日、11 月 4 日至 11 月 5 日 2、地点：广州市白云区广花三路 366 号欧派家居总部 3、公司参与人员：2024 年 11 月 1 日第三季度业绩说明会活动由公司董事 长兼总裁姚良松，独立董事鲁晓东，财务负责人王欢，董事会秘书欧盈盈参与接 待，11 月 4 日至 11 月 5 日交流活动由董事会秘书欧盈盈、投资者关系负责人任 才参与接待 4、交流形式：网络文字互动、电话会议等 5、参会投资者：2024 年 11 月 1 日通过网络文字互动形式参与公司 2024 年 第三季度业绩说明会的投资者以及 11 月 4 日至 11 月 5 日通过电话会议形式来 自长江证券、华福证券、国海证券、申万宏源证券、国泰君安证券、广发证券等 机构投资者 二、互动问答内容 1、面对定制家居行业竞争格局的变化，公司有哪些具体的应对策略？ 答：面对行业竞争加剧，欧派家居主要实施的改革应对如下：一是全面重构 基于大家居商业模式的组织架构，更好地满足消费者一站式的家居产品和配套服 务需求；二是五大生产基地市场化抢单机制改革，让 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company has experienced a decline in revenue but a significant improvement in profitability, attributed to reforms in delivery quality and supply chain management. The implementation of the old-for-new furniture policy in Q4 is expected to enhance consumer purchasing willingness and release pent-up demand [1][3]. - Direct sales channels have shown steady growth, while distribution and bulk business have declined due to reduced terminal traffic and the impact of the housing market. The company is optimizing underperforming stores and encouraging distributors to adopt a comprehensive home furnishing strategy [1][3]. - The company has seen a rise in gross margins across various product categories, particularly in wardrobes and wooden doors, due to changes in product structure and cost control measures [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 13.88 billion, down 16.2% year-on-year, and a net profit attributable to shareholders of 2.03 billion, down 12.1% [1]. - In Q3 2024, revenue was 5.30 billion, a decrease of 21.2%, while net profit was 1.04 billion, down 11.6% [1]. - The gross margin for Q3 2024 improved to 40.4%, an increase of 2.7 percentage points, driven by product structure changes and cost control measures [1][3]. Revenue Breakdown - Revenue from direct sales for Q1-Q3 2024 was 530 million, up 4.1%, while distribution revenue was 10.39 billion, down 18.9% [1]. - The revenue from various product categories showed declines: wardrobes at 7.19 billion (-19.0%), cabinets at 4.03 billion (-22.0%), wooden doors at 830 million (-17.1%), and bathrooms at 800 million (-1.6%) [1]. Profitability Metrics - The company’s net profit margin for Q3 2024 was 19.7%, an increase of 2.2 percentage points, reflecting a focus on profit and quality growth [1][3]. - The projected net profit for 2024-2026 is expected to be 2.73 billion, 2.94 billion, and 3.14 billion respectively, with corresponding PE ratios of 15.6, 14.5, and 13.6 [1][2].

证券代码:603833 证券简称:欧派家居 公告编号:2024-090 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。 投资种类：银行结构性存款 投资金额：人民币 15,000 万元 （三）资金来源 1.资金来源的一般情况 重要内容提示： 履行的审议程序：欧派家居集团股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日召开了第四届董事会第十六次会议、第四届监事会第十一次会议，审议通过了《关于使用闲 置募集资金进行现金管理的议案》，同意公司使用总额度不超过人民币 50,000 万元（含）暂 时闲置募集资金适时进行现金管理，决议有效期自 2024 年 8 月 19 日至 2025 年 8 月 18 日。本 事项无需提交公司股东大会审议。 特别风险提示：公司使用暂时闲置募集资金进行现金管理的产品类型虽然仅限于安全 性高、低风险且期限不超过 12 个月的保本型产品，总体风险可控，但是金融市场受宏观经济 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has experienced a decline in revenue and net profit for the first three quarters of 2024, with revenue at 13.88 billion yuan, down 16.21% year-on-year, and net profit at 2.03 billion yuan, down 12.08% year-on-year [5][6] - The company's gross margin has improved slightly, reaching 35.54%, an increase of 1.6 percentage points year-on-year, despite a rise in expense ratios [5] - The report anticipates a decrease in net profit for 2024 and 2025, adjusting forecasts from 2.9 billion yuan and 3.1 billion yuan to 2.6 billion yuan and 2.7 billion yuan respectively, reflecting a year-on-year change of -14% and +4% [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 5.3 billion yuan, a decrease of 21.21% year-on-year, and a net profit of 1.04 billion yuan, down 11.56% year-on-year [5] - The company’s revenue from various product lines showed declines, with kitchen cabinets and wardrobes down 21.99% and 18.99% respectively [5][6] Channel Performance - Revenue from direct stores increased by 4.09% to 5.3 billion yuan, while revenue from distribution stores and bulk business decreased by 18.90% and 12.33% respectively [6] - The total number of stores decreased to 8,180, down 536 from the end of 2023, due to adjustments in distributor operations and management policies [6] Valuation and Forecast - The report suggests a reasonable valuation range for the company at 66.5 to 75.3 yuan based on a PE ratio of 15-17 times for 2025 [6] - The forecast for overall revenue for 2024 is set at 19.33 billion yuan, reflecting a year-on-year decline of 15.2% [7][10]

Investment Rating - The investment rating for the company is "Buy" with a target price of 70 CNY, maintaining the current rating [1]. Core Views - The company reported a Q3 revenue of 5.3 billion CNY, a year-on-year decrease of 21.2%, and a net profit attributable to shareholders of 1.04 billion CNY, down 11.6% year-on-year. The non-recurring net profit was 999 million CNY, down 12.6% year-on-year [1]. - The company is focusing on improving product cost-performance and delivery efficiency, adapting to changes in consumer preferences and market dynamics in the home furnishing industry [1]. - The gross profit margin improved to 40.4%, an increase of 2.8 percentage points year-on-year, indicating effective cost reduction and efficiency enhancement measures [1]. Financial Data Summary - For the first three quarters of 2024, the company reported a total revenue of 13.88 billion CNY, a decrease of 16.2% year-on-year, and a net profit of 2.03 billion CNY, down 12.1% year-on-year [1]. - The revenue breakdown by product category shows that cabinet revenue was 4.03 billion CNY, down 22%, with a gross margin of 30.6%, down 3.3 percentage points. Wardrobe and accessory revenue was 7.19 billion CNY, down 19%, with a gross margin of 40.9%, up 5.7 percentage points [1]. - The company’s total assets reached 34.35 billion CNY in 2023, with a total liability of 16.23 billion CNY, resulting in a debt ratio of 47.16% [3][4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 2.70 billion CNY, 2.88 billion CNY, and 3.17 billion CNY respectively, with corresponding P/E ratios of 15.78, 14.79, and 13.44 [2][5].

欧派家居（603833.SH） 家居用品 证券研究报告/公司点评报告 2024 年 10 月 31 日 收入仍有承压，盈利改善显著 ——欧派家居 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 13.879 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.21%, with a net profit of 2.031 billion yuan, down 12.08% year-on-year [2][5] - In Q3 alone, the company achieved a revenue of 5.296 billion yuan, reflecting a year-on-year decline of 21.21%, while the net profit was 1.041 billion yuan, down 11.56% year-on-year [2][5] - Despite the revenue pressure, the net profit margin continued to improve, indicating better profitability relative to revenue [2][5] Revenue Performance - Revenue from the company's main product lines showed declines: kitchen cabinets down 21.99%, wardrobes down 18.99%, and bathroom products down 1.62%, while the wooden doors segment decreased by 17.10% [3] - The gross margin for wardrobes improved by 5.72 percentage points year-on-year, while kitchen cabinets saw a decline of 3.28 percentage points [3] - Direct sales channels experienced a revenue increase of 4.09%, while dealer and bulk business revenues fell by 18.90% and 12.33%, respectively [3] Profitability Improvement - The company's gross margin and net margin for the first three quarters of 2024 were 35.54% and 14.66%, respectively, both showing year-on-year increases of 1.55 percentage points and 0.77 percentage points [4] - In Q3, the gross margin reached 40.36%, with a net margin of 19.68%, reflecting year-on-year increases of 2.75 percentage points and 2.18 percentage points [4] - The reduction in operating expenses contributed to the improved profitability, with a decrease in the expense ratio by 0.85 percentage points year-on-year [4] Future Outlook - The company is expected to maintain its leading position in the custom home furnishing industry, with anticipated net profits of 2.700 billion yuan, 2.869 billion yuan, and 3.040 billion yuan for 2024, 2025, and 2026, respectively [5] - Corresponding price-to-earnings ratios are projected to be 16, 15, and 14 times for the respective years [5]

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-088 | | --- | --- | | 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 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 2024 年 10 月，公司未回购股份。截至 2024 年 10 月 31 日，公司第二期股份 回购计划已通过集中竞价交易方式累计回购 1,124,200 股，占公司截至 2024 年 9 月 30 日总股本 609,152,512 股的 0.1846%，回购成交最高价格为 83.90 元/股，最低 价格为 40.27 元/股，成交总金额为 78,934,513.00 元（不含交易佣金等交易费用）。 上述回购符合相关法律法规的规定及公司既定的回购股份方案。 关于以集中竞价交易方式回购公司股份的进展公告 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 ...

证券代码:603833 证券简称:欧派家居 公告编号:2024-089 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： 履行的审议程序：欧派家居集团股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日召开了第四届董事会第十六次会议、第四届监事会第十一次会议，审议通过了《关于使用闲 置募集资金进行现金管理的议案》，同意公司使用总额度不超过人民币 50,000 万元（含）暂时 闲置募集资金适时进行现金管理，决议有效期自 2024 年 8 月 19 日至 2025 年 8 月 18 日。本事 项无需提交公司股东大会审议。 3. 鉴于公司第四届董事会第八次会议和第四届监事会第六次会议审议通过的闲置募集资金现金管理决 议期限届满，为降低财务成本，保障公司股东的利益，公司于2024年7月25日召开了第四届董事会第十六次 会议、第四届监事会第十一次会议，审议通过了《关于使用闲置募集资金进行现金 ...