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 ...

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 10 月 30 日 15:15-16:15 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：财务负责人王欢、董事会秘书欧盈盈、投资者关系负责 人任才 4、会议形式：电话会议 5、参会投资者：国泰君安证券、申万宏源证券、长江证券、广发证券、浙 商证券、国海证券、国盛证券、兴业证券、花旗银行、广发基金、易方达基金、 浙商基金、华安基金、富国基金等 200 余位投资者。 二、2024 年前三季度经营情况介绍 受外部市场环境以及公司渠道变革等多方面因素影响，2024 年 1-9 月，公司 实现营业收入 139 亿元，同比下滑 16.21%，单三季度营收同比下滑 21%。 面对困难的市场环境，公司持续内部挖潜，降低各类经营成本，二季度开始 进一步强化各类成本费用管控，进一步深化供应链改革、自动化、产品改革、质 量改革及交付改革，降低公司生产成本。综合来看，各类措施的积极成果在今年 三季度有比较明显的体现，公司主营业务毛利率、净利率均实现稳中有升，销售 毛利率 35.54%，同比提升 1.55 个百分点；销售 ...

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]