Core Viewpoint - The company held a half-year performance briefing to discuss its operational and financial status, addressing investor concerns and outlining strategic reforms in response to market challenges [1][2]. Group 1: Performance and Financial Overview - In the first half of 2025, the company's revenue decreased by 3.98%, making it unlikely to achieve annual revenue growth [3]. - The company aims to maintain profit levels similar to the first half of the year despite the revenue decline [3]. - The company reported a significant increase in gross margin due to various reforms, including supply chain improvements and cost management strategies [14]. Group 2: Strategic Reforms and Market Position - The company has implemented a series of reforms focused on a multi-brand, multi-category home furnishing strategy, including R&D and personnel adjustments [2]. - The company is enhancing its digital tools and optimizing its city layout to improve operational efficiency and market competitiveness [4]. - The company is focusing on integrating design and material supply to meet the growing demand for home renovations, particularly in the kitchen and bathroom sectors [5]. Group 3: Industry Challenges and Opportunities - The company faces challenges due to the real estate sector's downturn, which affects consumer demand for home furnishings [3]. - The trend towards market share concentration in the home furnishing industry presents both challenges and opportunities for the company to enhance its competitive position [4]. - The company recognizes the potential in the renovation market, particularly in urban areas, and is adapting its strategies accordingly [5][8]. Group 4: Future Outlook and Expansion - The company is exploring community stores and online platforms as potential growth areas in the renovation market [8]. - The company plans to continue expanding its overseas business, which has seen a 30% revenue increase, while maintaining a focus on domestic production [17]. - The company is committed to enhancing its capabilities in the home furnishing sector through systematic reforms and digital transformation [18].

从机构评级变动看，今日机构买入型评级记录中，有13条评级记录为机构首次关注，涉及长久物流、崇 达技术等13只个股。今日机构评级调高的共有3条记录，涉及凯莱英、平煤股份等3只个股。 336只个股今日获机构买入型评级，凯莱英、平煤股份、云图控股最新评级被调高，13股机构首次关 注。 证券时报·数据宝统计显示，今日机构研报共发布415条买入型评级记录，共涉及336只个股。欧派家居 关注度最高，共获4次机构买入型评级记录。 今日获机构买入型评级个股中，共有92条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有59股上涨空间超20%，特锐德上涨空间最高，9月2日华泰证券预计 公司目标价为40.25元，上涨空间达67.71%，上涨空间较高的个股还有比亚迪、欧派家居等，上涨空间 分别为46.34%、45.40%。 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 603833 | 欧派家居 | 4 | -0.90 | 16.46 | 轻工制造 | | 6882 ...

Core Viewpoint - The company held a half-year performance briefing on September 1, 2025, to discuss its operational and financial status, industry developments, and strategic initiatives with investors [1]. Group 1: Performance and Financials - In the first half of 2025, the company's revenue decreased by 3.98%, and achieving revenue growth for the full year is considered unlikely [2][3]. - The company aims to maintain profit levels similar to the first half of the year despite the revenue decline [2]. Group 2: Industry Challenges and Strategic Responses - The company is significantly affected by the real estate industry's downturn, which is expected to continue impacting demand for its products [3]. - The company is implementing reforms to adapt to changing consumer demands, including restructuring its R&D and personnel systems [2]. Group 3: Market Share and Competitive Strategy - The company is confident in its ability to increase market share through enhanced R&D, digital tools, and optimized city layouts for its business operations [3][4]. - The company plans to focus on integrated design and competitive pricing to meet the growing demand for home renovations, particularly in the context of the increasing trend of home improvement projects [4]. Group 4: Operational Improvements - The company has implemented a "land distribution" management strategy to improve efficiency and resource allocation across its divisions [6]. - The company is enhancing its supply chain management and production processes to improve overall efficiency and reduce costs [9]. Group 5: International Expansion - The company has seen a 30% increase in revenue from its foreign trade channels and is expanding its global sales network, currently reaching 146 countries [8]. - The company is focusing on strengthening its presence in key overseas markets while maintaining a cost-effective production model [8]. Group 6: Future Outlook and Innovations - The company is exploring new retail formats, such as community stores, to drive customer engagement and sales [5]. - The company is investing in digital transformation and AI tools to enhance its operational capabilities and customer experience [10].

证券代码:603833 证券简称:欧派家居 公告编号: 2025-067 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 2025 年半年度业绩说明会召开情况的公告 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。 欧派家居集团股份有限公司（以下简称"公司"或"欧派家居"）于 2025 年 8 月 30 日在《中 国证券报》《上海证券报》《证券日报》《证券时报》和上海证券交易所网站（www.sse.com.cn） 上披露了《欧派家居 2025 年半年度报告》。为便于广大投资者更深入、全面地了解公司经 营情况，公司于 2025 年 9 月 1 日 15:00-16:30 召开了"2025 年半年度业绩说明会"。现将会 议召开情况公告如下： 一、业绩说明会召开基本情况 2025 年 9 月 1 日，公司通过全景网（http://rs.p5w.net）以网络视频直播结合网络文字互 动方式召开了"2025 年半年度业绩说明会"。公司董事长兼总裁姚良松先生、公司财务负责 人王欢女士、公司董事会秘书欧盈盈女 ...

华福证券 公 司 研 究 欧派家居（603833.SH） H1 扣非净利高增，大家居稳中求进 投资要点： 公 事件：公司发布 2025 年半年报，1H25 实现收入 82.4 亿元，同比-4%， 实现归母净利 10.2 亿元，同比+2.9%，扣非净利 9.4 亿元，同比+21.4%； 单 Q2 营收 47.9 亿元，同比-3.4%，归母净利 7.1 亿元，同比-8%，扣非净 利 6.8 亿元，同比+6.8%。 司 财 报 点 评 H1 营收企稳，大家居稳中求进。公司 1H25 实现收入 82.4 亿元，同比 -4%。上半年房地产行业及家居行业的深度调整与转型挑战依然持续，公司 一方面快速响应行业生态转型的市场机遇，另一方面坚定围绕大家居发展 战略。分产品，H1 橱柜、衣柜及配套家具、卫浴、木门、其他分别实现营 收分别同比-5.9%、-4.1%、-0.6%、-9.1%，+3.9%。分渠道：H1 经销、直 营、大宗、其他渠道营收分别同比-4.1%、+5.6%、-11.3%、+30.1%。门店 方面，截止 H1 公司各品牌合计门店数较 24 年底-104 家。截止 H1，公司 零售大家居有效门店数量超 1200 家 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Summary of the Conference Call for Oppein Home Company Overview - **Company**: Oppein Home - **Industry**: Home Furnishing Key Points and Arguments Financial Performance - In the first half of 2025, Oppein Home reported revenue of **8.24 billion** yuan, a **4% year-on-year decline**, while net profit attributable to shareholders was **1.02 billion** yuan, reflecting a **2.9% increase** in profitability [2][4][11] - The second quarter showed a narrowing revenue decline of **3.4%**, indicating improved operational conditions [2][4] - Gross margin increased to **36.24%**, up **3.67 percentage points**, and net margin rose to **12.36%**, up **0.82 percentage points**, due to lower material costs and operational efficiencies [2][4][8] Market Environment - The home furnishing market faced challenges, with national statistics showing declines in real estate investment, completion, and sales [4] - The furniture manufacturing sector saw a **4.9%** drop in revenue among major companies, with profits down **23.1%** [4] - Oppein Home's revenue from distribution channels fell **4%**, while direct sales and foreign trade channels grew by **5.6%** and **30%**, respectively [2][4] Strategic Initiatives - The company implemented performance assessment reforms and supply chain improvements to enhance operational quality despite market pressures [2][6] - Oppein Home is focusing on diversifying its revenue streams and optimizing cost structures through its "one-stop shopping" model, which encourages customers to purchase multiple product categories [13][20] - The introduction of top industry talent and a "land distribution" management model aims to boost the autonomy of various business units and foster internal competition [3][15][28] Government Policies and Consumer Behavior - National subsidy policies have stimulated consumption but have not fully reversed the downward revenue trend [10][11] - The company expects future subsidy policies to focus on stabilizing consumption and promoting industrial upgrades, but these may not be sufficient to drive revenue growth alone [11] Future Outlook - The company anticipates continued pressure on gross and net margins due to external market conditions and increased competition [9][18] - Oppein Home is exploring opportunities in the renovation of existing homes, which is becoming a significant growth area as new home sales slow [20][21] - The company plans to enhance its product offerings and service efficiency to capture the potential in the renovation market [21][26] Challenges and Adaptations - The company is aware of the competitive landscape within the furniture industry, with a trend towards market share concentration [19] - Oppein Home is adapting by enhancing its digital tools and optimizing its business layout to improve operational efficiency [19][22] Conclusion - Oppein Home is navigating a challenging market environment through strategic reforms, operational improvements, and a focus on diversifying its revenue streams. The company remains cautiously optimistic about its future performance while preparing for ongoing market challenges [30]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 8.241 billion yuan in H1 2025, a year-on-year decrease of 3.98%, while the net profit attributable to shareholders was 1.018 billion yuan, an increase of 2.88% [4] - The gross profit margin for H1 2025 was 36.24%, an increase of 3.67 percentage points year-on-year [6] - The company is undergoing a significant supply chain reform, which has shown positive results, particularly in overseas markets [5][6] Financial Performance Summary - In H1 2025, the company achieved revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, and a non-recurring net profit of 943 million yuan, reflecting a year-on-year growth of 21.41% [4] - The revenue breakdown by product for H1 2025 shows cabinets at 2.407 billion yuan, wardrobes and supporting furniture at 4.239 billion yuan, and other categories with varying performance [5] - The company’s gross profit margins by product category improved, with cabinets at 32.32% and wardrobes at 41.39%, both showing year-on-year increases [5] Future Projections - Revenue projections for 2025-2027 are estimated at 20.026 billion yuan, 21.104 billion yuan, and 22.128 billion yuan, with respective year-on-year growth rates of 5.8%, 5.4%, and 4.9% [8] - The net profit attributable to shareholders is projected to be 2.741 billion yuan in 2025, 2.900 billion yuan in 2026, and 3.048 billion yuan in 2027, with growth rates of 5.4%, 5.8%, and 5.1% respectively [8]

Industry Overview - Ecological board is an important decorative engineered wood product, known for its good aesthetics, resistance to deformation, high strength, good toughness, and wood-like texture, widely used in interior decoration and renovation [1][2] - The ecological board originated in Europe and has gradually replaced traditional boards due to its environmental performance and advanced technology [1][7] - The ecological board market in China is projected to reach a scale of 185 billion yuan in 2024 [1][7] Market Trends - The share of environmentally friendly ecological board products is expected to increase to 48% during 2024, with ENF-grade products accounting for 43%-48% [1][7] - The largest ecological board base in China is located in Liuzhou, Guangxi, which produces over 20% of the national output of fine wood boards and ecological boards [1][9] Competitive Landscape - The top ten brands in the ecological board industry have increased their market share from 35% in 2020 to 48% in 2024, driven by leading companies like Penghong Wood Industry, Tubao, and Fuxiang Wood Industry enhancing R&D and product innovation [1][13] - The ecological board industry has a relatively low technical barrier, allowing many small and medium-sized enterprises to enter the market, resulting in a diverse range of competitors [1][12] Future Development - The ecological board industry is expected to evolve towards multi-functional products, strengthened technical barriers, and increased global competition, driven by rising consumer health demands and stricter environmental policies [1][14]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 欧派家居(603833) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 欧派家居：推进整装大家居转型，行业龙头韧 性突出 [Table_ReportDate] 2025 年 08 月 31 日 [Table_S 事件：公司ummar发布y] 2025 半年报。2025H1 公司实现收入 82.41 亿元（同比 -4.0%），归母净利润 10.18 亿元（同比+2.9%），扣非归母净利润 9.43 亿元 （同比+21.4%）。2025Q2 公司实现收入 47.94 亿元（同比-3.4%），归母净 利润 7.10 亿元（同比-8.0%），扣非归母净利润 6.77 亿元（同比+6.8%）。 点评： 重 ...