欧派家居（603833.SH）2024 年半年报点评 大家居全案落地稳步推进，优化供应链多维降本 2024 年 09 月 02 日 ➢ 事件：欧派家居发布 2024 半年报，24H1 公司分别实现营收/归母净利润/ 扣非净利润 85.83/9.90/7.76 亿元，同比下降 12.81%/12.61%/27.54%，24Q2 公司分别实现营收/归母净利润/扣非净利润 49.62/7.72/6.34 亿元，同比下降 20.91%/21.26%/32.72%。 ➢ 地产形势严峻业务承压，24Q2 卫浴实现增长。分产品看，公司 24Q2 橱柜 /衣柜及配套家具产品/卫浴/木门/其他实现收入 14.90/25.12/3.00/2.80/2.72 亿元，同比变动-25.02%/-27.25%/+8.66%/-24.04%/+195.58%，占营业收入 的比重 30.03%/50.64%/6.05%/5.65%/5.49%，同比变动-1.65/-4.42/+1.65/- 0.23/+4.01pct。分渠道看，公司 24Q2 直营/经销/大宗/其他实现收入 1.86/37.76/8.04/0.89 亿元，同比变动-5.34 ...

看好改革红利下企业长期价值 核心观点 ● ● ● 事件:公司发布 2024 年中报,24H1 公司实现营业收入 85.8 亿元,同比- 12.8%;归母净利润 9.9亿元,同比-12.6%。其中 24Q2 实现营业收入 49.6 亿 元,同比-20.9%;归母净利润 7.7亿元,同比-21.3%。 行业景气度下行,核心品类短期承压。分产品看,公司24H1橱柜/衣柜及配 套家具产品/卫浴/木门/其他业务分别实现收入 25.6/44.2/5.0/5.0/4.3 亿元, 同比分别-16.8%/-18.6%/+9.3%/-13.6%/+234.1%。行业弱景气度及内部组织 变革调整背景下,核心品类营收略有下滑,卫浴等低基数品类仍实现小幅增长。 直营增速亮眼,经销业务静待修复。分渠道看,公司 23H1 直营/经销/大宗 业务/其他业务分别实现收入 3.3/64.0/15.0/1.7 亿元,同比分别+17.3%/- 17.6%/1.0%/27.1%。其中直营渠道在市场下行情况下仍实现较快增长。零售 经销渠道营收同比下滑 23%,主要因市场需求走弱及 23H1同期高基数,公司 持续推动零售大家居有效门店建设,24H1 净增 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is experiencing revenue pressure due to a combination of weak real estate transactions and a transition in its internal structure, leading to a decline in revenue [3] - The company is actively pursuing a transformation towards a comprehensive home furnishing sales model, which is currently in a transitional phase [3] - Despite the revenue decline, the company has managed to improve its profitability through cost reduction and efficiency enhancement measures [4] - The company is expected to face short-term performance pressures but is anticipated to achieve recovery growth post-structural adjustments [5] Revenue Summary - In H1 2024, the company reported revenue of 8.583 billion yuan, a year-on-year decrease of 12.81%, with a net profit of 990 million yuan, down 12.61% [2] - For Q2 2024, revenue was 4.962 billion yuan, a year-on-year decline of 20.91%, and net profit was 772 million yuan, down 21.26% [2] - Revenue by product category showed declines in cabinets and wardrobes, while bathroom products and doors experienced growth [3] Profitability Summary - The company achieved a gross margin of 32.57%, an increase of 1.05 percentage points, and a net margin of 11.57%, up 0.13 percentage points in H1 2024 [4] - The company implemented various cost control measures, resulting in a slight increase in the overall profitability despite rising expenses [4] Financial Forecast - The company’s projected revenues for 2024-2026 are 20.504 billion, 22.554 billion, and 25.486 billion yuan, respectively [5] - Earnings per share (EPS) for the same period are forecasted to be 4.50, 5.00, and 5.70 yuan, respectively [5] - The price-to-earnings (PE) ratios for 2024-2026 are expected to be 9.85, 8.87, and 7.78 times, respectively [5]

Investment Rating - Maintain "Buy" rating for Oppein Home Group (603833 SH) with a current price of 44 35 yuan [2] Core Views - Oppein Home Group continues to implement its whole-home strategy with steady growth in the whole-home channel and a slight increase in gross margin in the first half of 2024 [2][4] - The company's revenue for 1H2024 was 8 58 billion yuan, a year-on-year decrease of 12 8%, and net profit attributable to the parent company was 990 million yuan, a year-on-year decrease of 12 6% [3] - The company's gross margin for 1H2024 was 32 6%, a year-on-year increase of 1 1 percentage points, while the net profit margin attributable to the parent company remained flat at 11 5% [5] Revenue Breakdown - In 1H2024, revenue from cabinets, wardrobes and accessories, bathroom products, and wooden doors were 2 56 billion yuan, 4 42 billion yuan, 500 million yuan, and 500 million yuan, respectively, with year-on-year changes of -16 8%, -18 6%, +9 3%, and -13 6% [4] - Revenue from direct sales, distribution, and bulk sales channels were 330 million yuan, 6 4 billion yuan, and 1 5 billion yuan, respectively, with year-on-year changes of +17 3%, -17 6%, and +1 0% [4] - The whole-home channel revenue increased by 8 7% year-on-year, while the foreign trade channel revenue increased by 27% [4] Store Network - As of the end of 1H2024, the total number of dealer stores was 8,329, a decrease of 387 stores compared to the end of 2023 [4] - The number of stores for Oppein, Oppolia, Opponi, and Bonici brands were 5,644, 1,037, 954, and 539, respectively, with changes of -369, -41, -47, and +74 compared to the end of 2023 [4] - The number of effective retail whole-home stores exceeded 850, an increase of more than 200 compared to the end of 2023 [4] Financial Performance - The company's period expense ratio for 1H2024 was 22 0%, an increase of 4 0 percentage points year-on-year, mainly due to increased advertising and market promotion expenses [5] - The gross margin for cabinets, wardrobes and accessories, bathroom products, and wooden doors in 1H2024 were 29 2%, 36 7%, 25 0%, and 23 8%, respectively, with year-on-year changes of -1 1, +3 1, -1 4, and +2 8 percentage points [5] - The gross margin for direct sales, distribution, and bulk sales channels were 53 3%, 32 4%, and 25 2%, respectively, with year-on-year changes of -4 7, +1 3, and -2 8 percentage points [5] Forecast and Valuation - Revenue forecasts for 2024-2026 were revised down to 21 0 billion yuan, 22 18 billion yuan, and 24 66 billion yuan, respectively, with net profit forecasts revised down to 2 8 billion yuan, 3 04 billion yuan, and 3 42 billion yuan [6] - The EPS for 2024-2026 is expected to be 4 59 yuan, 4 99 yuan, and 5 61 yuan, with corresponding PE ratios of 10x, 9x, and 8x [6] - The company's ROE for 2024-2026 is expected to be 14 55%, 14 09%, and 14 10%, respectively [7] Strategic Initiatives - Oppein Home Group is actively promoting the transformation of its marketing system towards the whole-home strategy, with the whole-home channel continuing to achieve steady growth [4] - The company has implemented cost reduction and efficiency improvement measures, including organizational optimization and expense control, while strategically increasing investment in brand promotion, e-commerce traffic, and market training [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company reported a revenue of 8.583 billion yuan for H1 2024, a year-on-year increase of 12.8%, while the net profit attributable to shareholders was 990 million yuan, a decrease of 12.6% year-on-year [3] - The company is facing challenges due to weak demand in the real estate and consumer sectors, leading to strategic investments in brand promotion, e-commerce, and market training [3] - The company is actively transforming its retail and integrated home furnishing channels, with a notable increase in revenue from the integrated channel by 8.7% year-on-year [3] Financial Performance Summary - For H1 2024, the revenue breakdown is as follows: cabinets 2.56 billion yuan (down 16.8%), wardrobes 4.42 billion yuan (down 18.6%), sanitary ware 500 million yuan (up 9.3%), and wooden doors 500 million yuan (down 13.6%) [3] - The gross profit margins for these categories are 29.2%, 36.7%, 25.0%, and 23.8%, respectively [3] - The retail segment generated 6.73 billion yuan in revenue for H1 2024, a decrease of 16.3% year-on-year, with direct sales up 17.3% and dealer sales down 17.6% [3] - The company’s gross margin for the retail segment was 33.5% for H1 2024, an increase of 1.4 percentage points year-on-year [5] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 2.7 billion yuan, 2.93 billion yuan, and 3.17 billion yuan, respectively, with corresponding P/E ratios of 10.0X, 9.2X, and 8.5X [5] - The company is focusing on cost reduction and efficiency improvement, with a stable gross margin of 34.5% in Q2 2024 [5] - The cash flow from operating activities improved to 1.701 billion yuan in Q2 2024, an increase of 361 million yuan year-on-year [5]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15% compared to RMB 1.04 billion in the same period of 2023[11]. - The company's operating revenue for the first half of 2024 was approximately ¥8.58 billion, a decrease of 12.81% compared to the same period last year[12]. - Net profit attributable to shareholders was approximately ¥989.68 million, down 12.61% year-on-year[12]. - The net profit after deducting non-recurring gains and losses was approximately ¥776.35 million, reflecting a significant decline of 27.54% compared to the previous year[12]. - Basic earnings per share decreased to ¥1.62, down 12.90% from the previous year[13]. - The total comprehensive income for the first half of 2024 was CNY 962,795,412.64, down from CNY 1,222,831,154.81 in the same period of 2023[130]. - The company reported a net profit distribution of approximately 1.67 billion, with a general risk reserve allocation of 4.00[139]. Market and User Growth - User data showed an increase in active customers to 1.5 million, a growth of 20% from 1.25 million in the first half of 2023[11]. - Market expansion efforts include entering two new provinces in China, aiming for a 10% increase in market share by the end of 2024[11]. - The company plans to launch three new product lines in the second half of 2024, focusing on smart home solutions and sustainable materials[11]. Challenges and Risks - The management highlighted potential risks including supply chain disruptions and increased competition in the home furnishing sector[11]. - The furniture manufacturing industry is experiencing a downturn due to various factors, with retail sales of furniture increasing only 2.6% year-on-year in the first half of 2024[16]. - The real estate market is under pressure, with residential investment down 10.4% and new housing sales area down 19% year-on-year in the first half of 2024[17]. - The home furnishing industry is facing severe challenges in 2024 due to the decline of real estate benefits, changing consumer preferences, insufficient consumption drive, and intensified competition, leading to a low overall performance for custom home furnishing companies[20]. Strategic Initiatives - The company has allocated RMB 200 million for research and development in new technologies, particularly in smart home integration[11]. - A strategic acquisition of a local competitor is under consideration, which could enhance the company's market position and product offerings[11]. - The company is adapting to a competitive market by focusing on multi-category product sales and integrated solutions to meet consumer demands[19]. Operational Efficiency - The company has maintained a strong cash position with RMB 500 million in cash reserves, providing flexibility for future investments and acquisitions[11]. - The company has implemented measures to reduce the operational burden on distributors, including the cancellation of store quantity requirements and lowering procurement costs[36]. - The company has established five major production bases across China to support its nationwide production capacity[30]. Environmental and Social Responsibility - The company has implemented strict wastewater management and monitoring systems to ensure compliance with national and local standards[76]. - The company has invested over 6.55 million RMB in 15 projects related to poverty alleviation and rural revitalization, covering provinces such as Guangdong, Tianjin, and Guizhou[85]. - The company has committed to environmental protection and adheres to relevant laws and regulations in its operations[81]. Financial Management and Investments - The company has established a new subsidiary, Beijing Tiangong Zhijia Technology Co., Ltd., to enhance its investment portfolio[52]. - The total amount of contract liabilities increased by 26.12% to ¥1,259,948,558.09, reflecting an increase in customer order payments[49]. - The company has achieved a stable 90% punctuality rate for its freight schedule, with over 90% of products being palletized[42]. Shareholder and Governance - The company held its annual shareholder meeting on May 15, 2024, where 13 proposals were approved without any rejections[70]. - The company appointed a new independent director, Lu Xiaodong, during the annual shareholder meeting, following the resignation of two board members[72]. - The company has committed to maintaining strict limits on share transfers by major shareholders during their tenure and for six months post-resignation, ensuring stability in shareholding[86]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the Chinese Accounting Standards, reflecting the company's financial position and operating results accurately[151]. - The company has established important accounting policies regarding bad debt provisions, inventory valuation, and revenue recognition[150]. - The company recognizes impairment losses based on expected credit losses for financial assets measured at amortized cost and certain debt instruments[177].

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-069 | | --- | --- | | 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 关于 2024 年半年度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十五号——家具制造（2022 年修订）》 的有关规定，欧派家居集团股份有限公司（以下简称"公司"）现将 2024 年半年度主要经营数 据报告如下： 一、报告期经营情况 （一）主营业务分产品情况 | | | | | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比上年 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | | 营业收入 | 营业成本 | （%） | 上年同期增 | 上年同期增 | 同期增减 | | | | | | | | 减（%） | 减（%） | | | | 橱 | 柜 | 255,742 ...

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-066 | | --- | --- | | 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 第四届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 欧派家居集团股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 29 日召开了第四届董事会第十七次会议。本次会议通知已于 2024 年 8 月 19 日 以邮件或电话方式送达全体董事。本次会议以现场结合通讯表决方式召开，会议 应出席董事 7 名，实际出席董事 7 名（其中：独立董事李新全先生、鲁晓东先生、 江奇先生以通讯表决方式出席本次会议）。会议由董事长姚良松先生主持，公司 监事及高级管理人员列席会议。本次会议的召集和召开符合《中华人民共和国公 司法》和《欧派家居集团股份有限公司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于<2024 年半年度报告>及摘要的议案》。 表决 ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-067 | | --- | --- | --- | | 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 第四届监事会第十二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 欧派家居集团股份有限公司（以下简称"公司"）第四届监事会第十二次会 议于 2024 年 8 月 29 日在广州市白云区广花三路 366 号新总部三楼会议室以现场 表决方式召开。会议通知已于 2024 年 8 月 19 日通过邮件、书面等形式送达全体 监事。本次会议以现场表决方式召开，由监事会主席朱耀军先生召集并主持，应 出席监事 3 人，实际出席监事 3 人。会议的召集和召开符合《中华人民共和国公 司法》和《欧派家居集团股份有限公司章程》等有关规定，所作的决议合法有效。 二、监事会会议审议情况 公司监事会认为：公司 2024 年半年度募集资金存放与实际使用情况符合中 国证监会、上海证券交易所有关募集资金使用 ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-068 | | --- | --- | --- | | 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）2024年半年度使用金额及余额 1 单位：人民币元 | 项目 | 金额 | | --- | --- | | 募集资金到账金额 | 1,995,000,000.00 | | 减：审计费、法定信息披露等发行费用 | | | 加：利息收入扣减手续费净额（含理财收入） | 46,560,910.69 | | 减：募集资金置换金额 | 285,229,900.00 | | 减：以前年度使用金额 | 831,743,498.93 | | 减：本年已使用金额 | 322,134,469.97 | | 尚未使用的募集资金余额 | 602,453,041.79 | 关于公司 2024 年半年度募集资金存放与实际使用情 况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引 ...