Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [4]. Core Views - The company reported a revenue of 13.88 billion yuan for the first three quarters of 2024, a decrease of 16.2% year-on-year, with a net profit attributable to shareholders of 2.03 billion yuan, down 12.1% year-on-year [1][5]. - The company emphasizes shareholder returns with a planned cash dividend of no less than 1.5 billion yuan annually for the next three years (2024-2026) [3]. - The company is recognized as a leading one-stop high-quality home service provider in China, with strong advantages in design, research and development, branding, service, and channels, and is committed to advancing its home furnishing strategy [5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 5.3 billion yuan, down 21.2% year-on-year, and a net profit of 1.04 billion yuan, down 11.6% year-on-year [1]. - Revenue breakdown by product for the first three quarters of 2024 shows kitchen cabinets at 4.03 billion yuan (-22.0%), wardrobes and accessories at 7.19 billion yuan (-19.0%), bathrooms at 0.80 billion yuan (-1.6%), and wooden doors at 0.83 billion yuan (-17.1%) [2]. - Revenue by channel indicates direct sales grew by 4.1% to 0.53 billion yuan, while distribution and bulk sales faced declines of 18.9% and 12.3%, respectively [2]. Future Projections - The company forecasts revenues of 19.77 billion yuan, 20.96 billion yuan, and 22.13 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.61 billion yuan, 2.73 billion yuan, and 2.93 billion yuan for the same years [6][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 4.3 yuan, 4.5 yuan, and 4.8 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 15 [5][6].

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]

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-087 | | --- | --- | | 转债代码：113655 | 转债简称：欧 22 转债 | （二）主营业务分渠道情况 欧派家居集团股份有限公司 关于 2024 年前三季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 年前三季度（1-9 月） 主要经营数据（未经审计）报告如下： 一、2024 年前三季度（1-9 月）经营情况 （一）主营业务分产品情况 单位：万元 币种：人民币 | 分产品 | | 年 2024 | 1-9 | 月 | 年 2024 | 1-9 | 月 | 毛利率 | 营业收入比 上年同期增 | | 营业成本比 上年同期增 | | 毛利率比上年 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Financial Performance - Revenue for the third quarter was RMB 5,295,839,422.78, a decrease of 21.21% year-over-year[2] - Net profit attributable to shareholders was RMB 1,041,173,495.58, down 11.56% compared to the same period last year[2] - Weighted average return on equity (ROE) for the quarter was 5.71%, a decrease of 2.14 percentage points year-over-year[3] - Basic earnings per share (EPS) for the quarter were RMB 1.71, a decrease of 11.40% year-over-year[3] - Diluted earnings per share (EPS) for the quarter were RMB 1.70, a decrease of 10.53% year-over-year[3] - Total operating revenue for the first three quarters of 2024 was 11,785,160,482.32 RMB, a decrease of 15.6% compared to 13,970,028,223.75 RMB in the same period of 2023[14] - Net profit for the first three quarters of 2024 was 2,035,179,085.65 RMB, a decrease of 11.6% compared to 2,302,130,870.27 RMB in the same period of 2023[14] - Basic earnings per share for the first three quarters of 2024 were 3.33 RMB, a decrease of 12.1% compared to 3.79 RMB in the same period of 2023[15] Cash Flow - Cash flow from operating activities for the first nine months was RMB 2,700,582,258.86, a decrease of 28.14% compared to the same period last year[2] - The decrease in cash flow from operating activities was mainly due to a reduction in cash received from sales and services[6] - Operating cash flow for the first three quarters of 2024 was RMB 2.7 billion, a decrease from RMB 3.76 billion in the same period of 2023[16] - Investment cash outflow for the first three quarters of 2024 was RMB 13.99 billion, compared to RMB 11.43 billion in the same period of 2023[16] - Financing cash outflow for the first three quarters of 2024 was RMB 4.51 billion, an increase from RMB 3.24 billion in the same period of 2023[17] - Net cash flow from financing activities for the first three quarters of 2024 was negative RMB 1.06 billion, compared to positive RMB 1.37 billion in the same period of 2023[17] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 2.61 billion, down from RMB 5.25 billion at the end of the same period in 2023[17] - Cash received from other operating activities for the first three quarters of 2024 was RMB 570.75 million, compared to RMB 476.39 million in the same period of 2023[16] - Cash paid for goods and services for the first three quarters of 2024 was RMB 8.6 billion, down from RMB 10.64 billion in the same period of 2023[16] - Cash paid to employees for the first three quarters of 2024 was RMB 2.65 billion, compared to RMB 2.78 billion in the same period of 2023[16] - Cash paid for taxes for the first three quarters of 2024 was RMB 834.74 million, down from RMB 1.04 billion in the same period of 2023[16] - Cash received from investments for the first three quarters of 2024 was RMB 9.68 billion, up from RMB 7.82 billion in the same period of 2023[16] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 34,931,244,752.08, an increase of 1.70% from the end of the previous year[3] - Total assets increased to 34.93 billion yuan as of September 30, 2024, compared to 34.35 billion yuan at the end of 2023[12] - Total liabilities rose to 16.47 billion yuan as of September 30, 2024, from 16.23 billion yuan at the end of 2023[13] - Non-current assets totaled 19.67 billion yuan as of September 30, 2024, up from 17.98 billion yuan at the end of 2023[12] - Current liabilities amounted to 13.87 billion yuan as of September 30, 2024, compared to 13.18 billion yuan at the end of 2023[12] - The company's total equity increased to 18.46 billion yuan as of September 30, 2024, from 18.12 billion yuan at the end of 2023[13] - Intangible assets grew to 1.40 billion yuan as of September 30, 2024, from 1.03 billion yuan at the end of 2023[12] - Short-term borrowings increased to 8.78 billion yuan as of September 30, 2024, from 7.80 billion yuan at the end of 2023[12] - Contract liabilities rose to 1.09 billion yuan as of September 30, 2024, from 999 million yuan at the end of 2023[12] - Long-term borrowings decreased to 102.68 million yuan as of September 30, 2024, from 606.99 million yuan at the end of 2023[12] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 19,881[8] - Yao Liang Song holds 403,200,000 shares, accounting for 66.19% of the total shares[8] - Yao Liang Bai holds 49,578,354 shares, accounting for 8.14% of the total shares[8] - Hong Kong Securities Clearing Company holds 9,880,022 shares, accounting for 1.62% of the total shares[8] - National Social Security Fund 109 holds 7,187,349 shares, accounting for 1.18% of the total shares[9] - China Bank - E Fund Blue Chip Select Mixed Securities Investment Fund holds 5,000,000 shares, accounting for 0.82% of the total shares[9] - National Social Security Fund 115 holds 4,200,000 shares, accounting for 0.69% of the total shares[9] - E Fund Management - Social Security Fund 1104 holds 3,250,048 shares, accounting for 0.53% of the total shares[9] - ICBC - Huatai-PineBridge CSI 300 ETF holds 3,072,801 shares, accounting for 0.50% of the total shares[9] - CCB - E Fund CSI 300 ETF holds 2,285,793 shares, accounting for 0.38% of the total shares[9] Expenses and Income - Sales expenses for the first three quarters of 2024 were 1,408,675,254.82 RMB, a slight decrease of 1.6% compared to 1,431,536,473.08 RMB in the same period of 2023[14] - R&D expenses for the first three quarters of 2024 were 653,429,469.37 RMB, a decrease of 13.3% compared to 753,727,805.43 RMB in the same period of 2023[14] - Interest income for the first three quarters of 2024 was 409,975,426.89 RMB, an increase of 10.5% compared to 371,157,904.73 RMB in the same period of 2023[14] - Other comprehensive income for the first three quarters of 2024 was -9,685,580.75 RMB, an improvement of 7.6% compared to -10,483,731.50 RMB in the same period of 2023[15] Non-Recurring Items - Non-recurring gains and losses for the first nine months amounted to RMB 267,921,751.43, primarily due to government subsidies and financial asset gains[5]

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-083 | | --- | --- | --- | | 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 第四届董事会第十九次会议决议公告 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。 本议案已经公司第四届董事会审计委员会 2024 年第四次会议审议通过， 并同意提交董事会审议。审计委员会认为公司 2024 年第三季度报告的编制符 合有关法律法规、中国证监会及上海证券交易所的相关规定，报告内容真实、 准确、完整地反映了公司的经营情况和财务状况。 经审议，公司董事会认为：公司 2024 年第三季度报告的编制符合有关法 律法规、规范性文件及《公司章程》的有关规定，报告真实、准确、完整地反 映了公司的经营情况和财务状况。董事会全体成员保证公司 2024 年第三季度 报告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、 1 准确性和完整性承担法律责任。 具体内容详见公司同日披露于上海证券交易所网站（www ...

欧派家居集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 证券代码：603833 证券简称：欧派家居 公告编号：2024-085 转债代码：113655 转债简称：欧 22 转债 召开的日期时间：2024 年 11 月 15 日 15 点 00 分 召开地点：广州市白云区广花三路 366 号公司新总部办公楼三楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ...

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-085 | | --- | --- | | 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 关于续聘会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：华兴会计师事务所（特殊普通合伙）（以下简 称"华兴会计师事务所"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、华兴会计师事务所的基本信息 华兴会计师事务所前身系福建华兴会计师事务所，创立于 1981 年，隶属福 建省财政厅。1998 年 12 月，与原主管单位福建省财政厅脱钩，改制为福建华兴 有限责任会计师事务所。2009 年 1 月，更名为福建华兴会计师事务所有限公司。 2013 年 12 月，转制为福建华兴会计师事务所（特殊普通合伙）。2019 年 7 月， 更名为华兴会计师事务所（特殊普通合伙）。 | 名称 | 华兴会计师事务所（特殊普通合伙） | | | | | | | --- | --- | ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-084 | | --- | --- | --- | | 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 第四届监事会第十四次会议决议公告 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"）第四届监事会第十四次会 议于 2024 年 10 月 28 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 10 月 24 日通过邮件、书面等形式送达 各位监事。本次会议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。本次会议的召集、召开和表决程序符合法律法规、部门规章、 规范性文件和《公司章程》的规定。 二、监事会会议审议情况 4、监事会未发现参与编制和审议公司 2024 年第三季度报告的人员有违反保 密规定的行为。 表决结果：3 票同意，0 票反对，0 票弃权。 1 本议案无需 ...