轻工制造/家居用品 欧派家居（603833.SH） 2025Q1 业绩表现靓眼，全球产能布局推动份额提升 2025 年 04 月 30 日 投资评级：买入（维持） | 投资评级：买入（维持） | | 吕明（分析师） | 骆扬（联系人） | 蒋奕峰（联系人） | | --- | --- | --- | --- | --- | | | | lvming@kysec.cn | luoyang@kysec.cn | jiangyifeng@kysec.cn | | | | 证书编号：S0790520030002 | 证书编号：S0790122120029 | 证书编号：S0790124070039 | | 日期 | 2025/4/29 | | | | 2025Q1 经营向好，盈利能力稳健改善，维持"买入"评级 2024 年公司实现营收 189.2 亿元（同比-16.9%，下同），实现归母净利润 26.0 亿 元（-14.4%），扣非归母净利润 23.2 亿元（-15.7%）；单季度看，2025Q1 公司实 现营收 34.5 亿元（-4.8%），实现归母净利润 3.1 亿元（+41.3%），扣非归母净利 润 2.7 亿 ...

Group 1 - A-shares showed a majority increase in the early trading session on April 30, with the A500 Index ETF (159351) rising by 0.21% and a total transaction volume of 728 million yuan, indicating active trading [1] - The A500 Index ETF closely tracks the new benchmark index, the CSI A500 Index, which selects 500 stocks with strong market capitalization representation across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] - The A500 Index ETF has a greater weight in sectors such as electronics, electrical equipment, pharmaceuticals, and computers, showcasing a strong growth attribute and achieving a dual drive of "core assets" and "new productive forces" [1] Group 2 - Yingda Securities anticipates that A-shares will likely achieve a converging volatility and upward market trend by 2025, highlighting three areas for investment opportunities: high dividend low valuation blue-chip stocks, white horse stocks in the consumer sector, and hard-tech companies with core competitiveness [2] - Tianfeng Securities emphasizes three investment directions in response to increased volatility: breakthroughs in AI technology, valuation recovery in consumer stocks, and the continued rise of undervalued dividends, linking the progress of the AI industry to the performance of consumer sectors [2]

Core Viewpoint - The company reported better-than-expected performance in Q1 2025, with a revenue of 3.447 billion yuan, a year-on-year decline of 4.8%, and a net profit attributable to shareholders of 308 million yuan, a year-on-year increase of 41.29% [1] Financial Performance - Revenue breakdown by product shows that kitchen cabinets, wardrobes, and supporting products, sanitary ware, and wooden doors generated revenues of 977 million, 1.8 billion, 223 million, and 220 million yuan respectively, with year-on-year changes of -8.49%, -5.56%, +9.66%, and +0.98% [2] - The gross margin improved by 4 percentage points year-on-year, reaching 34.29% in Q1 2025, driven by cost reduction and efficiency enhancement [2] - The net profit margin for Q1 2025 was 8.93%, an increase of 2.91 percentage points year-on-year [2] Development Trends - The company is transitioning to an integrated home furnishing model, with a net reduction of 84 stores, totaling 7,729 stores by the end of Q1 2025 [3] - The company introduced the "521X Integrated Operation System" to enhance market competitiveness and drive steady growth in the home furnishing sector [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with the current stock price corresponding to 15 and 14 times P/E for those years [4] - The target price is maintained at 85 yuan, implying a 31% upside potential based on 19 and 18 times P/E for 2025 and 2026 respectively [4]

Core Viewpoint - The announcement provides an overview of the financial performance and operational data of Oppein Home Group Co., Ltd. for the year 2024 and the first quarter of 2025, ensuring the accuracy and completeness of the information disclosed [6]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, with the company confirming the responsibility for the accuracy of the financial information provided [3][5]. - The company has reported its main financial data and indicators, including non-recurring gains and losses, although specific figures are not detailed in the provided text [3][4]. Business Operations Summary - The announcement includes a breakdown of the main business by product for the year 2024 and the first quarter of 2025, with figures expressed in millions of RMB [6][9]. - The company has also reported on store changes, indicating that the adjustments are related to the operational plans of distributors and management policies, which may lead to short-term fluctuations [7][9]. Shareholder Information - The announcement mentions the total number of shareholders and the status of major shareholders, although specific details are not provided in the text [4].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a significant increase in net profit for Q1 2025, achieving a net profit of 310 million yuan, a year-on-year increase of 41.3%, despite a revenue decline of 4.8% to 3.45 billion yuan [5][6] - The improvement in gross margin is attributed to enhanced production efficiency and a shift in channel structure, with the gross margin reaching 34.3%, up 4.3 percentage points year-on-year [7][8] - The company is actively optimizing its store layout while increasing the number of high-margin direct sales channel stores [6][8] Summary by Sections Financial Performance - Q1 2025 revenue breakdown by product: cabinets 980 million yuan (-8.5%), wardrobes 1.8 billion yuan (-5.6%), bathrooms 220 million yuan (+9.7%), wooden doors 220 million yuan (+1.0%) [6] - Revenue by channel: direct sales 160 million yuan (+10.2%), distribution 2.59 billion yuan (-1.3%), bulk sales 500 million yuan (-28.6%) [6] Profitability Metrics - Q1 2025 gross margin by product: cabinets 29.7% (+4.1 pcts), wardrobes 39.8% (+4.2 pcts), bathrooms 24.1% (+2.8 pcts), wooden doors 21.2% (+6.2 pcts) [7] - Q1 2025 gross margin by channel: direct sales 55.6% (+2.5 pcts), distribution 35.4% (+3.5 pcts), bulk sales 17.4% (+1.5 pcts) [7] Future Projections - The company’s net profit forecasts for 2025-2027 have been slightly raised to 2.84 billion yuan, 3.20 billion yuan, and 3.52 billion yuan respectively, reflecting increases of 3%, 5%, and 6% [8][9] - Projected EPS for 2025-2027 are 4.67 yuan, 5.26 yuan, and 5.78 yuan, with corresponding P/E ratios of 14, 12, and 11 times [8][9]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,447,329,769.42, a decrease of 4.80% compared to the same period last year[3]. - Net profit attributable to shareholders increased by 41.29% to CNY 307,934,611.81, driven by cost control and improved supply chain efficiency[3][7]. - Basic earnings per share rose by 41.67% to CNY 0.51, reflecting the increase in net profit[3][7]. - Net profit for Q1 2025 reached ¥309,358,663.40, an increase of 41.67% compared to ¥218,369,048.63 in Q1 2024[16]. - The net profit attributable to shareholders of the parent company for Q1 2025 was ¥307,934,611.81, up from ¥217,941,310.15 in Q1 2024[17]. Cash Flow - The net cash flow from operating activities surged by 270.91% to CNY 771,817,147.31, primarily due to an increase in advance payments received[3][7]. - In Q1 2025, the net cash flow from operating activities was ¥771,817,147.31, a significant improvement compared to a net outflow of ¥451,597,587.67 in Q1 2024[19]. - Cash inflow from operating activities totaled ¥4,856,654,534.15 in Q1 2025, up from ¥4,099,280,733.13 in Q1 2024, reflecting a growth of approximately 18.5%[19]. - The cash outflow from operating activities decreased to ¥4,084,837,386.84 in Q1 2025 from ¥4,550,878,320.80 in Q1 2024, indicating a reduction of about 10.3%[19]. - The net cash flow from investing activities was -¥4,121,737,587.04 in Q1 2025, worsening from -¥3,030,748,914.53 in Q1 2024[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 35,310,358,166.03, a slight increase of 0.24% from the previous year[4]. - The total current assets amounted to ¥12,862,423,670.62, a decrease of 13.0% from ¥14,796,327,620.56 on December 31, 2024[12]. - The total liabilities increased to ¥20,000,000,000, with a significant rise in contract liabilities to ¥2,896,630,824.33 from ¥1,964,015,243.62, marking an increase of 47.3%[13]. - Total liabilities as of March 31, 2025, were ¥15,950,211,917.89, a slight decrease from ¥16,166,384,977.38 as of December 31, 2024[14]. - Total equity as of March 31, 2025, was ¥19,360,146,248.14, an increase from ¥19,058,925,845.03 as of December 31, 2024[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,519[9]. - Major shareholder Yao Liangsong holds 66.19% of the shares, indicating significant ownership concentration[9]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[11]. Operational Efficiency - The net profit excluding non-recurring gains and losses increased by 86.16% to CNY 265,910,574.40, indicating strong core business performance[3][7]. - Total operating costs for Q1 2025 were ¥3,055,341,419.00, down 11.29% from ¥3,444,023,959.86 in Q1 2024[16]. - Research and development expenses for Q1 2025 were ¥163,969,490.07, a decrease of 27.06% compared to ¥224,772,953.10 in Q1 2024[16]. Other Financial Metrics - The weighted average return on equity improved by 0.40 percentage points to 1.60%[3]. - The company reported non-recurring gains totaling CNY 42,024,037.41 for the period[7]. - The company reported a financial income of ¥92,442,637.63 in Q1 2025, down from ¥120,939,637.36 in Q1 2024[16]. - The total cash and cash equivalents at the end of Q1 2025 stood at ¥1,446,271,271.71, down from ¥3,204,108,756.72 at the end of Q1 2024[20].

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-032 | | --- | --- | --- | --- | | 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 （一）2024 年年度主营业务分产品情况 单位：人民币万元 | | | | | | 营业收入 | 营业成本 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | | 营业收入 | 营业成本 | 毛利率 （%） | 比上年同 期增减 | 比上年同 期增减 | | 毛利率比上年同期 增减 | | | | | | | （%） | （%） | | | | 橱 | 柜 | 544,984.58 | 350,838.72 | 35.62 | -22.48 | -24.01 | 增加 1.29 | 个百分点 | | 衣柜及配套 家具产品 | | 979,144.46 | 593,178.50 | 39.42 | -18.06 | -21.81 | 增加 2.91 | 个百分点 | | ...

智通财经4月29日电，欧派家居(603833.SH)公告称，欧派家居发布2025年第一季度报告，实现营业收入 34.47亿元，同比下降4.80%；归属于上市公司股东的净利润3.08亿元，同比增长41.29%。 欧派家居：一季度净利润同比增长41.29% ...

4Q2024，分产品看，橱柜/衣配/卫浴/木门分别实现营收14.2/26.0/2.9/3.1 亿元，分别同 比-23.9%/-15.4%/-8.7%/-19.1%。分渠道看，直营/经销/大宗分别实现营收3.1/36.5/7.0 亿元，分别同 比-5.0%/-23.3%/-23.2%。 2024 年1-12 月份，国内新建商品房销售面积为9.7 亿平方米，同比-12.9%，面对行业景气度下滑、市场 竞争加剧、以及公司尚处在大家居转型的阵痛期，公司经销和大宗事业部收入有所下滑。公司直营事业 部通过不断拓展大客户内购、房产中介、客户裂变等新兴渠道，实现逆势增长，截至2024 年末，大客 户数量同比增加22%，同时在大家居的战略模式下，直营事业部较早实现单品转型布局，在多品销售及 定制装修一体化销售带动下，2018-2024 年客户户均单值复合增幅达47%，多品类协同销售占比从30% 提升至54%。 截至2024 年末，公司经销商门店总数为7750 家，比2023 年末减少966 家，其中，欧派品牌/欧铂丽品 牌/欧铂尼品牌/铂尼思品牌的门店数分别为5077/975/ 941/546家，与2023 年末相比分别变 动 ...

欧派家居发布年报：24 全年实现营收189.2 亿元/yoy-16.9%，归母净利26.0亿元/yoy-14.4%，符合此前业 绩预告指引区间（收入同降10%-20%，归母净利同降5%-15%），收入及利润下行主要系行业终端需求 偏弱所致；但24年公司归母净利率13.7%/同比+0.4pct，盈利能力提升，主要系公司主动进行供应链改革 并升级自动化产线，推动营业成本下降明显。展望25 年，国内地产&以旧换新政策密集落地，有望带 动需求回暖及产业链情绪修复，公司作为定制家居龙头有望受益；同时公司有望继续精细化运营实现控 本增效，看好25 年公司营收及利润表现迎来改善，维持"增持"评级。 考虑到需求有待复苏，我们下调公司25-26 年收入预测，新增27 年盈利预测，预计25-27 年归母净利润 分别为28.52/30.87/33.25 亿元（25-26 年较前值分别下调5.6%/5.3%），对应EPS 分别为4.68/5.07/5.46 元。参考可比公司25 年Wind 一致预期PE 均值为13 倍，考虑公司大家居战略领先，同时积极推动组织 变革、管理能力优秀，且以旧换新政策下头部企业有望优先受益，给予公司25 ...