证券代码:603833 证券简称:欧派家居 公告编号: 2025-033 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 2024 年年度及 2025 年第一季度 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"）分别于 2025 年 4 月 26 日、2025 年 4 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 2024 年年度报告》及《欧派家居 2025 年第一季度报告》。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 5 月 6 日 15:00-16:30 召开了"2024 年年度及 2025 年第一季度业绩说明会"。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 5 月 6 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 ...

欧派家居集团股份有限公司 2024 年年度股东大会会议资料 欧派家居集团股份有限公司 2024 年年度股东大会会议资料 （证券代码：603833） 二零二五年五月二十八日 1 | 2024 | 年年度股东大会会议须知 3 | | --- | --- | | 2024 | 年年度股东大会议程 4 | | 2024 | 年年度股东大会审议议案 5 | | 议案一：公司 2024 | 年度董事会工作报告 5 | | 议案二：公司 2024 | 年度监事会工作报告 12 | | 议案三：公司 2024 | 年年度报告全文及其摘要 15 | | 议案四：关于公司 2024 | 年度利润分配预案的议案 16 | | 议案五：公司 2024 | 年度财务决算报告 18 | | 议案六：公司 2025 | 年度财务预算报告 23 | | 议案七：关于确认公司 | 2024 年度非独立董事薪酬的议案 24 | | 议案八：关于确认公司 | 2024 年度监事薪酬的议案 25 | | 和内部控制审计机构的议案 26 | | | 议案十：关于提请股东大会授权董事会制定中期分红方案的议案 29 | | | 欧派家居 2024 | 年 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights the growth of emotional consumption and high-quality domestic products, indicating a robust performance in the light industry sector [1][5] - The report anticipates a recovery in traditional consumption sectors, with a focus on companies that are expected to reach performance inflection points in the second half of the year [9][10] Summary by Sections 1. Economic Overview - The overall economic environment is described as weak, but there is structural prosperity in consumption [5] 2. Performance Review for 24A & 25Q1 - Emotional consumption and high-quality domestic products have shown significant growth, with companies like Pop Mart and others demonstrating strong performance [9] - Traditional consumption sectors are expected to stabilize and recover, with companies such as Oppein Home, Gujia Home, and others being highlighted for their potential [9] 3. Sub-sector Performance - **Home Products**: 24A revenue decreased by 0.28% YoY, while net profit dropped by 16.21%. However, 25Q1 showed a revenue increase of 3.79% and a net profit increase of 10.78% [9] - **Paper Industry**: 24A revenue decreased by 1.25% YoY, with a significant drop in net profit of 136.6%. 25Q1 saw a revenue decline of 13.04% and a net profit decrease of 91.72% [9] - **Packaging**: 24A revenue increased by 2.55% YoY, but net profit fell by 16.81%. In 25Q1, revenue grew by 9.2% and net profit increased by 19.7% [9] - **Cultural and Entertainment Products**: 24A revenue increased by 7.64% YoY, with a net profit decrease of 8.81%. 25Q1 showed a slight revenue increase of 2.42% and a net profit decrease of 6.95% [9] - **Personal Care Products**: 24A revenue increased by 6.30% YoY, with a net profit decrease of 4.71%. 25Q1 saw a significant revenue increase of 26.13% and a net profit increase of 12.94% [9] 4. Fund Holdings Analysis - The fund holding ratio for the light industry sector decreased to 2.28%, with notable changes in specific sub-sectors [12] - Companies like Sun Paper, Morning Glory, and others are leading in fund holdings, particularly in emotional consumption categories [15]

Investment Rating - The investment rating for the company is "Buy" with a maintained outlook, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company's revenue is under pressure, but significant improvements in profitability have been observed. The gross profit margin has increased, indicating effective cost management and operational efficiency [3][7]. - The company is expected to gradually improve its revenue due to government subsidies and a deepening strategy in the home furnishing sector, with a projected net profit for 2025-2027 of 2.74 billion, 2.91 billion, and 3.15 billion respectively [7][8]. Financial Performance Summary - For 2023, the company reported a revenue of 22,782 million, with a projected decline to 18,925 million in 2024, followed by a recovery to 20,098 million in 2025 [3]. - The net profit attributable to the parent company is forecasted to decrease from 3,036 million in 2023 to 2,599 million in 2024, with a slight recovery to 2,740 million in 2025 [3]. - The gross profit margin for 2024 is expected to be 35.91%, improving to 36.29% in 2025, reflecting better cost control [7]. Revenue Breakdown - The company’s revenue from the cabinet segment in 2024 is projected at 54.50 billion, down 22.48% year-on-year, with a gross margin increase of 1.29 percentage points [5]. - The bathroom segment is expected to show resilience, with a revenue of 10.87 billion in 2024, down only 3.60% year-on-year, and a gross margin improvement [6]. - The retail channel is showing signs of recovery, with a revenue of 25.86 billion in Q1 2025, down just 1.28% year-on-year, indicating a positive trend [7]. Profitability Metrics - The company’s net profit margin for 2024 is projected at 13.76%, with an increase to 14.0% by 2027, indicating a steady improvement in profitability [7][8]. - The return on equity (ROE) is expected to decline slightly from 17% in 2023 to 12% by 2027, reflecting the impact of lower net profits [3][8]. Cash Flow and Valuation - The operating cash flow for 2024 is projected at 5,499 million, with a significant drop to 2,055 million in 2025, indicating potential cash flow challenges [8]. - The price-to-earnings (P/E) ratio is expected to be 15 for 2025, decreasing to 13 by 2027, suggesting a more attractive valuation as earnings recover [8].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future projections. Core Insights - The company reported a revenue of 3.447 billion yuan in Q1 2025, a year-on-year decrease of 4.8%, while the net profit attributable to the parent company was 308 million yuan, an increase of 41.3% year-on-year, indicating a significant improvement in profitability driven by national subsidies and supply chain reforms [1][2]. - The company is transitioning towards a comprehensive home furnishing model, enhancing its retail system and optimizing its supply chain, which has led to improved gross margins across various product lines [3][4]. - The company has implemented a significant supply chain reform, resulting in a gross margin of 34.3% and a net profit margin of 8.9% in Q1 2025, with operational efficiency improving as indicated by reduced inventory and receivables turnover days [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 3.447 billion yuan, with a notable increase in net profit attributable to the parent company by 41.3% year-on-year [1]. - The company’s revenue for 2024 was reported at 18.925 billion yuan, a decrease of 16.9% year-on-year, with a net profit of 2.599 billion yuan, down 14.4% year-on-year [1][6]. Revenue Breakdown - Revenue from direct sales, distribution, and bulk sales in Q1 2025 was 160 million yuan, 2.59 billion yuan, and 500 million yuan respectively, with varying year-on-year growth rates [2]. - The company’s product categories showed mixed performance, with cabinets and wardrobes experiencing declines, while bathroom and wooden doors saw growth [2]. Supply Chain and Operational Efficiency - The company has established partnerships with over 305 city carriers, achieving a coverage of over 99% of integrable cities, which has significantly reduced logistics costs and improved operational efficiency [4]. - The company’s inventory turnover days decreased to 32 days, and accounts receivable turnover days also improved, indicating enhanced cash flow management [4]. Future Projections - The company is projected to achieve net profits of 2.92 billion yuan, 3.24 billion yuan, and 3.68 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14X, 12X, and 11X [5][6].

[Table_Title] 欧派家居：国补效果展现，供应链改革成果显 著，龙头担当可敬 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 相关研究 [Table_OtherReport] 欧派家居：盈利能力稳步提升，国补 效果逐步体现 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_ReportDate] 2025 年 05 月 05 日 [Table_Summary] 事件：公司发布 25Q1 业绩。25Q1 公司实现收入 34.47 亿元（同比-4.8%）， 归母净利润 3.08 亿元（同比+41.3%），扣非归母净利润 2.66 亿元（同比 +86.2%），Q1 收入显著改善、利润增速靓丽，我们预计主要系国补贡献陆 续体现、供 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

2025年4月30日，欧派家居(603833.SH)发布2025年第一季报。截至2025年4月30日，共有40个机构投资 者披露持有欧派家居A股股份，合计持股量达4644.27万股，占欧派家居总股本的7.62%。其中，前十大 机构投资者包括香港中央结算有限公司、中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001 沪、中国人寿保险股份有限公司-分红-个人分红-005L-FH002沪、中国人寿保险股份有限公司-万能-国寿 瑞安、全国社保基金一零九组合、中国农业银行股份有限公司-易方达消费行业股票型证券投资基金、 易方达基金管理有限公司-社保基金1104组合、全国社保基金一一五组合、广发大盘成长混合、易方达 裕鑫债券A，前十大机构投资者合计持股比例达6.95%。相较于上一季度，前十大机构持股比例合计上 涨了0.46个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计5个，包括中信建投价值增长A、易方达裕鑫债 券A、创金合信医药消费股票A、太平丰润一年定开债券发起式、华泰保兴健康消费A，持股增加占比 达0.18%。本期较上一季度持股减少的公募基金共计9个，主要包括广发大盘成长混合、华商乐享互联 ...

Core Insights - The company, Oppein Home, reported a significant decline in revenue and net profit for 2024, marking the first time in 30 years that both metrics have decreased [2][6]. Financial Performance - In 2024, the company achieved revenue of 18.925 billion yuan, a year-on-year decrease of 16.93% [2][6]. - The net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year [2][6]. - The basic earnings per share were 4.29 yuan, with a proposed cash dividend of 2.48 yuan per share (tax included) [2]. Business Segment Performance - The main business revenue accounted for 96.96% of total revenue, with significant declines in key product categories [3]. - Revenue from kitchen cabinets was 5.45 billion yuan, down 22.48% year-on-year [3][4]. - Revenue from wardrobes and matching furniture was 9.791 billion yuan, down 18.06% year-on-year [3][4]. - Revenue from bathroom products was 1.087 billion yuan, down 3.6% year-on-year [3][4]. - Revenue from wooden doors was 1.135 billion yuan, down 17.66% year-on-year [3][4]. Production and Sales Trends - Production and sales volumes for key products also saw double-digit declines [4]. - The production volume of kitchen cabinets was 687,200 sets, down 20.1% year-on-year, while sales volume was 686,300 sets, down 20.21% [4]. - The production volume of wardrobes and matching furniture was 2.8097 million sets, down 15.18%, with sales volume down 15.7% [4]. - The production volume of bathroom products was 681,900 sets, down 2.24%, with sales volume down 2.11% [4]. - The production volume of wooden doors was 965,600 units, down 15.41%, with sales volume down 15.69% [4]. International Sales Growth - Despite domestic challenges, the company reported international revenue of 320 million yuan, a year-on-year increase of 34.42% [5]. - The company has seen consistent growth in overseas sales, with international revenue of 218 million yuan in 2022 and 320 million yuan in 2023, reflecting growth rates of 6.47% and 46.54%, respectively [5]. Market Conditions and Challenges - The company attributed its performance decline to a deep adjustment and transformation challenge in the home furnishing industry, exacerbated by shrinking market demand and intensified competition [6]. - The upstream real estate sector is undergoing significant adjustments, with new housing starts and sales declining sharply [7]. - The overall furniture manufacturing industry showed only a slight revenue increase of 0.4% in 2024 [7]. Channel and Store Performance - Revenue from distribution channels fell to 14.042 billion yuan, down 20.10% year-on-year [8]. - The total number of stores decreased by 973, with 2,058 stores closed and 1,085 new stores opened [8]. - The company has made progress in developing its management and operational systems for the home furnishing business, with over half of its distributors now engaged in retail home furnishing operations [8]. Strategic Adjustments - The company is actively adjusting its business strategy to respond to changes in the consumption environment and industry ecology, launching more competitive products [9]. - For 2025, the company plans to focus on seven major transformations and accelerate the construction of an open smart manufacturing platform [9].

公 公司点评 司 一季度利润增长超 40%，今年业绩向好可期待 研 ——欧派家居(603833)2025 年一季报点评 | 究 分析师： 袁艺博 SAC NO： S1150521120002 年 | | --- | | 2025 | | 04 | | 月 | | 30 日 | 轻工制造-------定制家居 证券分析师 袁艺博 yuanyb@bhzq.com 022-23839135 | 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 64.92 | 研 评 善，期待今年逐步复苏——欧 派家居（603833）事件点评 评 2024.10.29 盈利预测与评级 2025.01.20 单季度经营边际有改善，期待 后续逐步复苏——欧派家居 （603833）2024 年三季报点 公司作为行业龙头，大家居战略深化推进，并持续提升经营质量。在中性情 景下，我们维持公司 2025-2027 年 EPS 为 4.54 元/4.84 元/5.17 元的预测，对 应 2025 年 PE 为 14.31 倍，高于可比公司均值，但考虑到公司为行业龙头企 业，可享有一定估值溢价，故维持"增持"评级。 风险提 ...