我是中研究院的分析师肖浩会员很欢迎大家来参加今天的我们2025年度策略会的线上交流这一场的交流呢是我们然后呢我们今天也是很荣幸的邀请到了公司的IR任总来给我们分享一下公司最新的一些情况下面呢首先第六环节我们还是有请 就是冷总来给我们介绍一下公司的就近期啊经营的一个状态吧然后呢我们再进入提问的环节哎冷总哎好的消耗你稍等我大概15秒啊我这个好的好的好没问题稍等一下嗯嗯好好好没问题是然后也是为了方便就后续大家那个参会啊我们这场会议尽量就在10点50或者55左右就结束啊因为很多人可能也要去转会场 那我们就稍等轮抖一下然后我们就开始好的可以了可以了也感谢中信的组织也感谢各位 对欧海家居的关注确实十月份以来这个行业里面也是发生了比较多的一些至少公司层面会有一些相对来说整个一到九月份更为积极的一些严肃的一些显现和叠加先说公司本身公司的话在九月底十月初也是披露了我们的一个三级报从整个三级报的一个情况来去看的话整个行业的情况 但在印度整体的收入增速普遍是加速下滑的大概平均的幅度是在15到20这样的水平那么公司的话也是在这个水平的收入下滑那么经济的话就是说在整个收入 相对来说有一个比较大幅的这样的一个向下波动的一个情况之下公司的 ...

欧派家居 20241111 摘要 • 欧派家居在近期受益于政府推出的定制家具和家居消费补贴政策，该政策 通过直接补贴的方式刺激消费，有效提升了消费者购买意愿，缓解了行业 过去两年面临的支付意愿下降、消费降级和去品牌化等问题。 • 补贴政策对欧派家居产生了积极影响，提升了消费者对品牌产品的选择意 愿，并提高了整体销售额。同时，政策提高了行业准入门槛，有助于优化 市场竞争环境。 • 补贴政策主要侧重于激活存量需求，预计能有效释放过去未被释放的潜在 需求，对欧派家居以及整个家具行业产生积极影响。 • 欧派家居预计存量大宗居民办公消费需求总量至少超过 1 亿户，甚至接近 2 亿户，公司将积极配合政策，通过深入研究消费者需求变化，进一步把 握市场机遇。 • 补贴政策落地后，欧派家居观察到消费者支付意愿显著提高，客流增加， 客单值提升，公司将继续响应国家号召，通过各种优惠形式推广整家产品 及多品类产品，提升整体竞争优势和市场份额。 • 欧派家居预计未来发展方向将向一站式、一体化以及品牌化推进，公司将 长期投入资源，强化品牌影响力、创新模式及调整管理架构，以顺应市场 整体需求变化。 Q&A 欧派家居在近期的经营状况和以旧换 ...

欧派家居集团股份有限公司 关于股份回购实施结果暨股份变动的公告 | 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-091 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 转债 | | 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： | 回购方案首次披露日 | 2024/11/11 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 11 月 10 11 | 日~2024 | 年 | 月 | 9 | 日 | | 预计回购金额 | 5,000 万元~10,000 万元 | | | | | | | 回购价格上限 | 元/股 100 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 1 ...

欧派家居集团股份有限公司 投资者交流活动会议纪要 一、基本情况 1、时间：2024 年 11 月 1 日、11 月 4 日至 11 月 5 日 2、地点：广州市白云区广花三路 366 号欧派家居总部 3、公司参与人员：2024 年 11 月 1 日第三季度业绩说明会活动由公司董事 长兼总裁姚良松，独立董事鲁晓东，财务负责人王欢，董事会秘书欧盈盈参与接 待，11 月 4 日至 11 月 5 日交流活动由董事会秘书欧盈盈、投资者关系负责人任 才参与接待 4、交流形式：网络文字互动、电话会议等 5、参会投资者：2024 年 11 月 1 日通过网络文字互动形式参与公司 2024 年 第三季度业绩说明会的投资者以及 11 月 4 日至 11 月 5 日通过电话会议形式来 自长江证券、华福证券、国海证券、申万宏源证券、国泰君安证券、广发证券等 机构投资者 二、互动问答内容 1、面对定制家居行业竞争格局的变化，公司有哪些具体的应对策略？ 答：面对行业竞争加剧，欧派家居主要实施的改革应对如下：一是全面重构 基于大家居商业模式的组织架构，更好地满足消费者一站式的家居产品和配套服 务需求；二是五大生产基地市场化抢单机制改革，让 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company has experienced a decline in revenue but a significant improvement in profitability, attributed to reforms in delivery quality and supply chain management. The implementation of the old-for-new furniture policy in Q4 is expected to enhance consumer purchasing willingness and release pent-up demand [1][3]. - Direct sales channels have shown steady growth, while distribution and bulk business have declined due to reduced terminal traffic and the impact of the housing market. The company is optimizing underperforming stores and encouraging distributors to adopt a comprehensive home furnishing strategy [1][3]. - The company has seen a rise in gross margins across various product categories, particularly in wardrobes and wooden doors, due to changes in product structure and cost control measures [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 13.88 billion, down 16.2% year-on-year, and a net profit attributable to shareholders of 2.03 billion, down 12.1% [1]. - In Q3 2024, revenue was 5.30 billion, a decrease of 21.2%, while net profit was 1.04 billion, down 11.6% [1]. - The gross margin for Q3 2024 improved to 40.4%, an increase of 2.7 percentage points, driven by product structure changes and cost control measures [1][3]. Revenue Breakdown - Revenue from direct sales for Q1-Q3 2024 was 530 million, up 4.1%, while distribution revenue was 10.39 billion, down 18.9% [1]. - The revenue from various product categories showed declines: wardrobes at 7.19 billion (-19.0%), cabinets at 4.03 billion (-22.0%), wooden doors at 830 million (-17.1%), and bathrooms at 800 million (-1.6%) [1]. Profitability Metrics - The company’s net profit margin for Q3 2024 was 19.7%, an increase of 2.2 percentage points, reflecting a focus on profit and quality growth [1][3]. - The projected net profit for 2024-2026 is expected to be 2.73 billion, 2.94 billion, and 3.14 billion respectively, with corresponding PE ratios of 15.6, 14.5, and 13.6 [1][2].

证券代码:603833 证券简称:欧派家居 公告编号:2024-090 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 关于使用闲置募集资金进行现金管理的进展公告 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。 投资种类：银行结构性存款 投资金额：人民币 15,000 万元 （三）资金来源 1.资金来源的一般情况 重要内容提示： 履行的审议程序：欧派家居集团股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日召开了第四届董事会第十六次会议、第四届监事会第十一次会议，审议通过了《关于使用闲 置募集资金进行现金管理的议案》，同意公司使用总额度不超过人民币 50,000 万元（含）暂 时闲置募集资金适时进行现金管理，决议有效期自 2024 年 8 月 19 日至 2025 年 8 月 18 日。本 事项无需提交公司股东大会审议。 特别风险提示：公司使用暂时闲置募集资金进行现金管理的产品类型虽然仅限于安全 性高、低风险且期限不超过 12 个月的保本型产品，总体风险可控，但是金融市场受宏观经济 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has experienced a decline in revenue and net profit for the first three quarters of 2024, with revenue at 13.88 billion yuan, down 16.21% year-on-year, and net profit at 2.03 billion yuan, down 12.08% year-on-year [5][6] - The company's gross margin has improved slightly, reaching 35.54%, an increase of 1.6 percentage points year-on-year, despite a rise in expense ratios [5] - The report anticipates a decrease in net profit for 2024 and 2025, adjusting forecasts from 2.9 billion yuan and 3.1 billion yuan to 2.6 billion yuan and 2.7 billion yuan respectively, reflecting a year-on-year change of -14% and +4% [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 5.3 billion yuan, a decrease of 21.21% year-on-year, and a net profit of 1.04 billion yuan, down 11.56% year-on-year [5] - The company’s revenue from various product lines showed declines, with kitchen cabinets and wardrobes down 21.99% and 18.99% respectively [5][6] Channel Performance - Revenue from direct stores increased by 4.09% to 5.3 billion yuan, while revenue from distribution stores and bulk business decreased by 18.90% and 12.33% respectively [6] - The total number of stores decreased to 8,180, down 536 from the end of 2023, due to adjustments in distributor operations and management policies [6] Valuation and Forecast - The report suggests a reasonable valuation range for the company at 66.5 to 75.3 yuan based on a PE ratio of 15-17 times for 2025 [6] - The forecast for overall revenue for 2024 is set at 19.33 billion yuan, reflecting a year-on-year decline of 15.2% [7][10]

Investment Rating - The investment rating for the company is "Buy" with a target price of 70 CNY, maintaining the current rating [1]. Core Views - The company reported a Q3 revenue of 5.3 billion CNY, a year-on-year decrease of 21.2%, and a net profit attributable to shareholders of 1.04 billion CNY, down 11.6% year-on-year. The non-recurring net profit was 999 million CNY, down 12.6% year-on-year [1]. - The company is focusing on improving product cost-performance and delivery efficiency, adapting to changes in consumer preferences and market dynamics in the home furnishing industry [1]. - The gross profit margin improved to 40.4%, an increase of 2.8 percentage points year-on-year, indicating effective cost reduction and efficiency enhancement measures [1]. Financial Data Summary - For the first three quarters of 2024, the company reported a total revenue of 13.88 billion CNY, a decrease of 16.2% year-on-year, and a net profit of 2.03 billion CNY, down 12.1% year-on-year [1]. - The revenue breakdown by product category shows that cabinet revenue was 4.03 billion CNY, down 22%, with a gross margin of 30.6%, down 3.3 percentage points. Wardrobe and accessory revenue was 7.19 billion CNY, down 19%, with a gross margin of 40.9%, up 5.7 percentage points [1]. - The company’s total assets reached 34.35 billion CNY in 2023, with a total liability of 16.23 billion CNY, resulting in a debt ratio of 47.16% [3][4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 2.70 billion CNY, 2.88 billion CNY, and 3.17 billion CNY respectively, with corresponding P/E ratios of 15.78, 14.79, and 13.44 [2][5].

欧派家居（603833.SH） 家居用品 证券研究报告/公司点评报告 2024 年 10 月 31 日 收入仍有承压，盈利改善显著 ——欧派家居 24Q3 点评 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company reported a revenue of 13.879 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.21%, with a net profit of 2.031 billion yuan, down 12.08% year-on-year [2][5] - In Q3 alone, the company achieved a revenue of 5.296 billion yuan, reflecting a year-on-year decline of 21.21%, while the net profit was 1.041 billion yuan, down 11.56% year-on-year [2][5] - Despite the revenue pressure, the net profit margin continued to improve, indicating better profitability relative to revenue [2][5] Revenue Performance - Revenue from the company's main product lines showed declines: kitchen cabinets down 21.99%, wardrobes down 18.99%, and bathroom products down 1.62%, while the wooden doors segment decreased by 17.10% [3] - The gross margin for wardrobes improved by 5.72 percentage points year-on-year, while kitchen cabinets saw a decline of 3.28 percentage points [3] - Direct sales channels experienced a revenue increase of 4.09%, while dealer and bulk business revenues fell by 18.90% and 12.33%, respectively [3] Profitability Improvement - The company's gross margin and net margin for the first three quarters of 2024 were 35.54% and 14.66%, respectively, both showing year-on-year increases of 1.55 percentage points and 0.77 percentage points [4] - In Q3, the gross margin reached 40.36%, with a net margin of 19.68%, reflecting year-on-year increases of 2.75 percentage points and 2.18 percentage points [4] - The reduction in operating expenses contributed to the improved profitability, with a decrease in the expense ratio by 0.85 percentage points year-on-year [4] Future Outlook - The company is expected to maintain its leading position in the custom home furnishing industry, with anticipated net profits of 2.700 billion yuan, 2.869 billion yuan, and 3.040 billion yuan for 2024, 2025, and 2026, respectively [5] - Corresponding price-to-earnings ratios are projected to be 16, 15, and 14 times for the respective years [5]