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]

| 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 ...

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：2024-068 | | --- | --- | --- | | 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 ...

| 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:2024-065 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 为提高募集资金使用效率，在确保不改变募集资金用途和不影响募集资金投资项目正常运 行的情况下，公司对暂时闲置的募集资金进行现金管理。 （二）金额 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： 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 ...

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-064 | | --- | --- | | 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 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于 2024 年 9 月 1 日上午 12:00 点前，将所关注问题发送至欧派 家 居 集 团 股 份 有 限 公 司 （ 以 下 简 称 " 公 司 " ） 投 资 者 关 系 邮 箱 （oppeinir@oppein.com），公司将在业绩说明会上对投资者普遍关注的问题进行 交流。 公司将于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果和财务状况，公司计划于 2024 年 9 月 2 日 15:00-16:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进 行交流。 一、 说明会类型 本次业绩说明会以网络视频直播结 ...