欧派家居集团股份有限公司 关于开展金融衍生品交易业务的可行性分析报告 一、开展金融衍生品交易业务的背景 为防范汇率、利率波动风险，减少汇率和利率波动对欧派家居集团股份有限 公司（以下简称"公司"）经营活动产生的不利影响，在遵守国家政策法规的前 提下，公司及子公司拟选择适合的市场时机开展金融衍生品交易业务，增强公司 财务稳健性，提高盈利能力稳定性。公司及子公司金融衍生品交易业务基于自身 业务需求，以正常生产经营为基础，不进行单纯以投机为目的的金融衍生品交易， 不会影响公司主营业务发展，开展金融衍生品交易业务具有必要性和可行性，资 金使用安排合理，不会对公司的流动性造成影响。 二、开展金融衍生品交易业务的基本情况 （一）交易额度 2025 年度公司及子公司拟开展金融衍生品业务的交易金额不超过 30 亿元人 民币（含等值外币），开展期限内任一时点的交易金额（含使用前述交易的收益 进行交易的相关金额）不超过董事会审议额度，资金可循环使用，具体投资金额 将在上述额度内根据公司和子公司经营需求确定。 （二）资金来源 本次交易的资金来源为公司及控股子公司自有资金或银行信贷资金，不涉及 募集资金。缴纳的保证金比例根据与金融机 ...

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-009 | | --- | --- | --- | --- | | 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： 欧派家居集团股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 投资金额：总额度不超过人民币 120 亿元（含） 投资种类：投资期限不超过 36 个月的商业银行或其他金融机构的安全性高、流动性好 的中低风险投资产品以及银行等金融机构发售的不超过 5 年期的可转让大额存单。 投资期限：自 2025 年第一次临时股东大会审议通过之日起 12 个月内有效，在上述额 度及决议有效期内可循环滚动使用 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"）于第四届董事会第 二十一次会议审议通过《关于使用部分闲置自有资金进行现金管理的议案》，本事项尚需提交 公司 2025 年第一次临时股东大会审议。 特别风险提示：尽管公司购买安全性高、流动性好的中低风险投 ...

重要内容提示： 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。 证券代码:603833 证券简称:欧派家居 公告编号:2025-005 转债代码:113655 转债简称:欧 22 转债 特此公告。 公司于 2024 年 8 月 27 日披露了《欧派家居关于使用闲置募集资金进行现金管理的进展公 告》（公告编号：2024-065），公司对暂时闲置的募集资金人民币 45,000 万元进行了现金管理。 2025 年 2 月 20 日，公司购买的 25,000 万元单位结构性存款已到期赎回，募集资金本金及其产 生的收益已全部到账，并存放于募集资金专用账户，具体情况如下： | | | | 投入金 | | | 赎回 | | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方 | 产品 | 产品名称 | 额（万 | 预计年化 | 存续 | 金额 | 实际年化 | 收益 | | 名称 | 类型 ...

Investment Rating - The report maintains an "Accumulate" rating for the home improvement and building materials industry [1] Core Viewpoints - The demand structure is expected to stabilize, with potential for transformation and upgrades in the industry by 2025 [1] - Despite pressure on new housing demand, the existing housing market is expected to support demand for home improvement materials, aided by policies promoting renovation and upgrades [3][6] - The concentration of leading companies in the industry is anticipated to increase, as smaller firms exit the market, enhancing the stability of leading companies' profitability and cash flow [3][4] Summary by Sections 1. Demand - The new housing market is under pressure, but policies are expected to stabilize the market, with a projected 14.3% year-on-year decline in new housing sales area in 2024 [6] - The existing housing market is showing signs of recovery, with a 1.1% year-on-year increase in second-hand housing transactions in the first ten months of 2024 [19] - The "old-for-new" policy is expected to boost demand for home improvement materials, with subsidies likely to continue into 2025 [32][39] 2. Industry Structure - The industry is undergoing repair and adjustment, with an expected increase in market concentration as smaller companies exit [3][4] - The performance of leading companies remains stable, with a focus on maintaining market share and improving cash flow [40][41] 3. Development - Companies are accelerating diversification and integration to seek growth, with a focus on breaking regional and category boundaries [3][4] - The trend towards integrated services is becoming more prominent, with leading companies exploring one-stop sales and service models [3][4] 4. Investment Recommendations - Continuous support from real estate policies and the stabilization of sales indicators are expected to improve market sentiment towards home improvement demand [3][4] - Key companies to watch include Beixin Materials, Tubao, Weixing New Materials, and others that are actively adjusting their business models and expanding their product categories [3][4]

Summary of the Conference Call for Oppein Home Company Overview - **Company**: Oppein Home - **Industry**: Home Furnishing and Custom Furniture Key Points and Arguments 2024 Performance Forecast - Oppein Home anticipates a revenue decline of 10% to 20% in 2024, marking the first revenue drop since its establishment in 1994 [3][4] - Revenue growth has slowed from approximately 30% in 2021 to around 10% in recent years, with 2024 showing a significant decline due to macroeconomic factors, the real estate market, and consumer expectations [3][4] Strategic Responses - The company is implementing cost control, organizational restructuring, and strategic adjustments to address challenges, while enhancing its overall home furnishing layout [5][3] - Despite revenue decline, gross margins are stable, and cost management is effective, indicating a focus on maintaining profitability [5] Policy Impact on the Industry - From July 2024, regions like East and South China, particularly Guangzhou, have introduced trade-in and consumption subsidy policies, positively impacting market demand [6][3] - Although new housing starts and completions are declining, the demand from the existing market is gradually emerging, providing some confidence to the company [6] Future Policy Expectations - More subsidy policies are expected post-Chinese New Year in 2025, with large enterprises likely to benefit from these policies due to their established management and sales networks [7][8] - The company is actively engaging with government policies to maximize benefits from regional subsidies [9] 2025 Management Goals - The management goal for 2025 is to stabilize revenue and achieve profit growth that outpaces revenue growth, with plans for annual dividends of at least 1.5 billion yuan from 2025 to 2027 [10][11] - The retail home furnishing business is projected to grow rapidly, with over 850 stores and a nearly 200% increase in total orders year-on-year [12] Market Dynamics and Opportunities - The decline in new housing completions directly affects overall demand, but the existing market presents significant opportunities [13] - The company plans to adapt quickly to regional policies to maximize sales growth, despite lower subsidy amounts compared to previous years [14][15] Operational Efficiency - The company’s headquarters in Guangzhou allows for rapid response to policy changes, with regional management delegated to marketing departments for better market alignment [16] - The company has established bases in several cities to ensure timely access to policy information and market dynamics [16] Challenges in Strategic Implementation - The home furnishing strategy has faced challenges due to the economic environment, requiring adjustments in sales approaches and training for marketing personnel [17][18] - The integration of multi-category sales and the adaptation of support systems to meet market demands are ongoing challenges, but improvements are expected by 2025 [19] Additional Important Insights - The company is optimistic about the long-term demand in the home furnishing sector, despite short-term fluctuations due to subsidy policies and market conditions [13] - The focus on enhancing partnerships and expanding product categories through platform resources is a key part of the growth strategy moving forward [12]

奢侈品 Q4 中国区表现回升，关注文化纸节后普遍提价 ——轻工制造及纺服服饰行业周报 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn | | | | 上市公司数 | 154 | | --- | --- | | 行业总市值(亿元) | 8,987.57 | | 行业流通市值(亿元) | 7,726.31 | 1、《关税预期 price in，关注 AI 眼镜 和线下特卖行业机遇》2025-02-10 2、《24 年全球 AI 眼镜销量超 200 万台，嘉益、匠心、索菲亚、台华等 披露业绩预告》2025-01-27 3、《李宁重获中国奥委会合作，海 澜京东奥莱线下特卖供需两旺》 2025-01-20 轻工制造 证券研究报告/行业定期报告 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to achieve operating revenue of 182.26 to 205.04 billion yuan in 2024, representing a year-on-year decline of 10% to 20%. The forecasted net profit attributable to the parent company is between 25.80 to 28.84 billion yuan, reflecting a year-on-year decrease of 5% to 15% [6] - The company has seen a narrowing decline in revenue and profit for Q4 2024, with expected revenue of 54.86 billion yuan, down 11.8% year-on-year, and a net profit of 7.01 billion yuan, down 3.4% year-on-year [6] - The implementation of the "old-for-new" subsidy policy has positively impacted sales, with significant sales of related products driven by this initiative [6] - The company is advancing its home furnishing strategy, transitioning from a category-centered model to a city-centered model, and has increased its retail home furnishing stores to over 850 by H1 2024 [6] - The company is expected to benefit from improved real estate policies and ongoing subsidies, which may enhance the valuation of the home furnishing industry [6] Financial Summary - Total operating revenue for 2023 is reported at 22,782 million yuan, with a projected decline to 19,528 million yuan in 2024, followed by a recovery to 20,321 million yuan in 2025 and 21,465 million yuan in 2026 [2][7] - The net profit attributable to the parent company is forecasted to decrease from 3,036 million yuan in 2023 to 2,667 million yuan in 2024, before increasing to 2,784 million yuan in 2025 and 2,945 million yuan in 2026 [2][8] - The company's gross profit margin is expected to remain stable at around 34.8% from 2025 onwards, with a return on equity (ROE) projected to decline slightly from 16.8% in 2023 to 11.2% in 2026 [2]

Investment Rating - The investment rating for the company is "Accumulate" [2][7] Core Views - The company is expected to see marginal improvement in Q4 of the previous year and anticipates a gradual recovery throughout this year [1] - The company is implementing a "big home" strategy to address the overall decline in demand for home products due to pressures in new home sales and a sluggish existing home market [5] - The company is expected to benefit from government policies promoting home renovation and replacement, particularly in 2025 [5] Financial Summary - The company forecasts a net profit attributable to shareholders of the parent company for 2024 to be between 258.03 million and 288.39 million yuan, a year-on-year decrease of 5% to 15% [4] - The expected operating revenue for 2024 is projected to be between 1,825.67 million and 2,050.39 million yuan, reflecting a year-on-year decrease of 10% to 20% [4] - For Q4 2024, the estimated revenue is between 4.347 billion and 6.625 billion yuan, with a year-on-year change ranging from a decline of 30.10% to an increase of 6.54% [4] - The company anticipates a net profit margin of 14.11% for 2024, an increase of 0.78 percentage points from 2023 [6] Earnings Forecast - The company maintains its EPS forecast for 2024-2026 at 4.37 yuan, 4.61 yuan, and 4.93 yuan respectively, with a PE ratio of 13 times for 2025 [7] - The company is expected to see a slight increase in profitability due to enhanced internal management and operational efficiency [6]

Investment Rating - The investment rating for the company is "Buy" with a current price of 61.72 CNY and a fair value of 71.30 CNY [3]. Core Views - The company is expected to see profit improvement in Q4, driven by the effects of the "old-for-new" policy [1]. - The company anticipates a decline in net profit for 2024, estimated between 2.58 billion to 2.88 billion CNY, a year-on-year decrease of 5% to 15% [7]. - The company is implementing a "big home" strategy to counteract the challenges posed by a sluggish real estate market and changing industry dynamics [7]. Financial Forecast - Revenue is projected to be 19.783 billion CNY in 2024, a decrease of 13.2% from 2023 [2]. - EBITDA is expected to increase from 4.141 billion CNY in 2024 to 4.301 billion CNY in 2025 [2]. - The net profit for 2024 is forecasted at 2.742 billion CNY, a decline of 9.7% compared to 2023 [2]. - The company’s EPS is expected to be 4.50 CNY in 2024, with a projected increase to 4.75 CNY in 2025 [2]. Profitability and Efficiency - The gross margin for the company improved to 35.54% in the first three quarters of 2024, an increase of approximately 1.6 percentage points year-on-year [7]. - The net profit margin is projected to be 14.63%, up by about 0.7 percentage points year-on-year [7]. - The company’s return on equity (ROE) is expected to be 14.0% in 2024, decreasing slightly from 16.8% in 2023 [2]. Market Position and Strategy - The company aims to enhance its market share through category and channel expansion, leveraging its scale advantages [7]. - The anticipated recovery in the home consumption market is expected to be supported by a series of consumption promotion policies and new national subsidies in 2025 [7]. - The company maintains its leading position in the custom home furnishing sector while innovating its business model [7].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on profitability and operational improvements, suggesting a favorable investment perspective [1][2]. Core Insights - The company is expected to achieve revenue between 18.23 billion to 20.50 billion yuan in 2024, reflecting a year-on-year decline of 10% to 20%. The net profit attributable to the parent company is projected to be between 2.58 billion to 2.88 billion yuan, a decrease of 5% to 15% year-on-year [1]. - The report highlights that the company's gross margin has improved to 35.5% in the first three quarters of 2024, an increase of 1.6 percentage points year-on-year, indicating effective internal reforms and cost control measures [3]. - The anticipated impact of national subsidies is expected to manifest in Q1 2025, potentially leading to improved sales and operational recovery for the company [2]. Summary by Sections Financial Performance - The company reported total revenue of 22.48 billion yuan in 2022, with a slight increase to 22.78 billion yuan in 2023. However, a significant decline to 19.39 billion yuan is expected in 2024, followed by a recovery to 20.50 billion yuan in 2025 and 21.65 billion yuan in 2026 [4]. - The net profit attributable to the parent company was 2.69 billion yuan in 2022, increasing to 3.04 billion yuan in 2023, but is projected to decrease to 2.73 billion yuan in 2024 before recovering to 2.90 billion yuan in 2025 and 3.09 billion yuan in 2026 [4]. Operational Strategy - The company has restructured its business model from a category-centric approach to a city-centric model, enhancing its retail presence with over 850 effective stores by mid-2024, an increase of over 200 stores from the beginning of the year [2]. - The dual-brand strategy of retail and integrated home furnishing is being actively pursued, with measures to support marketing and channel development [2]. Profitability Outlook - The gross margin is projected to improve gradually, reaching 35.0% in 2025 and 35.3% in 2026, reflecting ongoing operational efficiencies and cost management [4]. - The report forecasts net profits for 2024 to be 2.73 billion yuan, with subsequent increases to 2.90 billion yuan in 2025 and 3.09 billion yuan in 2026, indicating a positive long-term profitability trend [4].