Core Viewpoint - Oppein Home's revenue and net profit have declined for the first time in 2024, with decreases of 16.93% and 14.38% respectively, reflecting the challenges faced by the home furnishing industry amid a downturn in the real estate market [1][7]. Company Performance - In 2024, Oppein Home reported a revenue of approximately 189 billion yuan and a net profit of about 26 billion yuan, marking the first decline in both metrics since its establishment [7][8]. - The company opened 1,085 new stores but closed 2,058, resulting in a total of 7,813 stores by the end of 2024 [8]. Strategic Shift - To navigate the challenges, the company has shifted its strategic focus towards old house renovations and integrated home solutions, aiming to tap into the 1.5 to 2 trillion yuan market for existing homes [8]. - The CEO, Yao Liang Song, emphasized the need for a "whole home" approach, stating that without this transformation, there would be no future for the company [8]. Dividend Policy - Despite the downturn, Oppein Home announced a substantial dividend plan for 2024, proposing a total payout of 15.02 billion yuan, which represents 57.8% of its net profit [8][9]. - Over the past two years, Yao Liang Song, as the largest shareholder, has received a total of 21 billion yuan in dividends [9].

Group 1 - The core viewpoint of the article highlights that Oppein Home's revenue and net profit declined for the first time in 30 years, reflecting broader challenges in the home furnishing industry [1][2] - In 2024, Oppein Home reported a revenue of 18.9 billion and a net profit of 2.6 billion, representing year-on-year declines of 16.93% and 14.38% respectively [1][2] - The company implemented supply chain reforms and upgraded automation to reduce operating costs, resulting in a significant decrease in operating costs by 19.15% to 12.13 billion, which contributed to an increase in gross margin to 35.91%, up by 1.76 percentage points [2] Group 2 - The home furnishing industry is undergoing deep adjustments and transformation, with insufficient effective demand in the consumer sector, particularly affecting discretionary spending [2][3] - The market structure of home decoration remains dominated by new and existing homes, leading to dual pressures on the home furnishing and building materials industry [2] - Oppein Home aims to transition from a "full-category home manufacturer" to a "full-scenario ecological service provider," emphasizing a comprehensive product and service offering to meet evolving consumer demands [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 18.92 billion (down 16.93% YoY) and a net profit attributable to shareholders of 2.60 billion (down 14.38% YoY) for 2024 [1][13] - The fourth quarter of 2024 showed a revenue of 5.05 billion (down 18.84% YoY) and a net profit of 568 million (down 21.71% YoY), with a notable improvement in non-recurring net profit [1][13] - The company expects significant revenue improvement in the first quarter of 2025 due to a longer conversion cycle for national subsidy orders [1] Revenue and Profitability - Retail channels are being optimized, with direct sales revenue of 830 million (up 0.57% YoY) and distribution channel revenue of 14 billion (down 20.10% YoY) for 2024 [2] - The company closed inefficient stores, reducing the number of direct and distribution stores to 63 and 7750, respectively [2] - The cabinet business faced challenges due to supporting products, with kitchen cabinet revenue at 5.45 billion (down 22.48% YoY) and wardrobe plus supporting products revenue at 9.79 billion (down 18.1% YoY) [3] Operational Strategy - The company employs a localized operation model to assist distributors in formulating transformation plans [4] - The integration of AI in e-commerce has led to a nearly 10% YoY increase in online traffic, benefiting over 4000 distributors [4] Dividend Policy - The company increased its dividend payout ratio to 58%, distributing a total of 1.5 billion in cash dividends for 2024 [5] Financial Health - The gross profit margin for 2024 was 35.91% (up 1.76 percentage points YoY), with a significant reduction in material costs contributing to this improvement [6] - The operating cash flow net amount was 5.50 billion (up 13% YoY), indicating improved capital efficiency [12] Earnings Forecast and Valuation - The company is expected to achieve revenues of 19.53 billion (up 3.18% YoY) in 2025, with net profit attributable to shareholders projected at 2.73 billion (up 5.17% YoY) [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 18.92 billion (down 16.93% year-on-year) and a net profit attributable to shareholders of 2.60 billion (down 14.38% year-on-year) for 2024 [1][13] - The fourth quarter of 2024 showed a revenue of 5.05 billion (down 18.84% year-on-year) and a net profit of 0.57 billion (down 21.71% year-on-year), with a notable improvement in non-recurring net profit [1][13] - The company is expected to see operational improvements in the first quarter of 2025, primarily driven by the conversion of national subsidy orders [1] Revenue and Profitability - The retail channel optimization led to a direct sales revenue of 0.83 billion (up 0.57% year-on-year) and a distribution channel revenue of 14.0 billion (down 20.10% year-on-year) for 2024 [2] - The company closed inefficient stores, resulting in a reduction of 7 direct stores and 966 distribution stores [2] - The cabinet business faced challenges due to the performance of supporting products, with kitchen cabinet revenue at 5.45 billion (down 22.48% year-on-year) and wardrobe plus supporting products revenue at 9.79 billion (down 18.1% year-on-year) [3] Strategic Initiatives - The company adopted a localized operation model to assist distributors in formulating transformation plans for the home furnishing sector [4] - The integration of AI in e-commerce led to a nearly 10% year-on-year increase in online traffic, benefiting over 4,000 distributors [4] Dividend Policy - The company increased its dividend payout ratio to 58%, distributing a total cash dividend of 1.5 billion for 2024 and planning to maintain a minimum annual cash dividend of 1.5 billion for the next three years [5] Financial Health - The gross profit margin for 2024 was 35.91% (up 1.76 percentage points year-on-year), with a significant reduction in material costs contributing to this improvement [6] - The operating cash flow net amount was 5.50 billion (up 13% year-on-year), indicating improved capital efficiency [12] Earnings Forecast - The company is expected to achieve revenues of 19.53 billion (up 3.18% year-on-year), 20.85 billion (up 6.77% year-on-year), and 22.15 billion (up 6.26% year-on-year) from 2025 to 2027, with corresponding net profits of 2.73 billion, 2.89 billion, and 3.10 billion [13]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5][10] - Despite challenges in the real estate market, the direct sales channel experienced growth, with revenue from direct sales reaching 0.83 billion yuan, up 0.6% year-on-year [6][7] - The company is actively pursuing a home furnishing strategy, with a significant increase in the number of large clients and a rise in multi-category collaborative sales [7][10] Revenue Performance - The company’s revenue by product for 2024 was as follows: cabinets 5.45 billion yuan (down 22.5%), wardrobes 9.79 billion yuan (down 18.1%), bathrooms 1.09 billion yuan (down 3.6%), and wooden doors 1.13 billion yuan (down 17.7%) [6] - The revenue by channel showed direct sales at 0.83 billion yuan (up 0.6%), distribution at 14.04 billion yuan (down 20.1%), and bulk sales at 3.05 billion yuan (down 15.1%) [6] Profitability and Margins - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8][10] - The gross margin by product was as follows: cabinets 35.6%, wardrobes 39.4%, bathrooms 27.8%, and wooden doors 25.7% [8] Cost and Expenses - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales expenses rising due to increased advertising costs [9][10] - The fourth quarter of 2024 saw an expense ratio of 24.5%, up 3.6 percentage points year-on-year [9] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 20.574 billion yuan and 22.953 billion yuan, respectively, reflecting a 6% downward adjustment [10] - The company is expected to benefit from government policies aimed at boosting consumer spending in the home furnishing sector, which may enhance market confidence [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5] - Despite the overall market downturn, the direct sales channel experienced growth, while the distribution and bulk channels faced challenges [6][7] - The company is actively pursuing a home furnishing strategy, which is expected to enhance market share in the future [10] Revenue Performance - In 2024, the company’s revenue from various products was as follows: kitchen cabinets 5.45 billion yuan, wardrobe 9.79 billion yuan, bathroom 1.09 billion yuan, and wooden doors 1.13 billion yuan, with year-on-year changes of -22.5%, -18.1%, -3.6%, and -17.7% respectively [6] - The direct sales channel generated 830 million yuan, a year-on-year increase of 0.6%, while the distribution and bulk channels saw declines of 20.1% and 15.1% respectively [6] Gross Margin and Profitability - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8] - The gross margin for the fourth quarter of 2024 was 36.9%, reflecting a year-on-year increase of 2.3 percentage points [8] Cost Structure - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 10.0%, 6.9%, 5.4%, and -1.3% respectively [9] Market Outlook - The home furnishing consumption subsidy policy is expected to boost consumer enthusiasm and industry confidence, with a special fund of 300 billion yuan aimed at promoting consumption upgrades [9] Financial Forecast - The company’s revenue forecast for 2025 and 2026 has been slightly adjusted to 20.574 billion yuan and 22.953 billion yuan, respectively, with net profit forecasts of 2.768 billion yuan and 3.044 billion yuan [10] - The earnings per share (EPS) for 2025-2027 are projected to be 4.54 yuan, 5.00 yuan, and 5.46 yuan, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 12 times [10]

Core Viewpoint - The custom home furnishing industry, including leading companies like Oppein Home, faced significant revenue and profit declines in 2023, but there are signs of recovery due to policy support and evolving consumer demands [1][2][3]. Group 1: Financial Performance - Oppein Home reported a revenue of 18.9 billion yuan and a net profit of 2.6 billion yuan for 2023, representing declines of 16.93% and 14.38% year-on-year, respectively [1][2]. - The company experienced its first dual decline in revenue and profit in 30 years due to market demand contraction and industry restructuring [2]. - Despite the declines, Oppein Home improved its gross margin to 35.91%, up 1.76 percentage points year-on-year, and its net profit margin to 13.76%, up 0.48 percentage points [2]. Group 2: Industry Trends - The custom home furnishing industry is undergoing a significant transformation, with a shift from standardized products to personalized solutions, driven by changing consumer preferences [4][5]. - The market structure remains dominated by new and existing housing, with a forecasted "442" market structure (new homes 40%, existing homes 40%, second-hand homes 20%) indicating ongoing pressure on both engineering and retail channels [2][3]. Group 3: Strategic Initiatives - Oppein Home is implementing supply chain reforms and automation upgrades to reduce operating costs, which have decreased by 19.15% to 12.128 billion yuan in 2023 [2]. - The company aims to transition from a "full-category home manufacturer" to a "full-scenario ecological service provider," emphasizing digital technology to enhance consumer experiences [4][5]. - Oppein Home has launched a new brand IP "Love Home Season" to support its strategy as an ecological service provider while maintaining clear boundaries in its role within the industry [5].

Group 1 - The core viewpoint of the news is the disclosure of shareholding information for Oppein Home (603833.SH) as of April 25, 2025, highlighting the involvement of institutional investors and changes in their holdings [1] - A total of 477 institutional investors disclosed holding shares in Oppein Home, with a combined holding of 75.77 million shares, representing 12.44% of the total share capital [1] - The top ten institutional investors collectively hold 6.49% of the shares, with a decrease of 1.07 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds increased their holdings, while 19 funds reduced their holdings, with a decrease rate of 0.36% [2] - A total of 441 new public funds were disclosed this period, indicating active market participation [2] - For social security funds, one fund increased its holdings, while two funds decreased their holdings, with a reduction rate of 0.43% [2]

Group 1 - The company plans to enhance services for small and medium investors by using the Shanghai Stock Exchange's shareholder meeting reminder service to notify shareholders about meeting participation and voting [1] - Shareholders can vote through the Shanghai Stock Exchange's network voting system or the internet voting platform, with specific instructions provided for first-time users [4][6] - The company will ensure that all voting rights are counted accurately, even for shareholders with multiple accounts, and that the first voting result will be considered valid in case of duplicate votes [5][6] Group 2 - The company will hold its annual shareholder meeting on May 28, 2025, with registration details provided for both corporate and individual shareholders [10][11] - The meeting will be attended by company directors, supervisors, senior management, and appointed lawyers, with specific registration requirements outlined for different types of shareholders [7][8] - The company has announced a change in accounting policy based on new regulations from the Ministry of Finance, which will not significantly impact its financial status or operations [16][20][25]

Core Viewpoint - The company Oupai Home announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 24.8 yuan per 10 shares, totaling approximately 1.502 billion yuan, which represents 57.80% of its net profit and a dividend yield of 4.04% based on the average trading price for the year [2][3]. Financial Performance - For the fiscal year 2024, Oupai Home reported total revenue of 18.925 billion yuan, a year-on-year decrease of 16.93%, and a net profit of 2.599 billion yuan, down 14.38% year-on-year, with basic earnings per share of 4.29 yuan [3][2]. Dividend History - The company has a history of cash distributions since its listing, with the following details for the last eight years: - 2024: 10 shares pay 24.8 yuan (total 1.502 billion yuan, yield 4.04%) - 2023: 10 shares pay 27.6 yuan (total 1.672 billion yuan, yield 2.73%) - 2022: 10 shares pay 17.7066 yuan (total 1.075 billion yuan, yield 1.50%) - 2021: 10 shares pay 17.5 yuan (total 1.066 billion yuan, yield 1.22%) - 2020: 10 shares pay 12 yuan (total 0.725 billion yuan, yield 1.07%) - 2019: 10 shares pay 10.9 yuan (total 0.458 billion yuan, yield 1.01%) - 2018: 10 shares pay 7.5 yuan (total 0.315 billion yuan, yield 0.67%) - 2017: 10 shares pay 10 yuan (total 0.420 billion yuan, yield 0.90%) [3][2]. Market Activity - The stock experienced a net inflow of 6.8793 million yuan from major funds today, with a total net inflow of 10.432 million yuan over the past five days [4]. - The latest margin financing balance for the stock is 104 million yuan, with an increase of 4.54% (4.5227 million yuan) over the past five days [5]. Industry Comparison - In the light industry manufacturing sector, Oupai Home ranks second in terms of cash distribution for the fiscal year 2024, with a total payout of 1.502 billion yuan, following Gongniu Group, which distributed 3.101 billion yuan [5][6].