OPPEIN(SH:603833) Zheng Quan Zhi Xing·2025-04-28 22:35Overview of Financial Performance - In 2024, the total revenue of the company was 18.925 billion, a year-on-year decrease of 16.93% [1] - The net profit attributable to the parent company was 2.599 billion, down 14.38% year-on-year [1] - The net profit after deducting non-recurring items was 2.316 billion, a decrease of 15.65% year-on-year [1] - Despite the decline in revenue and profit, the company's profitability improved, with a gross margin of 35.91%, an increase of 5.14% year-on-year, and a net margin of 13.76%, up 3.59% year-on-year [1] Quarterly Performance - In the fourth quarter, total revenue was 5.046 billion, a year-on-year decrease of 18.84% [2] - The net profit attributable to the parent company was 568 million, down 21.71% year-on-year [2] - The net profit after deducting non-recurring items was 553 million, showing a year-on-year increase of 1.43%, indicating improved profitability in the main business [2] Financial Metrics - Gross margin: 35.91%, up 5.14% year-on-year [8] - Net margin: 13.76%, up 3.59% year-on-year [8] - Operating expenses as a percentage of revenue: 15.57%, up 15.32% year-on-year [8] - Earnings per share: 4.29, down 13.86% year-on-year [8] Revenue Composition - Wardrobe and supporting furniture products generated revenue of 9.791 billion, accounting for 51.74% of total revenue, with a gross margin of 39.42% [8] - Kitchen cabinets generated revenue of 5.45 billion, accounting for 28.80%, with a gross margin of 35.62% [8] - Other product categories include wooden doors, bathrooms, and others, contributing to the overall revenue [8] Regional Distribution - East China: Revenue of 5.455 billion, accounting for 28.82%, with a gross margin of 35.42% [8] - South China: Revenue of 3.89 billion, accounting for 20.55%, with a gross margin of 40.68% [8] - Other regions also contributed to the revenue with varying margins [8] Operational Review - The home furnishing industry faced deep adjustments and transformation challenges, with shrinking market demand and intensified competition [6] - The company implemented supply chain reforms, automated production line upgrades, and process research and development, leading to a 19.15% decrease in operating costs [6] - The company initiated "seven core reforms" in 2023 to promote a comprehensive home furnishing strategy and build a pan-home furnishing industry ecosystem [6] Development Review - The company optimized its organizational structure and improved operational efficiency through various reform measures [9] - The retail home furnishing model has over 1,100 effective stores, with continuous growth in order volume [9] - Online performance increased by 128% year-on-year, empowering over 4,000 distributors [9] Future Outlook - The company will continue to advance its comprehensive home furnishing strategy, transitioning from a single product provider to an integrated home solution provider [10] - The use of internet, big data, and AI technologies will help reconstruct the home furnishing business ecosystem and innovate traditional customization models [10]