OPPEIN(SH:603833) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with total revenue of 18.92 billion yuan, down 16.9% year-on-year, and a net profit of 2.6 billion yuan, down 14.4% year-on-year. The company plans to distribute a cash dividend of 2.48 yuan per share to all shareholders [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 5.05 billion yuan, a decrease of 18.8% year-on-year, and a net profit of 570 million yuan, down 21.7% year-on-year [1] - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 13.7%, up 0.4 percentage points year-on-year [4] - The company’s operating 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 and a decline in revenue scale [5] Group 2: Product and Channel Performance - In 2024, revenue by product was as follows: cabinets 5.45 billion yuan (down 22.5%), clothing accessories 9.79 billion yuan (down 18.1%), bathroom products 1.09 billion yuan (down 3.6%), and wooden doors 1.13 billion yuan (down 17.7%) [2] - The direct sales channel saw a slight increase in revenue to 830 million yuan (up 0.6%), while the distribution and bulk channels experienced declines of 20.1% and 15.1%, respectively [2] - The company’s direct sales division achieved growth by expanding new channels, with a 22% increase in large customer numbers by the end of 2024 [3] Group 3: Market and Strategic Outlook - The domestic new housing sales area decreased by 12.9% year-on-year, indicating a challenging market environment for the company [3] - The company is actively optimizing its marketing system and transitioning to a home furnishing strategy, with over 1,100 effective retail home furnishing stores by the end of 2024, an increase of over 450 stores year-on-year [3] - The company anticipates a recovery in the furniture market due to increased consumer subsidy policies, with a 300 billion yuan fund aimed at boosting demand through "old-for-new" initiatives [5]