欧普照明：营收承压，修炼内功

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [3]. Core Views - The company experienced a revenue decline of 5.01% year-on-year in H1 2024, with total revenue reaching 3.37 billion yuan. The net profit attributable to the parent company was 380 million yuan, down 3.04% year-on-year [1]. - Despite short-term revenue pressure, the company is focusing on enhancing its competitive advantages through channel expansion and operational efficiency improvements [1]. - The lighting industry remains stable, with China's lighting sales reaching approximately 300 billion yuan in the first half of 2024, showing no significant change year-on-year [1]. - The company is actively upgrading its store image and expanding its market coverage, particularly in the domestic and overseas markets, including participation in infrastructure projects along the Belt and Road Initiative [1]. Financial Summary - For H1 2024, the company reported a gross margin of 40.0%, an increase of 0.8 percentage points year-on-year. The net profit margin was 14.8%, up 0.2 percentage points year-on-year [1]. - The company’s revenue for 2024 is projected to be 7.43 billion yuan, with a year-on-year decline of 4.70%. The net profit attributable to the parent company is expected to be 882.83 million yuan, a decrease of 4.46% [2][6]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.18 yuan, with a price-to-earnings (P/E) ratio of 12.02 [2][6]. Market Position and Strategy - The company is positioned as a leading player in the domestic home lighting market, focusing on diversified channel development and product competitiveness [1]. - The company is leveraging opportunities in the smart lighting sector, enhancing product offerings and solutions while optimizing store experiences [1]. - The company aims to create multiple growth avenues by expanding its product applications and sales markets, particularly in commercial lighting and overseas markets [1].