OPPEIN(SH:603833) Huachuang Securities·2024-09-20 04:39Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 54.9 CNY per share, compared to the current price of 44.42 CNY [2]. Core Views - The company has announced a shareholder dividend plan for 2024-2026, committing to distribute at least 1.5 billion CNY in cash dividends annually, which corresponds to a dividend yield of no less than 5.5% based on the closing price on September 19 [2]. - The management shows confidence in future development, as evidenced by a significant increase in the dividend payout ratio, which rose to 55% of net profit in 2023 from 40% in 2022 [2]. - The company is actively reducing the burden on distributors and deepening its home furnishing strategy, optimizing product offerings and pricing to enhance market competitiveness [2]. - The company is expected to maintain its market share and improve profitability through cost reduction and efficiency enhancement strategies [2]. Financial Summary - Total revenue for 2023 is reported at 22,782 million CNY, with a projected decline of 8.8% to 20,787 million CNY in 2024, followed by a recovery to 22,287 million CNY in 2025 and 23,790 million CNY in 2026 [3]. - The net profit attributable to the parent company for 2023 is 3,036 million CNY, with forecasts of 2,787 million CNY in 2024, 3,012 million CNY in 2025, and 3,244 million CNY in 2026, reflecting a growth rate of 12.9% in 2023 but a decline of 8.2% in 2024 [3]. - Earnings per share (EPS) for 2023 is 4.98 CNY, with projections of 4.57 CNY in 2024, 4.94 CNY in 2025, and 5.32 CNY in 2026 [3]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 9, with expected ratios of 10 in 2024, 9 in 2025, and 8 in 2026 [3]. - The price-to-book (P/B) ratio is 1.5, projected to decrease to 1.4 in 2024, 1.3 in 2025, and 1.2 in 2026 [3].