OPPEIN(603833) Tianfeng Securities·2024-10-16 00:30Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][15]. Core Views - The company has set a clear dividend distribution plan for the next three years, aiming to distribute no less than RMB 1.5 billion annually, reflecting a strong commitment to shareholder returns [1]. - The company is undergoing significant reforms to adapt to market challenges, including a shift from single product sales to a comprehensive home furnishing strategy, which is expected to enhance operational efficiency and sustainability [2]. - The company is expected to maintain stable profitability, with projected net profits of RMB 2.7 billion, RMB 2.88 billion, and RMB 3.17 billion for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 13, 12, and 11 [3]. Financial Summary - The company's revenue for 2024 is projected to be RMB 20.63 billion, reflecting a decline of 9.46% compared to 2023, with a gradual recovery expected in subsequent years [4]. - The EBITDA for 2024 is estimated at RMB 3.89 billion, with a net profit of RMB 2.70 billion, indicating a decrease from the previous year [4]. - The company’s cash balance as of mid-2024 is RMB 11.5 billion, suggesting sufficient liquidity to support its dividend commitments and capital expenditures [1][9].