OPPEIN(603833) 光大证券·2024-10-29 03:42Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company's performance in the first three quarters of 2024 has been under pressure due to weak real estate sales, with a significant improvement in gross margin in Q3 [4][6] - The company is actively pursuing a home furnishing strategy, which is expected to capture a larger market share in the future [9] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.88 billion yuan, a year-on-year decrease of 16.2%, and a net profit attributable to shareholders of 2.03 billion yuan, down 12.1% year-on-year [4][9] - In Q3 2024, the company reported revenue of 5.30 billion yuan, a decline of 21.2% year-on-year, and a net profit of 1.04 billion yuan, down 11.6% year-on-year [4][9] - The gross margin for the first three quarters of 2024 was 35.5%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 14.6%, up 0.7 percentage points year-on-year [6][9] Product and Channel Performance - Revenue by product for the first three quarters of 2024: cabinets 4.03 billion yuan (-22.0%), clothing accessories 7.19 billion yuan (-19.0%), bathroom products 800 million yuan (-1.6%), and wooden doors 830 million yuan (-17.1%) [6] - Revenue by channel: direct sales 530 million yuan (+4.1%), distribution 10.39 billion yuan (-18.9%), and bulk sales 2.35 billion yuan (-12.3%) [6] - The total number of dealer stores decreased to 8,180 by the end of Q3 2024, down 536 from the end of 2023 [6] Margin Analysis - The gross margin for Q3 2024 was 40.4%, an increase of 2.7 percentage points year-on-year, driven by lower raw material costs and improved production efficiency [6][9] - The gross margins by product in Q3 2024 were: cabinets 33.0%, clothing accessories 47.6%, bathroom products 35.8%, and wooden doors 31.2% [7] - The gross margins by channel in Q3 2024 were: direct sales 61.3%, distribution 40.6%, and bulk sales 31.8% [7] Future Outlook - The revenue forecast for 2024 has been adjusted down to 19.45 billion yuan, a reduction of 7%, while the net profit forecast has been slightly lowered to 2.77 billion yuan, a decrease of 1% [9] - The company is expected to maintain stable revenue and net profit forecasts for 2025-2026, with EPS projected at 4.54 yuan, 5.01 yuan, and 5.64 yuan for 2024-2026 respectively [9]