OPPEIN(SH:603833)2024-10-29 08:23Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [4]. Core Views - The company reported a revenue of 13.88 billion yuan for the first three quarters of 2024, a decrease of 16.2% year-on-year, with a net profit attributable to shareholders of 2.03 billion yuan, down 12.1% year-on-year [1][5]. - The company emphasizes shareholder returns with a planned cash dividend of no less than 1.5 billion yuan annually for the next three years (2024-2026) [3]. - The company is recognized as a leading one-stop high-quality home service provider in China, with strong advantages in design, research and development, branding, service, and channels, and is committed to advancing its home furnishing strategy [5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 5.3 billion yuan, down 21.2% year-on-year, and a net profit of 1.04 billion yuan, down 11.6% year-on-year [1]. - Revenue breakdown by product for the first three quarters of 2024 shows kitchen cabinets at 4.03 billion yuan (-22.0%), wardrobes and accessories at 7.19 billion yuan (-19.0%), bathrooms at 0.80 billion yuan (-1.6%), and wooden doors at 0.83 billion yuan (-17.1%) [2]. - Revenue by channel indicates direct sales grew by 4.1% to 0.53 billion yuan, while distribution and bulk sales faced declines of 18.9% and 12.3%, respectively [2]. Future Projections - The company forecasts revenues of 19.77 billion yuan, 20.96 billion yuan, and 22.13 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.61 billion yuan, 2.73 billion yuan, and 2.93 billion yuan for the same years [6][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 4.3 yuan, 4.5 yuan, and 4.8 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 17, 16, and 15 [5][6].