OPPEIN(603833) Tianfeng Securities·2024-11-03 09:00Investment Rating - The investment rating for the company is "Buy" with a target price of 70 CNY, maintaining the current rating [1]. Core Views - The company reported a Q3 revenue of 5.3 billion CNY, a year-on-year decrease of 21.2%, and a net profit attributable to shareholders of 1.04 billion CNY, down 11.6% year-on-year. The non-recurring net profit was 999 million CNY, down 12.6% year-on-year [1]. - The company is focusing on improving product cost-performance and delivery efficiency, adapting to changes in consumer preferences and market dynamics in the home furnishing industry [1]. - The gross profit margin improved to 40.4%, an increase of 2.8 percentage points year-on-year, indicating effective cost reduction and efficiency enhancement measures [1]. Financial Data Summary - For the first three quarters of 2024, the company reported a total revenue of 13.88 billion CNY, a decrease of 16.2% year-on-year, and a net profit of 2.03 billion CNY, down 12.1% year-on-year [1]. - The revenue breakdown by product category shows that cabinet revenue was 4.03 billion CNY, down 22%, with a gross margin of 30.6%, down 3.3 percentage points. Wardrobe and accessory revenue was 7.19 billion CNY, down 19%, with a gross margin of 40.9%, up 5.7 percentage points [1]. - The company’s total assets reached 34.35 billion CNY in 2023, with a total liability of 16.23 billion CNY, resulting in a debt ratio of 47.16% [3][4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 2.70 billion CNY, 2.88 billion CNY, and 3.17 billion CNY respectively, with corresponding P/E ratios of 15.78, 14.79, and 13.44 [2][5].