OPPEIN(603833) 华安证券·2024-12-06 12:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is actively deepening its whole-house home furnishing strategy, leading a new model of home development [2][4]. - The company is a leading one-stop high-quality home service provider in China, engaged in personalized design, research and development, production, sales, installation, and interior decoration services for whole-house home products [2][4]. - The company has a diversified brand matrix and is advancing its home furnishing strategy, with a focus on integrating various product categories and channels [2][4][64]. Summary by Sections Overview - The company is transitioning from a cabinet-focused business to a comprehensive home product provider, covering kitchen, wardrobe, bathroom, wooden door systems, metal doors and windows, soft furnishings, and furniture [64]. - The brand matrix includes multiple brands targeting different consumer segments, with over 8,000 stores globally [64][66]. Industry - Policy incentives are attracting customer traffic, and the whole-house model is enhancing customer value [2][4]. - The "old-for-new" policy is expected to stimulate home consumption, benefiting leading companies due to their higher compliance [2][4]. Company - The company is undergoing significant departmental reforms to enhance product integration and deepen its omnichannel development strategy [2][4]. - The company has achieved leading revenue in the industry, with a focus on expanding its product categories and improving profit margins [2][4][76]. - The company’s revenue for 2023 was 227.82 billion yuan, with a year-on-year growth of 1.35% [76]. - The company’s net profit for 2023 was 30.36 billion yuan, with a year-on-year growth of 12.9% [76]. Financial Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are 194.75 billion yuan, 206.28 billion yuan, and 215.62 billion yuan, with respective year-on-year changes of -14.5%, +5.9%, and +4.5% [4][5]. - Net profit forecasts for the same period are 26.52 billion yuan, 28.24 billion yuan, and 29.72 billion yuan, with respective year-on-year changes of -12.7%, +6.5%, and +5.2% [4][5].