欧派家居：盈利能力稳步提升，国补效果逐步体现

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on profitability and operational improvements, suggesting a favorable investment perspective [1][2]. Core Insights - The company is expected to achieve revenue between 18.23 billion to 20.50 billion yuan in 2024, reflecting a year-on-year decline of 10% to 20%. The net profit attributable to the parent company is projected to be between 2.58 billion to 2.88 billion yuan, a decrease of 5% to 15% year-on-year [1]. - The report highlights that the company's gross margin has improved to 35.5% in the first three quarters of 2024, an increase of 1.6 percentage points year-on-year, indicating effective internal reforms and cost control measures [3]. - The anticipated impact of national subsidies is expected to manifest in Q1 2025, potentially leading to improved sales and operational recovery for the company [2]. Summary by Sections Financial Performance - The company reported total revenue of 22.48 billion yuan in 2022, with a slight increase to 22.78 billion yuan in 2023. However, a significant decline to 19.39 billion yuan is expected in 2024, followed by a recovery to 20.50 billion yuan in 2025 and 21.65 billion yuan in 2026 [4]. - The net profit attributable to the parent company was 2.69 billion yuan in 2022, increasing to 3.04 billion yuan in 2023, but is projected to decrease to 2.73 billion yuan in 2024 before recovering to 2.90 billion yuan in 2025 and 3.09 billion yuan in 2026 [4]. Operational Strategy - The company has restructured its business model from a category-centric approach to a city-centric model, enhancing its retail presence with over 850 effective stores by mid-2024, an increase of over 200 stores from the beginning of the year [2]. - The dual-brand strategy of retail and integrated home furnishing is being actively pursued, with measures to support marketing and channel development [2]. Profitability Outlook - The gross margin is projected to improve gradually, reaching 35.0% in 2025 and 35.3% in 2026, reflecting ongoing operational efficiencies and cost management [4]. - The report forecasts net profits for 2024 to be 2.73 billion yuan, with subsequent increases to 2.90 billion yuan in 2025 and 3.09 billion yuan in 2026, indicating a positive long-term profitability trend [4].