OPPEIN(SH:603833) KAIYUAN SECURITIES·2025-04-30 05:04Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company demonstrated strong performance in Q1 2025, with a revenue of 3.1 billion yuan, reflecting a 41.3% increase in net profit year-on-year, driven by the continued impact of the old-for-new policy and a recovery in the real estate sector [2] - The company is expected to achieve a net profit of 28.36 billion yuan in 2025, with corresponding EPS of 4.66 yuan, indicating a PE ratio of 13.9 times [2] - The company's strategy of expanding into the whole-home furnishing market is progressing steadily, showcasing resilience as an industry leader [2] Revenue Breakdown - In 2024, the company faced revenue declines across various product categories due to real estate market pressures, with cabinet, wardrobe, and supporting products generating revenues of 5.45 billion, 9.79 billion, 1.09 billion, and 1.13 billion yuan respectively, reflecting year-on-year declines of 22.5%, 18.1%, 3.6%, and 17.7% [3] - The company is actively pursuing a whole-home furnishing strategy, with stable revenue from direct sales channels, while dealer and bulk business revenues declined, with revenues of 14.04 billion, 3.05 billion, and 0.83 billion yuan respectively, showing year-on-year changes of -20.1%, -15.1%, and +0.6% [3] Profitability - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points, while the expense ratio rose to 21.0%, reflecting a 2.5 percentage point increase [4] - In Q1 2025, the gross margin was 34.3%, up 4.3 percentage points, with an expense ratio of 21.8%, down 2.7 percentage points, resulting in a net profit margin of 9.0%, an increase of 2.9 percentage points [4] Financial Summary and Valuation Indicators - The company reported a revenue of 18.925 billion yuan in 2024, down 16.9% year-on-year, with a net profit of 2.599 billion yuan, a decrease of 14.4% [6] - The projected revenues for 2025, 2026, and 2027 are 20.276 billion, 21.309 billion, and 22.714 billion yuan respectively, with corresponding net profits of 2.836 billion, 3.053 billion, and 3.342 billion yuan [6] - The company's PE ratio is projected to decrease from 13.9 in 2025 to 11.8 in 2027, indicating an improving valuation outlook [6]