OPPEIN(SH:603833) HUAXI Securities·2025-04-30 08:59Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 18.93 billion yuan in 2024, a year-on-year decline of 16.93%, attributed to multiple factors including market demand shrinkage and intensified competition [2] - The company has initiated reforms to strengthen its internal capabilities, with early signs of effectiveness observed [3] - The company is focusing on a "whole home" strategy, which is expected to align with consumer trends towards personalized design and integrated services [5] - The company has seen a significant increase in gross margin to 34.29% in Q1 2025, reflecting successful cost reduction and efficiency improvement measures [6][7] - The company plans to distribute a cash dividend of 2.48 yuan per share, totaling 1.50 billion yuan, with a payout ratio of 57.7% [2] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 18.93 billion yuan, with a net profit of 2.60 billion yuan, reflecting a year-on-year decline of 14.4% [10] - The company’s revenue for Q4 2024 and Q1 2025 was 5.05 billion yuan and 3.45 billion yuan, respectively, with a net profit of 0.57 billion yuan and 0.31 billion yuan [2] - The company’s revenue projections for 2025-2027 are 20.42 billion yuan, 21.69 billion yuan, and 23.62 billion yuan, respectively [8] Revenue Breakdown - The company’s main product categories, including kitchen cabinets and wardrobes, saw revenue declines of 22.48% and 18.06% in 2024 [3] - The company’s distribution channels experienced a revenue drop of 20.10% in 2024, with a slight recovery in Q1 2025 [4] - Direct sales channels showed growth, with revenues of 0.83 billion yuan in 2024 and 0.16 billion yuan in Q1 2025, indicating successful strategic transformation [4] Strategic Initiatives - The company is actively pursuing a "whole home" strategy, which has led to a 50% increase in non-real estate project business volume [4] - The company has expanded its overseas sales network to 146 countries, achieving a revenue increase of 34.42% in 2024 [4] - The company has reduced its number of stores by 973 to 7,813, optimizing its retail presence [4] Profitability - The company’s net profit margin improved to 8.97% in Q1 2025, driven by effective cost control measures [7] - The company’s gross margin for 2025 is projected to remain stable at around 35.9% [10]