OPPEIN(SH:603833) Xinda Securities·2025-05-06 00:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future projections. Core Insights - The company reported a revenue of 3.447 billion yuan in Q1 2025, a year-on-year decrease of 4.8%, while the net profit attributable to the parent company was 308 million yuan, an increase of 41.3% year-on-year, indicating a significant improvement in profitability driven by national subsidies and supply chain reforms [1][2]. - The company is transitioning towards a comprehensive home furnishing model, enhancing its retail system and optimizing its supply chain, which has led to improved gross margins across various product lines [3][4]. - The company has implemented a significant supply chain reform, resulting in a gross margin of 34.3% and a net profit margin of 8.9% in Q1 2025, with operational efficiency improving as indicated by reduced inventory and receivables turnover days [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 3.447 billion yuan, with a notable increase in net profit attributable to the parent company by 41.3% year-on-year [1]. - The company’s revenue for 2024 was reported at 18.925 billion yuan, a decrease of 16.9% year-on-year, with a net profit of 2.599 billion yuan, down 14.4% year-on-year [1][6]. Revenue Breakdown - Revenue from direct sales, distribution, and bulk sales in Q1 2025 was 160 million yuan, 2.59 billion yuan, and 500 million yuan respectively, with varying year-on-year growth rates [2]. - The company’s product categories showed mixed performance, with cabinets and wardrobes experiencing declines, while bathroom and wooden doors saw growth [2]. Supply Chain and Operational Efficiency - The company has established partnerships with over 305 city carriers, achieving a coverage of over 99% of integrable cities, which has significantly reduced logistics costs and improved operational efficiency [4]. - The company’s inventory turnover days decreased to 32 days, and accounts receivable turnover days also improved, indicating enhanced cash flow management [4]. Future Projections - The company is projected to achieve net profits of 2.92 billion yuan, 3.24 billion yuan, and 3.68 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14X, 12X, and 11X [5][6].