OPPEIN(SH:603833) Guohai Securities·2025-09-03 13:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant results from supply chain reforms and is continuously advancing its home furnishing strategy [3] - Despite a slight decline in revenue, the company has managed to increase its net profit and non-recurring net profit significantly, indicating effective cost control and operational efficiency [7][9] - The company is focusing on transforming its distribution system towards a home furnishing business model, with over 1,200 effective retail home furnishing stores established [7] Financial Performance Summary - For H1 2025, the company achieved operating revenue of 8.241 billion yuan, a year-on-year decrease of 3.98%, and a net profit attributable to shareholders of 1.018 billion yuan, an increase of 2.88% [5] - The non-recurring net profit for H1 2025 was 943 million yuan, reflecting a year-on-year growth of 21.41% [5] - In Q2 2025, the company reported operating revenue of 4.794 billion yuan, a decrease of 3.39%, and a net profit of 710 million yuan, down 7.96% [5] Product Segment Performance - The revenue from cabinets was 2.407 billion yuan, down 5.87%, with a gross margin of 32.32%, up 3.10 percentage points [7] - The revenue from wardrobes and matching furniture was 4.239 billion yuan, down 4.07%, with a gross margin of 41.39%, up 4.72 percentage points [7] - The revenue from bathroom products was 500 million yuan, down 0.60%, with a gross margin of 28.29%, up 3.30 percentage points [7] Strategic Initiatives - The company is enhancing its online customer acquisition system and has seen over 10% growth in online transaction customers [9] - The overseas business has also shown robust growth, with a 40% year-on-year increase in overseas engineering orders [9] - The company is committed to its home furnishing strategy, which is expected to open up potential incremental markets in the medium to long term [9] Earnings Forecast - The company is projected to achieve operating revenues of 18.970 billion yuan, 19.985 billion yuan, and 21.116 billion yuan for 2025, 2026, and 2027 respectively [11] - The net profit attributable to shareholders is expected to be 2.689 billion yuan, 2.853 billion yuan, and 3.041 billion yuan for the same years [11] - The corresponding P/E ratios are forecasted to be 12, 12, and 11 for 2025, 2026, and 2027 respectively [11]