OPPEIN(603833) Minsheng Securities·2024-04-30 15:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 62.41 yuan [2]. Core Views - The company reported Q1 2024 revenue of 3.621 billion yuan, a year-on-year increase of 1.43%, and a net profit attributable to shareholders of 218 million yuan, up 43% year-on-year [1]. - The company is successfully advancing its home furnishing strategy, with a focus on enhancing product delivery and service quality, which is expected to lead to a strong increase in market share over the long term [1]. - The company is projected to achieve net profits of 3.245 billion yuan, 3.515 billion yuan, and 3.800 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 6.9%, 8.3%, and 8.1% [2][5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 3.621 billion yuan, with a net profit of 218 million yuan and a non-recurring net profit of 143 million yuan, showing year-on-year growth of 1.43%, 43%, and 10.03% respectively [1]. - The gross margin improved by 3.30 percentage points to 29.98% in Q1 2024, driven by cost reduction and a decrease in raw material prices [1]. - The company’s net profit margin for Q1 2024 was 6.02%, an increase of 1.75 percentage points year-on-year [1]. Product and Channel Performance - Revenue from cabinets, wardrobes, and bathroom products in Q1 2024 was 1.068 billion yuan, 1.906 billion yuan, and 203 million yuan respectively, with bathroom products showing a resilient growth of 10.22% year-on-year [1]. - Direct store revenue increased by 66.95% year-on-year, indicating successful implementation of the home furnishing model [1]. Future Outlook - The company plans to enhance its retail home furnishing strategy by optimizing store layouts, improving online traffic conversion rates, and expanding its product offerings [1]. - The projected revenue for 2024 is 24.7 billion yuan, with an expected growth rate of 8.4% [2][5].