Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue of 18.925 billion, net profit attributable to shareholders of 2.599 billion, and net profit excluding non-recurring items of 2.316 billion in 2024, representing declines of 17%, 14%, and 16% year-on-year respectively. For Q4 2024, the figures were 5.046 billion, 568 million, and 553 million, showing year-on-year declines of 19%, 22%, and a slight increase of 1% respectively. The first quarter of 2025 showed a revenue of 3.447 billion, net profit of 308 million, and net profit excluding non-recurring items of 266 million, with year-on-year changes of -5%, +41%, and +86% respectively [2][6][11]. Summary by Sections Revenue and Profitability - The overall revenue for 2024 decreased by 14% compared to the previous year, but the decline narrowed from -21% in Q3 2024. The company is expected to see continued improvement in Q2 2025, with contract liabilities increasing by 169% year-on-year by the end of Q1 2025 [7][11]. Channel and Product Performance - In Q4 2024, retail, bulk, and export sales saw year-on-year declines of 22%, 23%, and an increase of 49% respectively. The integrated home segment showed resilience, with annual growth rates of 26% and a decline of 19% for the retail segment. In Q1 2025, retail and bulk sales were down by 1% and 29%, while exports increased by 46% [7][11]. Margin Improvement - The gross margin has shown improvement for eight consecutive quarters, with Q4 2024 and Q1 2025 gross margins increasing by 2.3 and 4.3 percentage points year-on-year respectively. This improvement is attributed to internal efficiency measures and a shift towards higher-margin direct sales [11][13]. Strategic Initiatives - The company is optimizing its channel structure and advancing its integrated home strategy, which has strengthened its operational resilience and competitiveness. In 2024, the number of distribution stores decreased by 966, while the number of effective retail integrated home stores increased by over 450, reaching more than 1,100 [11][13]. Future Outlook - The company plans to enhance profit quality as a core goal for 2025, focusing on internal transformation and cost reduction. This includes a granular approach to profit centers and optimizing product development and delivery processes [11][13]. Financial Projections - The company is expected to distribute 1.5 billion in dividends in 2024, with a payout ratio of 58% and a dividend yield of 3.7%. Projected net profits for 2025-2027 are 2.89 billion, 3.17 billion, and 3.57 billion respectively, with corresponding price-to-earnings ratios of 14, 13, and 11 times [11][12].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, with a significant increase in net profit compared to the previous year [1][2]. Financial Performance - In 2024, the company achieved revenue of 18.92 billion, down 17% year-on-year, and a net profit of 2.6 billion, down 14% year-on-year. The adjusted net profit was 2.32 billion, down 16% year-on-year [1]. - For Q4 2024, the company reported revenue of 5.05 billion, down 19% year-on-year, and a net profit of 570 million, down 22% year-on-year. The adjusted net profit was 550 million, up 1% year-on-year [1]. - In Q1 2025, the company achieved revenue of 3.45 billion, down 5% year-on-year, but net profit increased by 41% to 310 million, with adjusted net profit rising by 86% to 270 million [1]. Product and Channel Performance - In 2024, revenue from various product lines included: cabinets (5.45 billion, -22%), wardrobes (9.79 billion, -18%), sanitary ware (1.09 billion, -4%), wooden doors (1.13 billion, -18%), and other products (890 million, +8%) [1]. - Revenue by channel in 2024 was: distribution (14.04 billion, -20%), direct sales (830 million, +0.6%), and bulk sales (3.05 billion, -15%) [1]. Strategic Initiatives - The company is committed to its home furnishing development strategy, with over half of its distributors operating or piloting retail home furnishing businesses by the end of 2024, increasing effective retail home furnishing stores to over 1,100 [2]. - The company aims to deepen its risk control in bulk business while exploring new business models, achieving nearly 50% growth in non-real estate development project business volume in 2024 [2]. - The company is transitioning from single customization to integrated solutions and is moving towards a large-scale building materials integration platform, with multi-category bulk projects accounting for over 50% in 2024 [2]. Cost Management and Profitability - The company effectively controlled costs, achieving an overall gross margin of 35.9% in 2024, up 1.8 percentage points year-on-year [2]. - The sales, management, R&D, and financial expense ratios were 10.0%, 6.9%, 5.4%, and -1.3% respectively, with absolute amounts for sales, management, and R&D expenses decreasing [2]. - The net profit margin for 2024 was 13.7%, an increase of 0.4 percentage points year-on-year [2]. Profit Forecast - The company maintains a strong industry leadership position, with expectations for net profits of 2.82 billion, 3.04 billion, and 3.22 billion for 2025, 2026, and 2027 respectively, and maintains a "recommended" rating [3].

Investment Rating - The investment rating for the company is "Buy" with a maintained outlook, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company's revenue is under pressure, but significant improvements in profitability have been observed. The gross profit margin has increased, indicating effective cost management and operational efficiency [3][7]. - The company is expected to gradually improve its revenue due to government subsidies and a deepening strategy in the home furnishing sector, with a projected net profit for 2025-2027 of 2.74 billion, 2.91 billion, and 3.15 billion respectively [7][8]. Financial Performance Summary - For 2023, the company reported a revenue of 22,782 million, with a projected decline to 18,925 million in 2024, followed by a recovery to 20,098 million in 2025 [3]. - The net profit attributable to the parent company is forecasted to decrease from 3,036 million in 2023 to 2,599 million in 2024, with a slight recovery to 2,740 million in 2025 [3]. - The gross profit margin for 2024 is expected to be 35.91%, improving to 36.29% in 2025, reflecting better cost control [7]. Revenue Breakdown - The company’s revenue from the cabinet segment in 2024 is projected at 54.50 billion, down 22.48% year-on-year, with a gross margin increase of 1.29 percentage points [5]. - The bathroom segment is expected to show resilience, with a revenue of 10.87 billion in 2024, down only 3.60% year-on-year, and a gross margin improvement [6]. - The retail channel is showing signs of recovery, with a revenue of 25.86 billion in Q1 2025, down just 1.28% year-on-year, indicating a positive trend [7]. Profitability Metrics - The company’s net profit margin for 2024 is projected at 13.76%, with an increase to 14.0% by 2027, indicating a steady improvement in profitability [7][8]. - The return on equity (ROE) is expected to decline slightly from 17% in 2023 to 12% by 2027, reflecting the impact of lower net profits [3][8]. Cash Flow and Valuation - The operating cash flow for 2024 is projected at 5,499 million, with a significant drop to 2,055 million in 2025, indicating potential cash flow challenges [8]. - The price-to-earnings (P/E) ratio is expected to be 15 for 2025, decreasing to 13 by 2027, suggesting a more attractive valuation as earnings recover [8].

Investment Rating - The report assigns no rating to the company [1] Core Views - The company is focusing on consolidating its leading position in the home furnishing sector and is actively developing its integrated channel strategy [1] - In 2024, the company reported a revenue of 10.494 billion yuan, a year-on-year decrease of 10.0%, while the net profit attributable to the parent company was 1.371 billion yuan, an increase of 8.7% [1][2] - The company is implementing a "multi-brand + all-channel + all-category" strategy to enhance market share and maintain stable operations [1][2] Revenue and Profitability - The company's revenue from the integrated channel reached 2.216 billion yuan in 2024, showing a year-on-year increase of 16.22% [3] - The gross profit margin for 2024 was 35.43%, a decrease of 0.72 percentage points year-on-year, while the net profit margin was 13.06%, an increase of 2.25 percentage points [4] - The company expects net profits for 2025-2027 to be 1.48 billion, 1.61 billion, and 1.79 billion yuan respectively, with corresponding P/E ratios of 9.9X, 9.1X, and 8.2X [6] Brand and Channel Strategy - The company operates four major brands to meet diverse customer needs, with significant upgrades in product categories in 2024 [2] - The number of exclusive stores for the main brand, Sophia, decreased to 2,503 by the end of 2024, down by 224 stores year-on-year [2] - The company is expanding its digital and integrated marketing efforts, with over 30 million followers in its private domain matrix [3] Financial Performance - The company reported a significant decline in operating cash flow in Q1 2025, amounting to -700 million yuan, although it was an improvement of 317 million yuan year-on-year [6] - The company maintained a high dividend payout ratio of 77.54% in 2024, with total cash dividends and buybacks amounting to 1.063 billion yuan [6] - The company’s inventory turnover days were 35.85 days, a decrease of 2.74 days year-on-year, indicating efficient inventory management [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is focusing on consolidating its leading position in the home furnishing sector and is actively developing its integrated channel strategy [1] - In 2024, the company reported a revenue of 10.494 billion yuan, a year-on-year decrease of 10.0%, while the net profit attributable to the parent company was 1.371 billion yuan, an increase of 8.7% [1][2] - The company is implementing a "multi-brand + all-channel + all-category" strategy to enhance market share and maintain stable operations [1][2] Summary by Sections Revenue and Profitability - In 2024, the company's revenue was 10.494 billion yuan, down 10.0% year-on-year, with a net profit of 1.371 billion yuan, up 8.7% [1][6] - The gross margin for 2024 was 35.43%, a decrease of 0.72 percentage points year-on-year, while the net profit margin was 13.06%, an increase of 2.25 percentage points [4] Brand and Product Strategy - The company is expanding its product categories and brands to meet the demand for one-stop customized solutions, with four major brands targeting different customer segments [2] - The main brand, Sophia, saw a revenue of 9.448 billion yuan in 2024, a decrease of 10.46%, but achieved a record high average transaction value of 23,370 yuan [2] Channel Development - The company is optimizing its retail store strategy by enhancing online traffic and focusing on integrated channels, achieving a revenue of 2.216 billion yuan from integrated channels, a year-on-year increase of 16.22% [3] - The company has expanded its digital marketing efforts, with over 30 million followers across its private domain matrix [3] Financial Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 1.48 billion yuan, 1.61 billion yuan, and 1.79 billion yuan respectively, with corresponding P/E ratios of 9.9X, 9.1X, and 8.2X [6][8]

公 公司点评 司 一季度利润增长超 40%，今年业绩向好可期待 研 ——欧派家居(603833)2025 年一季报点评 | 究 分析师： 袁艺博 SAC NO： S1150521120002 年 | | --- | | 2025 | | 04 | | 月 | | 30 日 | 轻工制造-------定制家居 证券分析师 袁艺博 yuanyb@bhzq.com 022-23839135 | 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 64.92 | 研 评 善，期待今年逐步复苏——欧 派家居（603833）事件点评 评 2024.10.29 盈利预测与评级 2025.01.20 单季度经营边际有改善，期待 后续逐步复苏——欧派家居 （603833）2024 年三季报点 公司作为行业龙头，大家居战略深化推进，并持续提升经营质量。在中性情 景下，我们维持公司 2025-2027 年 EPS 为 4.54 元/4.84 元/5.17 元的预测，对 应 2025 年 PE 为 14.31 倍，高于可比公司均值，但考虑到公司为行业龙头企 业，可享有一定估值溢价，故维持"增持"评级。 风险提 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, attributed to market demand contraction, industry restructuring, and intensified competition [1][2] Financial Performance - In 2024, the company achieved operating revenue of 18.925 billion yuan, a year-on-year decrease of 16.93% [1] - The net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year, with a non-recurring net profit of 2.316 billion yuan, a decline of 15.65% [1] - For Q4 2024 and Q1 2025, revenues were 5.046 billion yuan and 3.447 billion yuan, reflecting year-on-year declines of 18.8% and 4.8%, respectively [1] - The company plans to distribute a cash dividend of 2.48 yuan per share, totaling 1.502 billion yuan, with a payout ratio of 57.7% [1] Product Performance - The company’s main products, including kitchen cabinets, wardrobes, and bathroom products, saw revenue declines: kitchen cabinets at 5.449 billion yuan (-22.48%), wardrobes at 9.791 billion yuan (-18.06%), and bathroom products at 1.135 billion yuan (-17.66%) [2] Channel Analysis - Revenue from the distribution channel fell to 14.042 billion yuan, a decrease of 20.10% year-on-year, primarily due to challenges in the traditional single-product distribution model [3] - The company’s bulk channel revenue was 3.045 billion yuan in 2024 and 0.496 billion yuan in Q1 2025, down 15.08% and 28.61%, respectively [3] - Direct sales channels showed growth, with revenues of 0.833 billion yuan in 2024 and 0.164 billion yuan in Q1 2025, increasing by 0.57% and 10.21% year-on-year [3] - Overseas channel revenue reached 0.430 billion yuan, up 34.42% year-on-year, with a solid sales network established in 146 countries [3] Brand Performance - Revenue by brand in 2024: 欧派 at 14.109 billion yuan (-22.76%), 欧铂丽 at 1.207 billion yuan (-12.79%), 欧铂尼 at 1.222 billion yuan (-11.35%), and 铂尼思 at 1.104 billion yuan (+26.23%) [4] - The company implemented a "10+1" terminal operation model to enhance brand recognition and reputation [4] Profitability - In Q1 2025, the gross margin improved to 34.29%, an increase of 4.31 percentage points, due to supply chain reforms and cost reductions [5] - The net profit margin reached 8.97%, up 2.94 percentage points, with a slight increase in expense ratios despite revenue decline [6] Investment Outlook - The company is expected to benefit from government subsidies and a recovering housing market, with projected revenues for 2025-2027 at 20.420 billion, 21.686 billion, and 23.616 billion yuan, respectively [7] - Earnings per share (EPS) estimates for 2025-2027 are 4.61, 4.90, and 5.43 yuan, with a maintained "buy" rating [7]

Investment 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]

Core Viewpoint - The company reported a revenue of 18.92 billion yuan for 2024, a year-on-year decrease of 16.9%, and a net profit attributable to shareholders of 2.6 billion yuan, down 14.4% year-on-year, aligning with previous performance guidance [1] Group 1: Financial Performance - The company's gross profit margin for 2024 increased by 1.8 percentage points to 35.9%, attributed to ongoing supply chain improvements and automation upgrades [3] - The net profit margin for 2024 was 13.7%, reflecting a year-on-year increase of 0.4 percentage points, indicating enhanced profitability [1][3] - The company’s total contract liabilities reached 1.964 billion yuan by the end of Q4 2024, representing a year-on-year increase of 97% and a quarter-on-quarter increase of 80% [3] Group 2: Revenue Breakdown - Retail channel revenue decreased by 19.2% to 14.88 billion yuan in 2024, with dealer and direct store revenues declining by 20.1% and increasing by 0.6% to 14.04 billion yuan and 0.83 billion yuan, respectively [2] - The engineering channel revenue fell by 15.1% to 3.05 billion yuan in 2024 [2] - Revenue from various product categories in 2024 showed declines: cabinets down 22.5% to 5.45 billion yuan, wardrobes and accessories down 18.1% to 9.79 billion yuan, bathrooms down 3.6% to 1.09 billion yuan, and wooden doors down 17.7% to 1.13 billion yuan [2] Group 3: Future Outlook - The company anticipates a recovery in demand in 2025 due to new real estate policies and trade-in programs, which may positively impact its performance [1] - The company aims to continue refining operations to control costs and enhance efficiency, expecting improved revenue and profit in 2025 [1][4] - The profit forecasts for 2025, 2026, and 2027 are set at 2.852 billion yuan, 3.087 billion yuan, and 3.325 billion yuan, respectively, with corresponding EPS of 4.68 yuan, 5.07 yuan, and 5.46 yuan [4]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with total revenue of 18.92 billion yuan, down 16.9% year-on-year, and a net profit of 2.6 billion yuan, down 14.4% year-on-year. The company plans to distribute a cash dividend of 2.48 yuan per share to all shareholders [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 5.05 billion yuan, a decrease of 18.8% year-on-year, and a net profit of 570 million yuan, down 21.7% year-on-year [1] - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 13.7%, up 0.4 percentage points year-on-year [4] - The company’s operating expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales expenses rising due to increased advertising and a decline in revenue scale [5] Group 2: Product and Channel Performance - In 2024, revenue by product was as follows: cabinets 5.45 billion yuan (down 22.5%), clothing accessories 9.79 billion yuan (down 18.1%), bathroom products 1.09 billion yuan (down 3.6%), and wooden doors 1.13 billion yuan (down 17.7%) [2] - The direct sales channel saw a slight increase in revenue to 830 million yuan (up 0.6%), while the distribution and bulk channels experienced declines of 20.1% and 15.1%, respectively [2] - The company’s direct sales division achieved growth by expanding new channels, with a 22% increase in large customer numbers by the end of 2024 [3] Group 3: Market and Strategic Outlook - The domestic new housing sales area decreased by 12.9% year-on-year, indicating a challenging market environment for the company [3] - The company is actively optimizing its marketing system and transitioning to a home furnishing strategy, with over 1,100 effective retail home furnishing stores by the end of 2024, an increase of over 450 stores year-on-year [3] - The company anticipates a recovery in the furniture market due to increased consumer subsidy policies, with a 300 billion yuan fund aimed at boosting demand through "old-for-new" initiatives [5]