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欧派家居:国补效果展现,供应链改革成果显著,龙头担当可敬
Xinda Securities· 2025-05-06 00:23
Investment 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].
欧派家居(603833):国补效果展现,供应链改革成果显著,龙头担当可敬
Xinda Securities· 2025-05-05 15:37
[Table_Title] 欧派家居:国补效果展现,供应链改革成果显 著,龙头担当可敬 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 欧派家居(603833) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号:S1500524120004 邮 箱: jiangwenqiang@cindasc.com 相关研究 [Table_OtherReport] 欧派家居:盈利能力稳步提升,国补 效果逐步体现 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编:100031 [Table_ReportDate] 2025 年 05 月 05 日 [Table_Summary] 事件:公司发布 25Q1 业绩。25Q1 公司实现收入 34.47 亿元(同比-4.8%), 归母净利润 3.08 亿元(同比+41.3%),扣非归母净利润 2.66 亿元(同比 +86.2%),Q1 收入显著改善、利润增速靓丽,我们预计主要系国补贡献陆 续体现、供 ...