Core Viewpoint - The credit rating of Jiangshan Oupai Door Industry Co., Ltd. remains at AA- with a negative outlook, reflecting challenges in the real estate sector impacting product demand and operational pressures [3][5][9]. Company Overview - Jiangshan Oupai is a leading manufacturer in the domestic wooden door industry, recognized for its brand and product advantages, which facilitate the expansion of sales channels [3][4]. - The company has adjusted its sales channels, with a focus on agency and distributor channels, while also developing franchise service channels [12][17]. Financial Performance - The company's total assets as of the latest report are 34.37 billion, with equity attributable to shareholders at 13.16 billion [4]. - Revenue for the company has seen a decline, with a reported decrease of 35.82% year-on-year, and a continuous drop in gross margin [13][18]. - The company has reduced its interest-bearing debt, leading to decreased repayment pressure, with the scale of payable notes dropping from 7.44 billion to 4.21 billion [4][5]. Industry Environment - The wooden door industry is experiencing intense competition and is currently in a downturn due to the real estate sector's struggles, which has led to a decrease in product demand [9][10]. - The industry is characterized by low concentration, with many regional brands and a lack of strong national brands, indicating potential for market consolidation [10][11]. - The sales cycle of wooden doors lags behind that of the real estate market, which continues to face challenges [10][11]. Operational Challenges - The company faces risks related to accounts receivable, with extended collection periods and high customer concentration, particularly among real estate clients [5][15]. - Production capacity utilization is expected to decline in 2024, raising concerns about the company's ability to manage inventory effectively [5][18]. - The rapid growth of distributors and franchisees presents management challenges, impacting the conversion rate of distributor business [5][17]. Future Outlook - The credit rating agency maintains a negative outlook for the company, anticipating continued pressure from the real estate sector and competitive dynamics within the wooden door industry [5][9]. - The macroeconomic environment is showing signs of recovery, but the wooden door industry remains under pressure, with demand still at a low point [9][10].

丨证券研究报告丨 公司研究丨点评报告丨江山欧派（603208.SH） [Table_Title] 江山欧派 2024A&2025Q1 点评：短期业绩承 压，营销变革持续 报告要点 [Table_Summary] 公司 2024 年营收/归母净利润/扣非净利润 30.01/1.09/0.71 亿元，同降 20%/72%/79%；其中 2024Q4 对应 7.43/-0.55/-0.63 亿元；2025Q1 分别对应 4.02/0.03/-0.23 亿元。收入端受大环境 影响暂承压，经销商数量持续拓展。公司业务结构持续优化，款清业务及非住宅类需求占比提 升。短期盈利承压。持续关注公司营销变革带动的新增长点。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 风险提示 1、地产销售及竣工不及预期； 2、公司渠道转型进度低于预期。 请阅读最后评级说明和重要声明 ...