轻工制造 上 市 公 司 2025 年 06 月 05 日 欧派家居 (603833) —— 坚定推进大家居战略，静待增长修复 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2025 年 06 月 04 日 | | --- | --- | | 收盘价（元） | 61.27 | | 一年内最高/最低（元） | 79.53/40.03 | | 市净率 | 2.0 | | 息率（分红/股价） | 4.50 | | 流通 A 股市值（百万元） | 37,323 | | 上证指数/深证成指 | 3,376.20/10,144.58 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 31.07 | | 资产负债率% | 45.17 | | 总股本/流通 A 股（百万） | 609/609 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-04 07-04 08-04 09-04 10-04 11-04 12-04 01-04 02-04 03-04 0 ...

公司发布 2024 年报及 2025 一季报 25Q1 公司实现收入 34.47 亿元，同比-4.80%，归母净利润 3.08 亿元，同比 +41.29%，扣非归母净利润 2.66 亿元，同比+86.16%； 24 年公司实现收入 189.25 亿元，同比-16.93%，归母净利润 25.99 亿元， 同比-14.38%，扣非归母净利润 23.16 亿元，同比-15.65%； 公司报告 | 年报点评报告 欧派家居（603833） 证券研究报告 纵深推进"大家居"把握行业发展方向 多品类全渠道推进大家居发展战略，品牌矩阵理顺 分产品，①24 年橱柜收入 54.50 亿，同比-22.48%，毛利率 35.62%，同比 +1.29pct；②24 年衣柜及配套品收入 97.91 亿元，同比-18.06%，毛利率 39.42%，同比+2.91pct；③24 年卫浴收入 10.87 亿元，同比-3.60%，毛利率 27.75%，同比+1.83pct；④24 年木门收入 11.35 亿元，同比-17.66%，毛利 率 25.68%，同比+4.21pct。 分渠道，①24 年经销收入 140.42 亿元，同比-20.10%， ...

轻工制造/家居用品 欧派家居（603833.SH） 2025Q1 业绩表现靓眼，全球产能布局推动份额提升 2025 年 04 月 30 日 投资评级：买入（维持） | 投资评级：买入（维持） | | 吕明（分析师） | 骆扬（联系人） | 蒋奕峰（联系人） | | --- | --- | --- | --- | --- | | | | lvming@kysec.cn | luoyang@kysec.cn | jiangyifeng@kysec.cn | | | | 证书编号：S0790520030002 | 证书编号：S0790122120029 | 证书编号：S0790124070039 | | 日期 | 2025/4/29 | | | | 2025Q1 经营向好，盈利能力稳健改善，维持"买入"评级 2024 年公司实现营收 189.2 亿元（同比-16.9%，下同），实现归母净利润 26.0 亿 元（-14.4%），扣非归母净利润 23.2 亿元（-15.7%）；单季度看，2025Q1 公司实 现营收 34.5 亿元（-4.8%），实现归母净利润 3.1 亿元（+41.3%），扣非归母净利 润 2.7 亿 ...

Core Viewpoint - The company reported better-than-expected performance in Q1 2025, with a revenue of 3.447 billion yuan, a year-on-year decline of 4.8%, and a net profit attributable to shareholders of 308 million yuan, a year-on-year increase of 41.29% [1] Financial Performance - Revenue breakdown by product shows that kitchen cabinets, wardrobes, and supporting products, sanitary ware, and wooden doors generated revenues of 977 million, 1.8 billion, 223 million, and 220 million yuan respectively, with year-on-year changes of -8.49%, -5.56%, +9.66%, and +0.98% [2] - The gross margin improved by 4 percentage points year-on-year, reaching 34.29% in Q1 2025, driven by cost reduction and efficiency enhancement [2] - The net profit margin for Q1 2025 was 8.93%, an increase of 2.91 percentage points year-on-year [2] Development Trends - The company is transitioning to an integrated home furnishing model, with a net reduction of 84 stores, totaling 7,729 stores by the end of Q1 2025 [3] - The company introduced the "521X Integrated Operation System" to enhance market competitiveness and drive steady growth in the home furnishing sector [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with the current stock price corresponding to 15 and 14 times P/E for those years [4] - The target price is maintained at 85 yuan, implying a 31% upside potential based on 19 and 18 times P/E for 2025 and 2026 respectively [4]

2、降本控费和供应链改革下，毛利率、净利率提升。公司2024 年毛利率同比+1.76ppt 至35.91%。期间 费用率同比+2.53ppt 至20.98%，其中销售/管理/研发/财务费用率分别为10.01%/6.88%/5.41%/-1.31%，同 比+1.31ppt/+0.73ppt/+0.46ppt/+0.04ppt。叠加非经常性损益影响下，2024 年净利率为13.73%，同比 +0.41ppt。 3、存量焕新启动泛家居新程，关注25 年提升净利润经营质量。我们预计新房占比下滑，旧房和二手房 市场有望成为行业新蓝海。以旧换新国补政策推动下，消费者对高客单价、高质量产品偏好回升，缓解 前期消费降级趋势，促使购买偏好从单件比价向整家一站式购买回归。展望2025 年，公司将以净利润 质量提升作为核心目标，深入推进"分田到户"机制变革，构建市场化经营体系。加速建设开放式智能制 造平台，全面运用人工智能技术优化全价值链，推动业务从大家居向泛家居拓展。同时，公司将深化内 部管理变革，通过持续降本增效推进公司业绩提升。 2024 年业绩略符合市场预期 公司公布2024 年业绩：全年实现收入189.25 亿元，同比下 ...

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]