7月2日，定制家居巨头广州尚品宅配家居股份有限公司（以下简称"尚品宅配"）以13.18元/股收盘，股价小幅增长，资本市场的表现难掩企业业绩的下滑。 在一季度净利润亏损3885.55万元的同时，尚品宅配高层发生人事调整。据了解，尚品宅配副总经理因个人工作变动原因申请辞职。同时，聘任张志芳、李 泉为公司副总经理。高层变动的背后，或是尚品宅配企业转型不力业绩下滑。今年一季度，尚品宅配营收同比下滑4.52%；净利润为亏损3885.55万元，虽然 亏损收窄，但依然未能扭亏。 业内人士表示，定制家居的快速发展，吸引了部分传统成品家具厂商向定制家居领域转型。此外，家装企业、地板企业等其他家居企业，也因看好定制家具 市场而纷纷涉足，定制家居行业竞争进一步加剧。如果未来不能在产品设计、生产效率与成本控制、定制服务、渠道建设、品牌营销等方面持续深耕并保持 创新，企业将很难走出业绩泥潭。 净利润亏损3885.55万元 作为"定制家居第一股"，尚品宅配高层发生人事调整。公告显示，尚品宅配副总经理胡翊因个人工作变动原因，申请辞去副总经理职务，辞职后仍在尚品宅 配任职。同时，因公司内部工作调整及经营管理需要，尚品宅配董事会同意聘任张志芳 ...

2024年公司实现营收189.25亿元，同比下降16.93%；归母净利润25.99亿元，同比下降14.38%。 4月25日，定制家居头部企业欧派家居（603833）发布了2024年年度报告（以下简称"报告"）。 报告显示，欧派家居遭遇公司成立30年来最冷的"业绩寒冬"——2024年公司实现营收189.25亿元，同比 下降16.93%；归母净利润25.99亿元，同比下降14.38%；基本每股收益4.29元；拟向全体股东每股派发 现金红利2.48元（含税）。 报告期内，公司经营活动产生的现金流量净额54.99亿元，同比增长12.73%；境外收入3.2亿元，同比增 长34.42%。 尽管经营现金流、境外收入有所增长，但营收和净利的下滑仍然引发了市场对其经营状况的广泛关注。 主营产品营收下滑明显 境外销售持续增长 欧派家居自成立之初，从整体橱柜起步，逐步拓展至卫浴、衣柜、门墙等多品类布局。2024年，各主要 业务板块均面临着不同程度的挑战。 据了解，2024年，欧派家居主营业务收入占营业收入的比例为96.96%，其中：从产品角度看，整体厨 柜和衣柜及配套家具产品销售收入是公司主营业务收入的主要来源，但是两大营收支柱业 ...

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]

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-032 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | | | | | | 转债 | | 欧派家居集团股份有限公司 （一）2024 年年度主营业务分产品情况 单位：人民币万元 | | | | | | 营业收入 | 营业成本 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | | 营业收入 | 营业成本 | 毛利率 （%） | 比上年同 期增减 | 比上年同 期增减 | | 毛利率比上年同期 增减 | | | | | | | （%） | （%） | | | | 橱 | 柜 | 544,984.58 | 350,838.72 | 35.62 | -22.48 | -24.01 | 增加 1.29 | 个百分点 | | 衣柜及配套 家具产品 | | 979,144.46 | 593,178.50 | 39.42 | -18.06 | -21.81 | 增加 2.91 | 个百分点 | | ...

近期欧派家居（603833）发布2024年年报，证券之星财报模型分析如下： 经营业绩概览 报告期内，公司所处的家居行业面临深度调整与转型挑战，市场需求收缩、行业生态重构、竞争加剧。 公司通过供应链改革、自动化产线升级、工艺研发等措施，营业成本下降19.15%，毛利率提升至 35.91%，净利率升至13.76%。公司自2023年起启动"七大核心改革"，推动大家居战略布局，构建泛家 居产业生态圈。 发展回顾 毛利率：35.91%，同比增加5.14% 净利率：13.76%，同比增加3.59% 三费占营收比：15.57%，同比增加15.32% 每股净资产：30.58元，同比增加5.28% 每股经营性现金流：9.03元，同比增加12.73% 每股收益：4.29元，同比减少13.86% 欧派家居在2024年的营业总收入为189.25亿元，同比下降16.93%；归母净利润为25.99亿元，同比下降 14.38%；扣非净利润为23.16亿元，同比下降15.65%。尽管收入和利润双双下滑，但公司的盈利能力有 所提升，毛利率达到35.91%，同比增加5.14%，净利率为13.76%，同比增加3.59%。 单季度表现 从单季度数据 ...

Core Viewpoint - Oppein Home's revenue and net profit have declined for the first time in 2024, with decreases of 16.93% and 14.38% respectively, reflecting the challenges faced by the home furnishing industry amid a downturn in the real estate market [1][7]. Company Performance - In 2024, Oppein Home reported a revenue of approximately 189 billion yuan and a net profit of about 26 billion yuan, marking the first decline in both metrics since its establishment [7][8]. - The company opened 1,085 new stores but closed 2,058, resulting in a total of 7,813 stores by the end of 2024 [8]. Strategic Shift - To navigate the challenges, the company has shifted its strategic focus towards old house renovations and integrated home solutions, aiming to tap into the 1.5 to 2 trillion yuan market for existing homes [8]. - The CEO, Yao Liang Song, emphasized the need for a "whole home" approach, stating that without this transformation, there would be no future for the company [8]. Dividend Policy - Despite the downturn, Oppein Home announced a substantial dividend plan for 2024, proposing a total payout of 15.02 billion yuan, which represents 57.8% of its net profit [8][9]. - Over the past two years, Yao Liang Song, as the largest shareholder, has received a total of 21 billion yuan in dividends [9].