Jiangshan Oupai(SH:603208)2024-10-08 08:11Group 1: Company Overview - Jiangshan Oupai is a specialized door enterprise integrating design, research and development, production, sales, and service, located in Jiangshan, known as the "Capital of Wooden Doors" in China [3] - In the first half of 2024, the company achieved operating revenue of CNY 144,207.93 million and a net profit attributable to shareholders of CNY 10,493.23 million [3] Group 2: Market Position and Competition - The market share of Jiangshan Oupai in wooden door revenue has increased from 0.67% in 2017 to 2.42% in 2023, while the total market share of the bottom nine listed companies in the wooden door sector is less than 3% [4] - The industry is experiencing intensified competition, leading to a concentration of market share among leading companies [4] Group 3: Production Capacity and Utilization - The production capacity utilization rate is high at the Zhejiang Jiangshan production base, while the Chongqing Yongchuan and Henan Lankao bases have lower utilization rates [4] - As of June 30, 2024, the company has over 50,000 franchise dealers and approximately 1,000 agents [5] Group 4: Product and Cost Structure - In 2023, the material cost proportions for plywood molded doors, solid wood composite doors, and cabinet products were 71.16%, 64.96%, and 78.26% respectively [7] - The company has a strong focus on high-quality materials and production processes, ensuring reliable product quality [6] Group 5: Profitability and Sales Channels - In the first half of 2024, the gross profit margins were 19.59% for dealer channels, 23.81% for direct engineering channels, and 15.75% for agent channels [8] - The company has developed online sales platforms, including its own "Oupai Healthy Whole House Mall" and presence on major e-commerce platforms like JD.com and Douyin [8]