Jiangshan Oupai(SH:603208)2024-04-01 09:32Company Overview - Jiangshan Oupai is a comprehensive enterprise engaged in design, research and development, production, sales, and service of wooden doors, with multiple production bases covering nearly 2,000 acres [4]. - The company focuses on solid wood composite doors and has expanded its product range to include windows, wall panels, cabinets, flooring, bathroom products, and hardware for integrated healthy home products [4]. Financial Performance - In 2023, Jiangshan Oupai achieved an operating income of approximately CNY 372 million, representing a year-on-year growth of about 16% [4]. - The expected net profit attributable to shareholders for 2023 is between CNY 35 million and CNY 45 million, marking a turnaround from losses in the previous year [4]. Market Position and Strategy - Jiangshan is located in a key area for the wooden door industry, recognized as "China's Capital of Wooden Doors" since 2008, benefiting from rich forestry resources and geographical advantages [4]. - The company positions its products around "health" and continuously enriches its offerings with environmentally friendly designs, high-quality products, and integrated sales solutions [5]. Production and Capacity Utilization - The production capacity utilization rate is high at the Jiangshan base, with gradual improvements at the Chongqing and Henan bases [5]. - The company leverages mechanized large-scale manufacturing to enhance inventory turnover and reduce production cycles [7]. Sales Channels and Customer Base - Jiangshan Oupai's sales channels include distributors, agents, and direct engineering channels, with a focus on major clients like Poly and Vanke [5]. - The company has expanded its distributor network across various regions, actively engaging in the housing decoration market [6]. Future Plans - The company aims to strengthen its direct engineering channel by targeting state-owned enterprises and reputable private enterprises for strategic partnerships [6]. - There are currently no plans for overseas factories [7].