Jiangshan Oupai(SH:603208)2022-11-17 14:22Company Overview - Jiangshan Oupai is a professional door manufacturing company engaged in R&D, production, sales, and service, classified under the furniture manufacturing industry. The company has multiple production bases covering nearly 2,000 acres [1]. - The main products include solid wood composite doors, laminated doors, and are gradually expanding into fire doors, entrance doors, cabinets, and wall panels [1]. Financial Performance - In 2021, the company achieved a revenue of CNY 31.57 billion, a year-on-year increase of 4.84% [1]. - The net profit attributable to shareholders was CNY 2.57 billion, a decrease compared to the previous year [1]. - For Q1 2022, the revenue was CNY 4.91 billion, reflecting a year-on-year growth of 3.46% [1]. - The net profit attributable to shareholders for the same period was CNY 0.55 billion, showing an increase compared to the previous year [1]. Industry Insights - The overall output value of the national wooden door industry reached CNY 160.3 billion in 2021, with a growth of 2.1% compared to 2020, but the growth rate is slowing down. The sales revenue for 2022 is projected to reach CNY 210.22 billion [2]. - Jiangshan Oupai holds approximately 2% market share in the wooden door industry [2]. Sales Channels - The company employs both direct sales and sales through engineering agents for its engineering customer channels, with over 300 engineering agents by the end of 2021 [2]. - The company is expanding its customer base to include hotels, hospitals, and schools, optimizing its customer structure [2]. - The marketing strategy includes a focus on foreign trade and export channels, as well as enhancing the income share from engineering agents [2]. Product Offerings - The company offers a variety of products through its dealer channels, including: - Wood door series: Japanese unpainted doors, German zero-degree doors, American water-based doors, and Chinese original wood doors [3]. - Metal doors and windows: Entrance doors, fire doors, aluminum alloy doors, and aluminum alloy windows [3]. - Other products: Cabinets and wall panels [3]. Pricing and Delivery - The company does not enforce a unified pricing strategy for retail products; prices are determined by dealers based on local market conditions and services provided [3]. - Delivery times vary by product, with specific timelines such as 10 days for Japanese unpainted series and 7 days for German zero-degree series, subject to production capacity and raw material supply [4].