Investment Rating - The investment rating for the company is "Outperform" [2][4]. Core Insights - The company reported a revenue of RMB 3.74 billion for 2023, representing a year-on-year increase of 16.5%. The net profit attributable to shareholders was RMB 390 million, with a net profit margin of 10.4% [18][11]. - The overall gross profit margin (GPM) for 2023 was 26.0%, an increase of 2.2 percentage points compared to the previous year. The expense ratio for the period was 13.8%, a decrease of 2.7 percentage points [19][3]. - For the first quarter of 2024, the GPM decreased to 18.8%, down 2.9 percentage points, while the expense ratio increased to 14.1%, up 0.3 percentage points [19][3]. Financial Performance - The company expects net profits of RMB 440 million and RMB 500 million for 2024 and 2025, respectively, with year-on-year growth rates of 12.0% and 14.5% [4][22]. - The current stock price corresponds to a 2024 price-to-earnings (PE) ratio of 9 times, with a target price set at RMB 36.96, reflecting a 15% decrease from previous estimates [4][22]. - The revenue breakdown by product for 2023 shows that plywood doors, solid wood composite doors, cabinets, and other products generated revenues of RMB 2.169 billion, RMB 0.829 billion, RMB 0.232 billion, and RMB 0.301 billion, respectively, with year-on-year changes of +8.6%, +22.7%, +11.8%, and +71.5% [20][12]. Operational Efficiency - The company had over 36,000 franchise distributors by the end of 2023 and is expanding its direct and agency engineering businesses, establishing a comprehensive and diversified marketing network [21][58]. - The cash flow from operating activities for 2024 is projected to be RMB 784 million, indicating a significant increase from the previous year [16].

公司研究丨点评报告丨江山欧派（603208.SH） [Table_Title] 江山欧派 2023A&2024Q1 点评：2023 年变 革中成长，2024Q1 收入&盈利暂承压 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490517110001 SFC：BRP550 [Table_Summary2] 事件描述 ⚫ 2023 年降本提效+费用摊薄助力经营盈利改善，2024Q1 阶段性盈利承压。2023 年毛利 率同升 2.2pcts，其中经销/大宗渠道分别改善 2.5/1.2pcts；销售/管理/研发/财务费用率同 比-1.9/-0.4/-0.5/+0.04pcts，费用获较好摊薄；全年计提的信用减值损失同比大幅减少（分 别为 1.07/5.39 亿元）。2024Q1 毛利率同降 2.9pcts，其中经销/大宗渠道分别同比+0.1/- 5.9pcts，其中大宗盈利承压估计与直营工程竞争加剧与工程代理商加快拓展有关；费用 端整体平稳，扣非净利率同降 2.6pcts。 ⚫ 零售端积极拓展，新模式加大推广助力渠道创利提高。公司经销商门店数量快速拓展， 2021-2023 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 3.74 billion yuan in 2023, representing a year-on-year increase of 16.5% [1] - The net profit attributable to the parent company was 390 million yuan, with a net profit margin of 10.4% [1] - The company has diversified its channels, with revenue from distributors, engineering channels, and agents showing year-on-year growth of 11.9%, 12.4%, and 22.1% respectively [2] Financial Performance Summary - The comprehensive gross profit margin for 2023 was 26.0%, an increase of 2.2 percentage points year-on-year [2] - The operating income for 2024 is projected to be 4.191 billion yuan, with a net profit of 437 million yuan, reflecting a growth of 12.0% [14] - The company expects a net profit of 500 million yuan in 2025, which is a 14.5% increase from 2024 [14] Revenue Breakdown - In 2023, the revenue from different product categories was as follows: 2.169 billion yuan from laminated doors, 829 million yuan from solid wood composite doors, 232 million yuan from cabinets, and 301 million yuan from other products [13] - The revenue distribution by product category was 58.0% for laminated doors, 22.2% for solid wood composite doors, 6.2% for cabinets, and 8.1% for other products [13] Valuation Metrics - The company is currently trading at a 2024 PE ratio of 9 times, with a target valuation range of 32.03 to 36.96 yuan based on a 13-15 times PE for 2024 [14] - The projected net profit margin for 2024 is expected to remain stable at 10.4% [15]

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-026 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于公司及子公司使用闲置自有资金进行现金管理的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：委托理财； 投资金额：50,000 万元； 履行的审议程序：江山欧派门业股份有限公司(以下简称"公司") 第四 届董事会第二十五次会议、第四届监事会第十四次会议、2022 年年度股东大会， 审议通过了《关于公司及子公司使用闲置自有资金进行现金管理的议案》。公司 独立董事、监事会均发表了明确同意意见。 特别风险提示：尽管公司及子公司购买的产品为安全性高，流动性好， 风险低的理财产品，属于低风险投资产品，但仍不排除因市场波动、宏观经济及 金融政策变化、操作风险等原因引起的影响收益的情况。 一、投资情况概述 （一）投资目的 为提高公司及子公司资金使用效率，在不影响公司及子公司正常经营的情况 ...

各位投资人大家好,我是开源新工的洛阳,那首先非常感谢大家来参加我们今天加商欧派近期经营情况的这样一个小范围的交流,我们也是很荣幸的请到了我们的正代陈总和我们进行近期情况的一些更新和交流,那我们其实看到加商欧派它按三年取得的这个经营成果还是非常的亮眼的,像它的一个经销商,直营工程,代理工程等渠道都在同步的进行一个拓展,渠道的多元化带来的成效是比较显著的, 那看到24年我们的一季度在地产端这样一个压力的传导下当然也有公司自身高基数的这样一个影响下那公司的业绩在财报端看来是有一定的波动但是我们团队觉得公司这个多品类多渠道的发展方向还是非常值得我们去期待的那下面就先麻烦我们的陈总给我们先介绍一下公司23年以及24年一季度这样的一个经营情况有请陈总 感谢开源提供 然后也感谢各位线上和线下的投资者参会那么我先就公司简单的这个情况做一个介绍然后后面的话看大家的问题我们再进行交流公司的话其实目前的主要业务还是来自于门类那我们的门类业务的话还是占了百分之八九十的这样的一个比重 然后公司的话目前除了门类的这个产品还拓展了其他的品类比如说我们的柜类包括那个储柜衣柜浴室柜等等的柜类然后墙板还有一些入户门防火门等等的这个产品另外的话还 ...

投资种类：委托理财； 投资金额：10,000 万元； 履行的审议程序：江山欧派门业股份有限公司(以下简称"公司") 第四 届董事会第二十五次会议、第四届监事会第十四次会议、2022 年年度股东大会， 审议通过了《关于公司及子公司使用闲置自有资金进行现金管理的议案》。公司 独立董事、监事会均发表了明确同意意见。 特别风险提示：尽管公司及子公司购买的产品为安全性高，流动性好， 风险低的理财产品，属于低风险投资产品，但仍不排除因市场波动、宏观经济及 金融政策变化、操作风险等原因引起的影响收益的情况。 | 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-025 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于公司及子公司使用闲置自有资金进行现金管理的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、投资情况概述 （一）投资目的 为提高公司及子公司资金使用效率，在不影响公司及子公司正常经营的情况 ...

Summary of the Conference Call for Jiangshan Oupai Company Overview - Jiangshan Oupai operates in the home improvement industry, providing a wide range of products including doors, cabinets, and bathroom fixtures. The company has expanded its product offerings beyond doors to include cabinets, wall panels, and other home improvement products [2][3][4]. Key Financial Highlights - The company reported a revenue growth of 16% from 2022 to 2023, with a significant recovery in profit from a loss in 2022 to a profit of 3.9 million in 2023 [4]. - In Q1 2024, the company experienced an 8% decline in revenue and a 50% drop in net profit compared to the previous year, attributed to high base effects and a decrease in sales volume [5][6]. - The decline in net profit was influenced by a significant drop in sales prices, with factory prices decreasing by 6% to 12% for major clients, and a reduction in government subsidies from 23 million to less than 10 million [6][11]. Channel Performance - The company operates through three main channels: direct engineering, agency, and distributor channels. The direct engineering channel, historically strong, saw a 37% decline in Q1 2024 compared to the previous year [12][13]. - The agency channel showed a positive growth of 45%, increasing from 1.7 billion to 2.5 billion in Q1 2024 [13]. - The distributor channel experienced a 24% decline, but when combined with AAM business, it showed growth [14]. Market Dynamics and Challenges - The company is facing challenges due to the real estate market's pressure, particularly in the direct engineering channel, which is heavily reliant on large real estate clients [21][43]. - The company is focusing on diversifying its revenue streams by reducing reliance on the direct engineering channel, aiming to decrease its revenue contribution to below 25% [9][22]. - The management noted that the overall market is experiencing a price war, particularly in the direct channel, but this could lead to the exit of weaker competitors, potentially benefiting larger firms like Jiangshan Oupai in the long run [25][40]. Strategic Outlook - The company plans to continue expanding its agency and distributor channels, which have shown promising growth rates [46]. - There is an emphasis on improving cash flow and reducing accounts receivable by managing client relationships more effectively [41][45]. - The company is also exploring international markets, having established partnerships in North America, Southeast Asia, and the Middle East, although the current overseas business volume remains small [54][56]. Additional Insights - The company has a robust production capacity with multiple manufacturing bases, which supports its growth strategy [9]. - The management expressed confidence in the long-term growth potential of the company, driven by its strategic focus on agency and distributor channels, as well as ongoing market opportunities [62]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market challenges, and strategic direction.

[Table_Title] 江山欧派（603208.SH） [Table_Summary] 核心观点： [Table_Page] 年报点评|轻工制造 | --- | --- | |----------------------------|------------| | | | | [ 公司评级 Table_Invest] | 增持 | | 当前价格 | 23.42 元 | | 合理价值 | 29.37 元 | | 前次评级 | 增持 | | 报告日期 | 2024-05-07 | -42% -32% -21% -11% 0% 10% 05/23 07/23 09/23 11/23 01/24 03/24 05/24 江山欧派 沪深300 SAC 执证号：S0260520110002 caoqianwen@gf.com.cn SAC 执证号：S0260518110003 SFC CE No. BNU523 021-38003692 [Table_ 相关研究： DocReport] 识别风险，发现价值 请务必阅读末页的免责声明 1 / 6 表 1：江山欧派营收拆分 预 计 2024-2026 大 宗 渠 道 收 ...

证券代码：603208 证券简称：江山欧派 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观交流 √其他： 线上 交流 （不含公司 202 3 年度暨 202 4 年第一季度业绩说明会交流） 江山欧派投资者关系活动记录表（2024 年 04 月） 编号：2024-004 | --- | --- | |------------|------------------------------------------------------------| | | | | 参与单位名 | 西部利得基金、万家基金、景顺长城基金、易方达基金、华宝基 | | 称 | 金、方正富邦基金、中科沃土基金、招商基金、建信基金、华商基 | | | 金、广发基金、华夏基金、信达澳亚基金、汇丰晋信基金、鑫元基 | | | 金、兴证全球基金、国寿安保基金、中加基金、兴业基金、金鹰基 | | | 金、博远基金、淳厚基金、汇安基金、贝莱德基金、博时基金、东 | | | 方阿尔法基金、富国基金、富荣基金、工银瑞信基金、光大保德信 | | | 基金、华安基金、华泰柏瑞基金、汇泉基金、 ...

江山欧派门业股份有限公司 2023 年年度股东大会会议资料 江山欧派门业股份有限公司 2023 年年度股东大会会议资料 （股票代码：603208） 会议时间：二〇二四年五月十五日 1 | 2023 年年度股东大会会议须知 | 3 | | --- | --- | | 2023 年年度股东大会会议议程 | 5 | | 2023 年年度股东大会会议议案 | 7 | | 议案一：2023 年度董事会工作报告 | 7 | | 议案二：2023 年度监事会工作报告 | 22 | | 议案三：2023 年度财务决算报告 | 27 | | 议案四：2023 年年度报告及其摘要 | 29 | | 议案五：关于公司董事、监事 2024 年度薪酬的议案 30 | | | 议案六：关于公司及子公司 2024 年度向银行等机构申请综合授信额度及担保事宜的 | | | 议案 | 32 | | 议案七：关于预计公司及子公司 2024 年度开展无追索权应收账款保理业务额度的议 | | | 案 | 48 | | 议案八：关于公司及子公司使用闲置自有资金进行现金管理的议案 50 | | | 议案九：关于续聘 2024 年度会计师事务所的议案 | ...