- A T T T 华福证券 欧派家居（603833.SH） Q3 营收承压盈利改善，关注边际变化 投资要点： 事件：公司发布三季报。前三季度实现营收 138.79 亿元，同比-16.2%， 实现归母净利润 20.31 亿元，同比-12.1%，扣非净利 17.62 亿元，同比 -19.9%。单 Q3 公司实现营收 52.96 亿元，同比-21.2%，实现归母净利润 10.41 亿元，同比-11.6%，扣非净利 9.87 亿元，同比-12.6%。 行业需求偏弱导致营收持续承压 ①分产品，前三季度橱衣卫木分别实现营收 40.3 亿元、71.9 亿元、 8.0 亿元、8.3 亿元，分别同比-22%、-19%、-2%、-17%；单 Q3 橱衣 卫木营收分别-30%、-20%、-16%、-22%，各品类营收降幅均有所扩大。 ②分渠道，前三季度直营、经销、大宗、其他分别实现营收 5.3 亿元、104 亿元、23 亿元、2.9 亿元，分别同比+4%、-19%、-12%、 +29%；单 Q3 各渠道营收分别-13%、-21%、-29%、+31%。 降本控费毛利率提升显著，带动盈利表现好于营收 ①毛利率：公司单 Q3 实现毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company's performance in the first three quarters of 2024 has been under pressure due to weak real estate sales, with a significant improvement in gross margin in Q3 [4][6] - The company is actively pursuing a home furnishing strategy, which is expected to capture a larger market share in the future [9] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 13.88 billion yuan, a year-on-year decrease of 16.2%, and a net profit attributable to shareholders of 2.03 billion yuan, down 12.1% year-on-year [4][9] - In Q3 2024, the company reported revenue of 5.30 billion yuan, a decline of 21.2% year-on-year, and a net profit of 1.04 billion yuan, down 11.6% year-on-year [4][9] - The gross margin for the first three quarters of 2024 was 35.5%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 14.6%, up 0.7 percentage points year-on-year [6][9] Product and Channel Performance - Revenue by product for the first three quarters of 2024: cabinets 4.03 billion yuan (-22.0%), clothing accessories 7.19 billion yuan (-19.0%), bathroom products 800 million yuan (-1.6%), and wooden doors 830 million yuan (-17.1%) [6] - Revenue by channel: direct sales 530 million yuan (+4.1%), distribution 10.39 billion yuan (-18.9%), and bulk sales 2.35 billion yuan (-12.3%) [6] - The total number of dealer stores decreased to 8,180 by the end of Q3 2024, down 536 from the end of 2023 [6] Margin Analysis - The gross margin for Q3 2024 was 40.4%, an increase of 2.7 percentage points year-on-year, driven by lower raw material costs and improved production efficiency [6][9] - The gross margins by product in Q3 2024 were: cabinets 33.0%, clothing accessories 47.6%, bathroom products 35.8%, and wooden doors 31.2% [7] - The gross margins by channel in Q3 2024 were: direct sales 61.3%, distribution 40.6%, and bulk sales 31.8% [7] Future Outlook - The revenue forecast for 2024 has been adjusted down to 19.45 billion yuan, a reduction of 7%, while the net profit forecast has been slightly lowered to 2.77 billion yuan, a decrease of 1% [9] - The company is expected to maintain stable revenue and net profit forecasts for 2025-2026, with EPS projected at 4.54 yuan, 5.01 yuan, and 5.64 yuan for 2024-2026 respectively [9]

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-087 | | --- | --- | | 转债代码：113655 | 转债简称：欧 22 转债 | （二）主营业务分渠道情况 欧派家居集团股份有限公司 关于 2024 年前三季度主要经营数据的公告 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、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十五号——家具制造（2022 年修订）》 的有关规定，欧派家居集团股份有限公司（以下简称"公司"）现将 2024 年前三季度（1-9 月） 主要经营数据（未经审计）报告如下： 一、2024 年前三季度（1-9 月）经营情况 （一）主营业务分产品情况 单位：万元 币种：人民币 | 分产品 | | 年 2024 | 1-9 | 月 | 年 2024 | 1-9 | 月 | 毛利率 | 营业收入比 上年同期增 | | 营业成本比 上年同期增 | | 毛利率比上年 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

欧派家居集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 证券代码：603833 证券简称：欧派家居 公告编号：2024-085 转债代码：113655 转债简称：欧 22 转债 召开的日期时间：2024 年 11 月 15 日 15 点 00 分 召开地点：广州市白云区广花三路 366 号公司新总部办公楼三楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ...

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-085 | | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | 欧派家居集团股份有限公司 关于续聘会计师事务所的公告 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、准确性和完整性承担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：华兴会计师事务所（特殊普通合伙）（以下简 称"华兴会计师事务所"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、华兴会计师事务所的基本信息 华兴会计师事务所前身系福建华兴会计师事务所，创立于 1981 年，隶属福 建省财政厅。1998 年 12 月，与原主管单位福建省财政厅脱钩，改制为福建华兴 有限责任会计师事务所。2009 年 1 月，更名为福建华兴会计师事务所有限公司。 2013 年 12 月，转制为福建华兴会计师事务所（特殊普通合伙）。2019 年 7 月， 更名为华兴会计师事务所（特殊普通合伙）。 | 名称 | 华兴会计师事务所（特殊普通合伙） | | | | | | | --- | --- | ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-084 | | --- | --- | --- | | 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 第四届监事会第十四次会议决议公告 本公司监事会及全体监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、准确性和完整性承担法律责任。 一、监事会会议召开情况 欧派家居集团股份有限公司（以下简称"公司"）第四届监事会第十四次会 议于 2024 年 10 月 28 日在广州市白云区广花三路 366 号新总部三楼会议室以现 场表决方式召开。会议通知已于 2024 年 10 月 24 日通过邮件、书面等形式送达 各位监事。本次会议由监事会主席朱耀军先生召集并主持，应出席监事 3 人，实 际出席监事 3 人。本次会议的召集、召开和表决程序符合法律法规、部门规章、 规范性文件和《公司章程》的规定。 二、监事会会议审议情况 4、监事会未发现参与编制和审议公司 2024 年第三季度报告的人员有违反保 密规定的行为。 表决结果：3 票同意，0 票反对，0 票弃权。 1 本议案无需 ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2024-083 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | | 欧派家居集团股份有限公司 第四届董事会第十九次会议决议公告 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、准确性和完整性承担法律责任。 本议案已经公司第四届董事会审计委员会 2024 年第四次会议审议通过， 并同意提交董事会审议。审计委员会认为公司 2024 年第三季度报告的编制符 合有关法律法规、中国证监会及上海证券交易所的相关规定，报告内容真实、 准确、完整地反映了公司的经营情况和财务状况。 经审议，公司董事会认为：公司 2024 年第三季度报告的编制符合有关法 律法规、规范性文件及《公司章程》的有关规定，报告真实、准确、完整地反 映了公司的经营情况和财务状况。董事会全体成员保证公司 2024 年第三季度 报告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、 1 准确性和完整性承担法律责任。 具体内容详见公司同日披露于上海证券交易所网站（www ...

Financial Performance - Revenue for the third quarter was RMB 5,295,839,422.78, a decrease of 21.21% year-over-year[2] - Net profit attributable to shareholders was RMB 1,041,173,495.58, down 11.56% compared to the same period last year[2] - Weighted average return on equity (ROE) for the quarter was 5.71%, a decrease of 2.14 percentage points year-over-year[3] - Basic earnings per share (EPS) for the quarter were RMB 1.71, a decrease of 11.40% year-over-year[3] - Diluted earnings per share (EPS) for the quarter were RMB 1.70, a decrease of 10.53% year-over-year[3] - Total operating revenue for the first three quarters of 2024 was 11,785,160,482.32 RMB, a decrease of 15.6% compared to 13,970,028,223.75 RMB in the same period of 2023[14] - Net profit for the first three quarters of 2024 was 2,035,179,085.65 RMB, a decrease of 11.6% compared to 2,302,130,870.27 RMB in the same period of 2023[14] - Basic earnings per share for the first three quarters of 2024 were 3.33 RMB, a decrease of 12.1% compared to 3.79 RMB in the same period of 2023[15] Cash Flow - Cash flow from operating activities for the first nine months was RMB 2,700,582,258.86, a decrease of 28.14% compared to the same period last year[2] - The decrease in cash flow from operating activities was mainly due to a reduction in cash received from sales and services[6] - Operating cash flow for the first three quarters of 2024 was RMB 2.7 billion, a decrease from RMB 3.76 billion in the same period of 2023[16] - Investment cash outflow for the first three quarters of 2024 was RMB 13.99 billion, compared to RMB 11.43 billion in the same period of 2023[16] - Financing cash outflow for the first three quarters of 2024 was RMB 4.51 billion, an increase from RMB 3.24 billion in the same period of 2023[17] - Net cash flow from financing activities for the first three quarters of 2024 was negative RMB 1.06 billion, compared to positive RMB 1.37 billion in the same period of 2023[17] - Cash and cash equivalents at the end of the third quarter of 2024 were RMB 2.61 billion, down from RMB 5.25 billion at the end of the same period in 2023[17] - Cash received from other operating activities for the first three quarters of 2024 was RMB 570.75 million, compared to RMB 476.39 million in the same period of 2023[16] - Cash paid for goods and services for the first three quarters of 2024 was RMB 8.6 billion, down from RMB 10.64 billion in the same period of 2023[16] - Cash paid to employees for the first three quarters of 2024 was RMB 2.65 billion, compared to RMB 2.78 billion in the same period of 2023[16] - Cash paid for taxes for the first three quarters of 2024 was RMB 834.74 million, down from RMB 1.04 billion in the same period of 2023[16] - Cash received from investments for the first three quarters of 2024 was RMB 9.68 billion, up from RMB 7.82 billion in the same period of 2023[16] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 34,931,244,752.08, an increase of 1.70% from the end of the previous year[3] - Total assets increased to 34.93 billion yuan as of September 30, 2024, compared to 34.35 billion yuan at the end of 2023[12] - Total liabilities rose to 16.47 billion yuan as of September 30, 2024, from 16.23 billion yuan at the end of 2023[13] - Non-current assets totaled 19.67 billion yuan as of September 30, 2024, up from 17.98 billion yuan at the end of 2023[12] - Current liabilities amounted to 13.87 billion yuan as of September 30, 2024, compared to 13.18 billion yuan at the end of 2023[12] - The company's total equity increased to 18.46 billion yuan as of September 30, 2024, from 18.12 billion yuan at the end of 2023[13] - Intangible assets grew to 1.40 billion yuan as of September 30, 2024, from 1.03 billion yuan at the end of 2023[12] - Short-term borrowings increased to 8.78 billion yuan as of September 30, 2024, from 7.80 billion yuan at the end of 2023[12] - Contract liabilities rose to 1.09 billion yuan as of September 30, 2024, from 999 million yuan at the end of 2023[12] - Long-term borrowings decreased to 102.68 million yuan as of September 30, 2024, from 606.99 million yuan at the end of 2023[12] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 19,881[8] - Yao Liang Song holds 403,200,000 shares, accounting for 66.19% of the total shares[8] - Yao Liang Bai holds 49,578,354 shares, accounting for 8.14% of the total shares[8] - Hong Kong Securities Clearing Company holds 9,880,022 shares, accounting for 1.62% of the total shares[8] - National Social Security Fund 109 holds 7,187,349 shares, accounting for 1.18% of the total shares[9] - China Bank - E Fund Blue Chip Select Mixed Securities Investment Fund holds 5,000,000 shares, accounting for 0.82% of the total shares[9] - National Social Security Fund 115 holds 4,200,000 shares, accounting for 0.69% of the total shares[9] - E Fund Management - Social Security Fund 1104 holds 3,250,048 shares, accounting for 0.53% of the total shares[9] - ICBC - Huatai-PineBridge CSI 300 ETF holds 3,072,801 shares, accounting for 0.50% of the total shares[9] - CCB - E Fund CSI 300 ETF holds 2,285,793 shares, accounting for 0.38% of the total shares[9] Expenses and Income - Sales expenses for the first three quarters of 2024 were 1,408,675,254.82 RMB, a slight decrease of 1.6% compared to 1,431,536,473.08 RMB in the same period of 2023[14] - R&D expenses for the first three quarters of 2024 were 653,429,469.37 RMB, a decrease of 13.3% compared to 753,727,805.43 RMB in the same period of 2023[14] - Interest income for the first three quarters of 2024 was 409,975,426.89 RMB, an increase of 10.5% compared to 371,157,904.73 RMB in the same period of 2023[14] - Other comprehensive income for the first three quarters of 2024 was -9,685,580.75 RMB, an improvement of 7.6% compared to -10,483,731.50 RMB in the same period of 2023[15] Non-Recurring Items - Non-recurring gains and losses for the first nine months amounted to RMB 267,921,751.43, primarily due to government subsidies and financial asset gains[5]

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2024-082 | | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 （一） 会议召开时间：2024 年 11 月 1 日(星期五) 15:00-16:00 （二） 网络直播地址：全景路演（http://rs.p5w.net） 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 30 日（星期三）下午 16:00 前访问 https://ir.p5w.net/zj，进入问题征集专题页面向公司提问。公司将在 2024 年第三 季度业绩说明会上对投资者普遍关注的问题进行回答。 欧派家居集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 29 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果和财务状况，公司计划于 2024 年 11 月 1 ...

证券代码：603833 证券简称：欧派家居 公告编号：2024-081 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 第一期卓越员工持股计划第二次持有人会议决议公告 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、准确性和完整性承担个别及连带责任。 欧派家居集团股份有限公司（以下简称"公司"）第一期卓越员工持股计划第二次持有人会 议于 2024 年 10 月 22 日以通讯表决方式召开，本次会议应出席持有人 163 名，实际出席持有 人 122 名，出席会议的持有人所持有表决权的份额总数 39,525,060 份，占公司第一期卓越员工 持股计划具有持有人资格份额总数的 71.96%。本次会议的召集、召开和表决程序符合《欧派 家居集团股份有限公司第一期卓越员工持股计划》的有关规定。本次会议审议通过以下议案： 一、审议通过《关于公司第一期卓越员工持股计划延期的议案》 基于对公司未来持续发展的信心，结合当前公司股价情况，为保障持有人利益，根据《欧 派家居集团股份有限公司第一期卓越员工持股计划》的有关规定，将本期员工持股计划存续期 延 ...