OPPEIN(603833) 新浪财经·2025-04-30 00:44Core Viewpoint - The company reported better-than-expected performance in Q1 2025, with a revenue of 3.447 billion yuan, a year-on-year decline of 4.8%, and a net profit attributable to shareholders of 308 million yuan, a year-on-year increase of 41.29% [1] Financial Performance - Revenue breakdown by product shows that kitchen cabinets, wardrobes, and supporting products, sanitary ware, and wooden doors generated revenues of 977 million, 1.8 billion, 223 million, and 220 million yuan respectively, with year-on-year changes of -8.49%, -5.56%, +9.66%, and +0.98% [2] - The gross margin improved by 4 percentage points year-on-year, reaching 34.29% in Q1 2025, driven by cost reduction and efficiency enhancement [2] - The net profit margin for Q1 2025 was 8.93%, an increase of 2.91 percentage points year-on-year [2] Development Trends - The company is transitioning to an integrated home furnishing model, with a net reduction of 84 stores, totaling 7,729 stores by the end of Q1 2025 [3] - The company introduced the "521X Integrated Operation System" to enhance market competitiveness and drive steady growth in the home furnishing sector [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with the current stock price corresponding to 15 and 14 times P/E for those years [4] - The target price is maintained at 85 yuan, implying a 31% upside potential based on 19 and 18 times P/E for 2025 and 2026 respectively [4]