OPPEIN(603833) 国盛证券·2024-09-01 04:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company reported a revenue of 8.583 billion yuan for H1 2024, a year-on-year increase of 12.8%, while the net profit attributable to shareholders was 990 million yuan, a decrease of 12.6% year-on-year [3] - The company is facing challenges due to weak demand in the real estate and consumer sectors, leading to strategic investments in brand promotion, e-commerce, and market training [3] - The company is actively transforming its retail and integrated home furnishing channels, with a notable increase in revenue from the integrated channel by 8.7% year-on-year [3] Financial Performance Summary - For H1 2024, the revenue breakdown is as follows: cabinets 2.56 billion yuan (down 16.8%), wardrobes 4.42 billion yuan (down 18.6%), sanitary ware 500 million yuan (up 9.3%), and wooden doors 500 million yuan (down 13.6%) [3] - The gross profit margins for these categories are 29.2%, 36.7%, 25.0%, and 23.8%, respectively [3] - The retail segment generated 6.73 billion yuan in revenue for H1 2024, a decrease of 16.3% year-on-year, with direct sales up 17.3% and dealer sales down 17.6% [3] - The company’s gross margin for the retail segment was 33.5% for H1 2024, an increase of 1.4 percentage points year-on-year [5] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 2.7 billion yuan, 2.93 billion yuan, and 3.17 billion yuan, respectively, with corresponding P/E ratios of 10.0X, 9.2X, and 8.5X [5] - The company is focusing on cost reduction and efficiency improvement, with a stable gross margin of 34.5% in Q2 2024 [5] - The cash flow from operating activities improved to 1.701 billion yuan in Q2 2024, an increase of 361 million yuan year-on-year [5]