欧派家居：运营效率稳步提升，改革成效逐步显现

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 71.1 yuan as of October 28, 2024, corresponding to a PE ratio of 16/16/14X for 2024-2026 [2][5] Core Views - The company reported a revenue of 13.88 billion yuan for the first nine months of 2024, 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 [1] - Retail demand remains under pressure, with core product categories such as cabinets, wardrobes, and bathroom products experiencing declines in revenue, while the wardrobe, bathroom, and wooden door categories saw improvements in gross margins due to cost optimization and product structure adjustments [1] - The direct sales channel showed resilience, with a 4.1% year-on-year increase in revenue, while the distribution channel faced pressure due to weak retail demand [1] - The company's gross margin for the first nine months of 2024 was 35.5%, up 1.6 percentage points year-on-year, reflecting significant cost reductions and efficiency improvements from supply chain reforms [2] - The net profit margin for the first nine months of 2024 was 14.6%, up 0.7 percentage points year-on-year, with a single-quarter net profit margin of 19.7% in Q3 2024, up 2.1 percentage points year-on-year [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be 19.82 billion yuan, 20.83 billion yuan, and 22.06 billion yuan, respectively, with year-on-year growth rates of -13.01%, 5.12%, and 5.87% [4] - The net profit attributable to shareholders is expected to be 2.67 billion yuan, 2.77 billion yuan, and 3.06 billion yuan for 2024-2026, with year-on-year growth rates of -12.20%, 3.88%, and 10.68% [4] - The gross margin is projected to remain stable at around 34.2%-34.4% for 2024-2026 [4] Operational Efficiency and Strategic Progress - The company has optimized its dealer policies and improved store operational efficiency, with a total of 5,504 stores for its main brand as of the first nine months of 2024, a decrease of 140 stores compared to the first half of 2024 [2] - The company's organizational and governance reforms have shown initial results, with improvements in profitability and operational efficiency [2] - The "Whole Home" strategy continues to advance steadily, with the integrated home furnishing channel achieving stable growth [1]