OPPEIN(603833) 渤海证券·2025-01-21 06:11Investment Rating - The investment rating for the company is "Accumulate" [2][7] Core Views - The company is expected to see marginal improvement in Q4 of the previous year and anticipates a gradual recovery throughout this year [1] - The company is implementing a "big home" strategy to address the overall decline in demand for home products due to pressures in new home sales and a sluggish existing home market [5] - The company is expected to benefit from government policies promoting home renovation and replacement, particularly in 2025 [5] Financial Summary - The company forecasts a net profit attributable to shareholders of the parent company for 2024 to be between 258.03 million and 288.39 million yuan, a year-on-year decrease of 5% to 15% [4] - The expected operating revenue for 2024 is projected to be between 1,825.67 million and 2,050.39 million yuan, reflecting a year-on-year decrease of 10% to 20% [4] - For Q4 2024, the estimated revenue is between 4.347 billion and 6.625 billion yuan, with a year-on-year change ranging from a decline of 30.10% to an increase of 6.54% [4] - The company anticipates a net profit margin of 14.11% for 2024, an increase of 0.78 percentage points from 2023 [6] Earnings Forecast - The company maintains its EPS forecast for 2024-2026 at 4.37 yuan, 4.61 yuan, and 4.93 yuan respectively, with a PE ratio of 13 times for 2025 [7] - The company is expected to see a slight increase in profitability due to enhanced internal management and operational efficiency [6]