OPPEIN(603833) 浙商证券·2025-04-27 09:19Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 18.92 billion (down 16.93% year-on-year) and a net profit attributable to shareholders of 2.60 billion (down 14.38% year-on-year) for 2024 [1][13] - The fourth quarter of 2024 showed a revenue of 5.05 billion (down 18.84% year-on-year) and a net profit of 0.57 billion (down 21.71% year-on-year), with a notable improvement in non-recurring net profit [1][13] - The company is expected to see operational improvements in the first quarter of 2025, primarily driven by the conversion of national subsidy orders [1] Revenue and Profitability - The retail channel optimization led to a direct sales revenue of 0.83 billion (up 0.57% year-on-year) and a distribution channel revenue of 14.0 billion (down 20.10% year-on-year) for 2024 [2] - The company closed inefficient stores, resulting in a reduction of 7 direct stores and 966 distribution stores [2] - The cabinet business faced challenges due to the performance of supporting products, with kitchen cabinet revenue at 5.45 billion (down 22.48% year-on-year) and wardrobe plus supporting products revenue at 9.79 billion (down 18.1% year-on-year) [3] Strategic Initiatives - The company adopted a localized operation model to assist distributors in formulating transformation plans for the home furnishing sector [4] - The integration of AI in e-commerce led to a nearly 10% year-on-year increase in online traffic, benefiting over 4,000 distributors [4] Dividend Policy - The company increased its dividend payout ratio to 58%, distributing a total cash dividend of 1.5 billion for 2024 and planning to maintain a minimum annual cash dividend of 1.5 billion for the next three years [5] Financial Health - The gross profit margin for 2024 was 35.91% (up 1.76 percentage points year-on-year), with a significant reduction in material costs contributing to this improvement [6] - The operating cash flow net amount was 5.50 billion (up 13% year-on-year), indicating improved capital efficiency [12] Earnings Forecast - The company is expected to achieve revenues of 19.53 billion (up 3.18% year-on-year), 20.85 billion (up 6.77% year-on-year), and 22.15 billion (up 6.26% year-on-year) from 2025 to 2027, with corresponding net profits of 2.73 billion, 2.89 billion, and 3.10 billion [13]