OPPEIN(603833) 浙商证券·2025-04-27 10:25Investment 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% YoY) and a net profit attributable to shareholders of 2.60 billion (down 14.38% YoY) for 2024 [1][13] - The fourth quarter of 2024 showed a revenue of 5.05 billion (down 18.84% YoY) and a net profit of 568 million (down 21.71% YoY), with a notable improvement in non-recurring net profit [1][13] - The company expects significant revenue improvement in the first quarter of 2025 due to a longer conversion cycle for national subsidy orders [1] Revenue and Profitability - Retail channels are being optimized, with direct sales revenue of 830 million (up 0.57% YoY) and distribution channel revenue of 14 billion (down 20.10% YoY) for 2024 [2] - The company closed inefficient stores, reducing the number of direct and distribution stores to 63 and 7750, respectively [2] - The cabinet business faced challenges due to supporting products, with kitchen cabinet revenue at 5.45 billion (down 22.48% YoY) and wardrobe plus supporting products revenue at 9.79 billion (down 18.1% YoY) [3] Operational Strategy - The company employs a localized operation model to assist distributors in formulating transformation plans [4] - The integration of AI in e-commerce has led to a nearly 10% YoY increase in online traffic, benefiting over 4000 distributors [4] Dividend Policy - The company increased its dividend payout ratio to 58%, distributing a total of 1.5 billion in cash dividends for 2024 [5] Financial Health - The gross profit margin for 2024 was 35.91% (up 1.76 percentage points YoY), with a significant reduction in material costs contributing to this improvement [6] - The operating cash flow net amount was 5.50 billion (up 13% YoY), indicating improved capital efficiency [12] Earnings Forecast and Valuation - The company is expected to achieve revenues of 19.53 billion (up 3.18% YoY) in 2025, with net profit attributable to shareholders projected at 2.73 billion (up 5.17% YoY) [13]