A few days ago, oupai home held the annual report of 2023 and the performance briefing of the first quarter report of 2024. At the scene, Yao Liangsong, chairman and president of oupai home furnishing, said, the transformation of old houses is a very important growth point for the development of European schools in the future.
Oupai home furnishing chairman and president Yao Liangsong South + Xu Lei shooting
According to the previous annual report of 2023 released by oupai home, the report shows that the company achieved a net profit of more than 3 billion yuan in 2023. So far, oupai has become the first enterprise in the customized home industry whose net profit exceeded 3 billion yuan in the first year.
In the annual report, oupai proposed: good operating fundamentals also make the company's cash flow continue to grow, and the operating cash flow in 2023 reached a new high of 4.878 billion yuan in nearly 10 years.
01 cabinets are still big revenue
Data show that in 2023, oupai realized operating income of 22.782 billion yuan, an increase of 1.35 percent year-on-year; Realized net profit of 3.036 billion yuan, an increase of 12.92 percent year-on-year; Realized Basic earnings per share of 4.98 yuan, A year-on-year increase of 12.93 percent; The net cash flow generated from operating activities reached 4.878 billion yuan, a year-on-year increase of 102.43 percent. On the basis of stable revenue, the company's gross profit margin increased year-on-year, and the overall profit level was improved.
Oupai believes that the fundamentals of oupai home furnishing are directly related to the company's extension Channel (cooperation with the whole assembly company) sales, multi-brand cooperation, and cross-category sales, this makes the overall growth rate of the company exceed the real estate cycle drive, and more from its own strategic cycle drive.
Among them, in 2023, the revenue of bulk business channels reached 3.586 billion yuan, an increase of 2.61 percent year-on-year, and the gross profit margin reached 25.64 percent; The revenue of distribution channels reached 17.575 billion yuan, a decrease of 0.04 percent year-on-year, and the gross profit margin reached 33.94 percent; the direct store channel achieved a revenue of 0.829 billion yuan, an increase of 17.44 percent year-on-year, and a gross profit margin of 57.66 percent.
From the perspective of category, the income of two categories, cabinet and wardrobe, is the main source of European household revenue. The total proportion of the two categories accounts for more than 85% of the main business income, and the revenue scale of category ranks first in the industry. Specifically, wardrobe and supporting products achieved income of 11.949 billion yuan, a year-on-year decline of 1.56 percent and a gross profit margin of 36.51 percent; Cabinet products achieved income of 7.031 billion yuan, a year-on-year decline of 1.99 percent and a gross profit margin of 34.33 percent; bathroom Products achieved revenue of 1.128 billion yuan, an increase of 9% year-on-year, with a gross profit margin of 25.92 percent; Wooden door products achieved revenue of 1.378 billion yuan, an increase of 2.42 percent year-on-year, with a gross profit margin of 21.47 percent.
02 seize the new home entrance
It is worth noting that in order to comply with the guidelines of promoting large-scale equipment renewal and the action plan of replacing the old with the new consumer goods, European-style home furnishing has laid out the home furnishing market for the decoration needs through the integrated large home furnishing and retail large home furnishing, front-end drainage, launched "48-hour old kitchen renewal package" and "10-day full kitchen space renovation" services for old renovation needs.
At the latest performance statement meeting, Yao Liangsong said frankly that the renovation of the old house was "looking for meat to eat in the bones", his attitude towards the home industry through difficulties is "it is good to have food". Although the transformation of old houses is hard to bite and it is troublesome to eat, the previous transformation of old kitchens and kitchens in oupai already has a certain foundation, however, the practice of using kitchen and bathroom as the starting point to open up the traffic entrance of the old house renovation obviously attracted Yao Liangsong's attention, "This practice is also quite good".
