研報掘金丨申萬宏源研究:歐派家居中長期配置價值凸顯,維持“買入”評級
申萬宏源研究指出,歐派家居(603833.SH)發佈2024A及2025Q1業績,2025Q1利潤表現超預期。地產定調提升、以舊換新政策持續加碼,有望提振家居行業估值;公司積極順應市場變化,突破行業傳統管理慣性,進行組織架構調整,促進品類融合,整裝大家居+零售大家居+零售整裝多模式全面挺進大家居,前瞻戰略+優異戰術執行力,積極破局求變,競爭力仍在,增長有望修復。考慮公司降本提效效果顯著,盈利能力同比改善,看好公司長期成長性,中長期配置價值凸顯,維持“買入”評級。
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