Shenwan Hongyuan Research: OPPEIN's medium to long-term allocation value is prominent, maintaining a "Buy" rating

Shenwan Hongyuan Research pointed out that OPPEIN released its performance for 2024A and Q1 2025, with Q1 2025 profit performance exceeding expectations. The adjustment in the real estate sector and the continued implementation of the old-for-new policy are expected to boost the valuation of the home furnishing industry; the company actively adapts to market changes, breaks through traditional management inertia in the industry, adjusts its organizational structure, promotes category integration, and fully advances into the home furnishing sector with multiple models including whole-home furnishing + retail home furnishing + retail whole-home furnishing. With a forward-looking strategy and excellent tactical execution, the company is actively seeking change and remains competitive, with growth expected to recover. Considering the company's significant cost reduction and efficiency improvement effects, profitability has improved year-on-year. The long-term growth potential of the company is promising, and the mid-to-long-term allocation value is highlighted, maintaining a "Buy" rating