Loading…
China's largest custom cabinetry and whole-home furniture maker, selling kitchen and wardrobe furniture through franchise stores.
China's largest custom cabinetry and whole-home furniture maker, selling kitchen and wardrobe furniture through franchise stores.
Sells through franchised dealers who own the stores and place orders, while Oppein makes cabinets to order and ships them. It also supplies property developers directly. Franchisee profitability matters to it because dealers carry the sales effort.
In one line: China's largest custom-cabinet maker, akin to a scaled kitchen/closet specialist.
Moat: narrow (brand, distribution, scale). Largest franchise dealer network and manufacturing scale in China's custom-furniture category.
Headquarters: Guangzhou, China · Employees: 17,880
Size Oppein Home (603833.SS) is a China Consumer Discretionary company (Home Furnishings) with a market value of $2.88B, the 891st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥31.75 on 6 Nov 2026.
Performance Over six months the shares fell 32.5%, against -11.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 26.9% over the last twelve months (peer median +1.1%); the operating margin is 4.7% (peer median 6.5%).
Valuation It trades at 16.8× forward earnings against a peer median of 16.8× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points below its cost of capital (7.9% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥13.3B | CN¥17.1B | CN¥18.8B | CN¥22.7B | CN¥22.4B |
| Revenue growth | — | -9% | -17% | +1% | — |
| Gross profit | CN¥5.03B | CN¥5.81B | CN¥6.37B | CN¥7.39B | CN¥6.70B |
| EBITDA | n/a | CN¥3.04B | CN¥3.38B | CN¥3.90B | CN¥3.51B |
| Net income | CN¥768M | CN¥2.00B | CN¥2.60B | CN¥3.04B | CN¥2.69B |
| Free cash flow | CN¥1.05B | CN¥2.84B | CN¥4.03B | CN¥2.81B | CN¥184M |
| Capital expenditure | CN¥525M | CN¥564M | CN¥1.48B | CN¥2.10B | CN¥2.26B |
| Total debt | CN¥9.80B | CN¥9.92B | CN¥9.68B | CN¥10.7B | CN¥6.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Oppein Home 603833.SS | $2.88B | -32% | -27% | 5% | 16.8× | 6.1% |
| Suofeiya Home Collection 002572.SZ | $1.12B | -35% | -22% | 8% | 20.7× | -2.8% |
| Jason Furniture (Hangzhou) 603816.SS | $3.57B | -10% | +1% | 9% | 13.3× | -2.2% |
| Zbom Home Collection 603801.SS | $363M | -35% | -20% | -4% | n/a | n/a |
| Guangzhou Holike Creative Home 603898.SS | $555M | -7% | -21% | -5% | n/a | n/a |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | $1.74B | -25% | -8% | 3% | 29.6× | 12.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603833.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | -0.1% | 9th highest of 21 |
| 6-month return | -32.5% | -11.4% | 3rd lowest of 21 |
| Distance from 52-week high | -49.5% | -31.3% | 6th lowest of 21 |
| Revenue growth (TTM) | -26.9% | +1.1% | lowest of 21 |
| Operating margin | 4.7% | 6.5% | 9th lowest of 21 |
| Forward P/E | 16.8× | 16.8× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | -1.6% | 5th most demanding of 15 |
| Growth delivered (Del g) | +3.2% | +7.9% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | +2.9 pp | -9.1 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -2.5 pp | -1.3 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oppein Home 603833.SS | China | $2.88B | -32% | -27% | 5% | 16.8× | 6.1% | +3.2% |
| Asahi India Glass ASAHIINDIA.NS | India | $2.79B | +22% | +20% | 16% | 58.8× | n/a | n/a |
| LIXIL 5938.T | Japan | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% | +1.9% |
| Nien Made Enterprise 8464.TW | Taiwan | $3.08B | +1% | +4% | 35% | 13.3× | -8.3% | +4.2% |
| Patrick Industries PATK | United States | $2.53B | -17% | +2% | 6% | 16.8× | 9.3% | +9.7% |
| Gansu Golden Solar 300093.SZ | China | $2.42B | -9% | -9% | -152% | n/a | n/a | n/a |
| Jason Furniture (Hangzhou) 603816.SS | China | $3.57B | -10% | +1% | 9% | 13.3× | -2.2% | +9.7% |
| Zhuzhou Kibing 601636.SS | China | $2.22B | -21% | -4% | -8% | n/a | n/a | n/a |
| Higold 001221.SZ | China | $2.05B | -40% | +17% | 21% | 17.4× | -3.4% | +33.2% |
| Arhaus ARHS | United States | $2.01B | +118% | +5% | 7% | 26.2× | 28.4% | +22.1% |
| MotoMotion China 301061.SZ | China | $1.96B | -4% | -2% | 26% | 18.5× | -5.1% | +20.7% |
| A-Zenith Home Furnishings 603389.SS | China | $1.91B | -17% | +275% | -5% | n/a | n/a | n/a |
| WG Tech (JiangXi) 603773.SS | China | $1.87B | -20% | +2% | -8% | 222.4× | n/a | n/a |
| Forbo FORN.SW | Switzerland | $1.51B | +23% | -1% | 8% | 16.7× | 0.2% | -0.6% |
| Hyundai G.f 005440.KS | South Korea | $1.44B | -21% | -1% | 4% | 4.8× | -1.0% | +20.1% |
| MasterBrand MBC | United States | $1.37B | -12% | 0% | -1% | n/a | 19.4% | +2.1% |
| Okamura 7994.T | Japan | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% | +6.1% |
| Ziel Home Furnishing Technology 301376.SZ | China | $1.32B | +32% | +21% | 6% | 18.2× | -7.0% | +17.0% |
| La-Z-Boy LZB | United States | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% | +4.2% |
| Man Wah 1999.HK | Hong Kong | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% | 0.0% |
| CSG 000012.SZ | China | $1.17B | -13% | -12% | -5% | n/a | n/a | n/a |