Recommended target and beneficiary target of light industry this week
In 2022, the policy environment of wide credit and stable growth is expected to continue, and the signal of maintaining stability in the real estate market is obvious. It is suggested to pay attention to the valuation and repair opportunities of the home sector.
(1) customized recommended targets: Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) .
(2) software recommendation / beneficiary objects: Jason Furniture (Hangzhou) Co.Ltd(603816) , Xlinmen Furniture Co.Ltd(603008) , Minhua holdings; Beneficiary object: Healthcare Co.Ltd(603313) .
(3) recommended target of packaging sector: Shenzhen Yuto Packaging Technology Co.Ltd(002831) .
Industry update: the signal of maintaining stability in the real estate market continues, and attention is paid to the valuation and repair of the home sector
Event: according to the website of the CBRC, the working meeting of the CBRC held on January 24, 2022 stressed that we should adhere to the positioning that houses are used for living and not for speculation, continue to improve the long-term mechanism of "stabilizing land prices, house prices and expectations", and promote the virtuous circle and healthy development of the real estate industry due to urban measures. Reasonably increase the financing supply and ensure the financing of key areas and major projects in the 14th five year plan.
Comments: from the perspective of policy direction, the signal of maintaining stability in the real estate market is obvious. Since 2021q4, the marginal of real estate policy has continued to improve. Under the guidance of the policy, priority has been given to meeting the needs of rigid demand and improved housing. We believe that the policy environment of wide credit and stable growth in 2022 is expected to continue. With the gradual release of real estate credit risk, the valuation of the real estate industry chain is expected to improve. It is suggested to pay attention to the valuation repair of the home sector suppressed by the early real estate pessimism.
This week focuses on company updates
Oppein Home Group Inc(603833) : (1) on January 25, 2022, the company issued the first phase of excellent employee stock ownership plan, which is aimed at the company's directors (excluding actual controllers and independent directors), supervisors and senior managers, and core personnel who have an important impact on the operation and performance of the company and its holding subsidiaries. The total number of holders of this employee stock ownership plan does not exceed 230, including the company's directors There shall be no more than 7 supervisors and senior managers, and the total amount of the shareholding plan shall not exceed 70 million yuan. We believe that the issuance of the employee stock ownership plan and the strengthening of incentives are expected to fully mobilize the enthusiasm of employees and demonstrate the confidence of the company in development.
(2) on January 25, 2022, the company announced that it would reduce the total amount of convertible bonds raised from 3 billion yuan to 2 billion yuan for the construction of Wuhan intelligent manufacturing project. The construction period of the project is three years, covering kitchen cabinets, wardrobe, wooden doors, bathroom and other smart home production lines and supporting facilities. After the completion of the project, it is expected to better radiate customers in Central China, form a joint force with the existing bases in South China, East China, North China and West China, reduce long-distance transportation costs, and provide capacity support for the packaged large home strategy.
Suofeiya Home Collection Co.Ltd(002572) : the company issued a performance forecast. The revenue in 2021 met the expectation, and the credit impairment put pressure on the short-term performance. In 2021, the company is expected to realize an operating revenue of 10.023 ~ 10.441 billion yuan (+ 20% ~ + 25%), a net profit attributable to the parent company of 100 ~ 150 million yuan (- 91.61% ~ - 87.42%), deducting a net profit not attributable to the parent company of 20 ~ 70 million yuan (- 98.09% ~ - 93.33%); It is estimated that the net profit attributable to the parent company in 2021q4 will decline by about 251.22% ~ 241.12% year-on-year. The main reason for the performance pressure is that under the influence of large-scale defaults of major customers of bulk business and their member enterprises, the company has made a high proportion of credit impairment, and the impairment loss has increased by about 900 million yuan compared with the same period in 2020; Excluding the impact of credit impairment, the net profit attributable to the parent company is expected to decrease by about 18% ~ 14% year-on-year, and the net profit deducted from non attributable to the parent company is expected to decrease by about 14% ~ 10% year-on-year. In 2021, the company's high proportion of credit impairment is conducive to the company's light loading in 2022. With the promotion of the whole customization strategy, the company's performance in 2022 is expected to start again from the bottom.
Risk tip: the price of raw materials is rising, the epidemic situation is repeated, and the competition of bulk business is fierce.
