\u3000\u3 Shengda Resources Co.Ltd(000603) 816 Jason Furniture (Hangzhou) Co.Ltd(603816) )
The share increase plans of senior executives and dealers have been released one after another to share the results of the company’s operation and development and highlight the confidence in long-term development. The company announced that Mr. Li Yunhai, vice president or the limited partnership, trust plan and asset management plan established by him, plans to increase the holding of 5 million yuan to 10 million yuan with his own and self raised funds within 6 months from March 10, and the increase price shall not exceed 100 yuan / share. Up to now, Mr. Li Yunhai has directly held 732000 shares of the company, accounting for 0.12% of the total share capital of the company. Previously, the company disclosed the dealer’s shareholding increase plan (phase II) on March 4. The main body of the increase is the private fund of Shanghai Yingshui Investment Management Co., Ltd. subscribed by the company’s dealers, which plans to increase its shareholding by 100200 million yuan. As of March 9, the main body of the increase held 95000 shares of the company, accounting for 0.02% of the total share capital of the company, with an increase of 6.042 million yuan. The company completed the first phase of the dealer shareholding plan in March 2020, with a cumulative increase of 2.3815 million shares, accounting for 0.40% of the total share capital of the company, with a total increase of 102 million yuan. Realize the combination of the company’s long-term development and team interests through the shareholding plan of senior executives and dealers.
In depth integrated product creation of guest dining and sleeping space, launched a self-made 49800 whole house package. In the first three quarters of the year, Jason Furniture (Hangzhou) Co.Ltd(603816) totally invested 195 million yuan in R & D, continuously enriched the product power matrix, significantly improved the competitiveness and scale proportion of supporting products, and rapidly increased the high-end mattresses, comprehensively improving the product competitiveness of mattresses, sofas and cooperative brands. On February 19, the company launched a 49800 whole house package, including 22m2 customized cabinets + 10 pieces of soft furniture + accessories, which not only meets the one-stop shopping needs of consumers, but also gives full play to the synergy of self-made software and cabinets. Through the establishment of a standard system of “integrated research and development, design, production, matching, experience, delivery and after-sales”, from environmental protection, appearance, storage, quality Six dimensions of experience and service improve customer experience.
Since its brand independence, Tianxi school has developed rapidly, positioning itself as the ultimate cost-effective, with more than 300 stores across the country. Since the independence of the brand in March 2021, the scale of Tianxi school has expanded rapidly. There are more than 300 stores across the country, covering 26 provincial administrative regions. The products include three series: ecological leather, cloth art and semi leather. The categories include sofa, soft bed, mattress and small household products. Relying on its stable supply chain capability and independent research and development capability, Tianxi school is positioned as the ultimate cost-effective. Its products meet the needs of consumers. The sales volume of popular mattresses has exceeded 10000 in three months after listing.
Profit forecast and Valuation: the company is the leader of China’s software home furnishings. Domestic sales gradually strengthen the synergy of regional retail centers, and strive to move towards large home furnishings in a full range of categories and through multiple channels. With the gradual release of overseas production capacity, the categories of export products are more diversified, opening up the growth space of the export market. We are optimistic about the long-term development of the company and the accelerated improvement of the concentration of leaders, It is estimated that the net profit attributable to the parent company in 22 / 23 years is RMB 2.08/2.55 billion respectively, with a year-on-year increase of + 24.2% / + 22.6%, and the corresponding PE is 20x / 16x respectively, maintaining the “buy” rating.
Risk tip: there is some uncertainty in the implementation of the shareholding increase plan, the risk of raw material price fluctuation, the release of production capacity is less than expected, and the industry competition is intensified.
