\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
The company issued a performance express, the revenue slightly exceeded expectations, was optimistic about the repair of profitability, and maintained the “buy” rating
The company released the performance express for 2021. In 2021, the operating revenue was 5.153 billion yuan, a year-on-year increase of 34.17%, the net profit attributable to the parent was 506 million yuan, a year-on-year increase of 27.84%, and the net profit not attributable to the parent was 460 million yuan, a year-on-year increase of 28.31%; The company’s operating revenue in the single quarter of 2021q4 was RMB 1.831 billion, with a year-on-year increase of 24.69%, and the net profit attributable to the parent company was RMB 205 million, with a year-on-year increase of 3.92%. The growth of operating revenue slightly exceeded the expectation under the condition of high base, and the profit forecast was raised. We expect the company’s net profit attributable to the parent company to be RMB 506 / 629 / 776 million (originally RMB 505 / 628 / 767 million), corresponding to EPS of RMB 162 / 2.01 / 2.48 from 2021 to 2023, The current profitability of real estate is 10.5 times that of PE, which corresponds to an improvement of 10.5 times that of PE. Maintain the “buy” rating.
The cabinet business is stable, the wardrobe business continues to increase, and the packaged business develops rapidly
By category, the cabinet business has maintained steady growth. The company continues to give full play to its brand, marketing and channel advantages, speed up the optimization of distribution system, and empower dealers by relying on store upgrading and informatization; In 2021, the wardrobe business continued to grow rapidly, and the wardrobe stores continued to expand rapidly. It is expected that the number of wardrobe stores of the company will increase by more than 200 in 2021; The company expects to upgrade the home Distribution Department to the level of business division, and the expansion of home distribution business is expected to improve customer unit value and conversion rate in the future, which will make an important contribution to the company’s revenue; In 2021, the wooden door business will continue to increase its efforts to open stores and give play to the driving role of high potential categories. In terms of sub channels, the retail end continues to make efforts to adjust and optimize the product structure, deeply cultivate the distribution channels and pay close attention to the potential energy of the whole packaging business. The whole packaging business is currently in the stage of rapid development. It is expected that the company’s whole packaging revenue will reach about 300 million yuan in 2021, with a year-on-year increase of about 200%. The company’s whole packaging target is to reach about 500 million yuan in 2022; In terms of engineering business, due to the influence of macro factors of real estate in 2021, the orders of 2021q4 engineering business end converged. The company continued to focus on fine management, further optimize the customer structure, work together with strategic customers and take multiple measures to reduce the risk of accounts receivable.
Cost side cost reduction and efficiency increase to cope with rising raw material prices, optimistic about future profitability
The net profit margin of the company in the single quarter of 2021q4 was 11.20%, a year-on-year decrease of 2.27pcts, which was mainly affected by the real estate market. The gross profit margin of the company’s bulk business was under pressure. At the same time, the growth of the proportion of wardrobe scale with low gross profit margin, the rise of raw material prices and other factors affected the gross profit margin level. In 2022, the company made greater efforts to reduce costs and adjust the dealer rebate system. At the same time, with the growth of store efficiency of wardrobe business The scale effect appears, and the company’s profitability is expected to recover in the future.
Risk tip: the real estate data is less than expected, the epidemic risk is repeated, and the category expansion is slowing down.
