\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
The company released the performance express of 2021: the total operating revenue in the whole year of 21 was 5.153 billion yuan, + 34.17%, of which Q1 / Q2 / Q3 / Q4 were 6.83/12.26/14.14/1.831 billion yuan respectively, with a year-on-year increase of 109% / 36% / 23% / 24.7% respectively. The revenue under the high base of Q4 achieved beautiful growth. In the whole year, the net profit attributable to the parent company was 506 million yuan, with a year-on-year increase of 27.84%, of which the net profit attributable to the parent company in Q1 / Q2 / Q3 / Q4 was 0.51/1.01/1.48/205 million yuan, with a year-on-year increase of 213% / 6% / 0.9% / 3.9% respectively.
In the whole year of 21, the income of cabinets increased steadily, and the income of wardrobe increased rapidly. In the first three quarters of 21 years, the wardrobe achieved 1.19 billion yuan, + 64.2%. We expect the growth rate of the company’s wardrobe business in the whole year to exceed 50%. The company adjusted and optimized the product structure, integrated the wardrobe door and made efforts to customize the whole house. Over the past 20 years, the company has vigorously expanded the whole decoration business, encouraged franchisees to deeply cultivate the whole decoration channel and provide channel dual brand exclusive product lines. We are still optimistic about the continued volume of the wardrobe business. In the 21st year, the cabinet business achieved steady growth, reaching 1.871 billion yuan in the first three quarters of the 21st year, + 23.4%. We expect the cabinet retail growth to be stable in the 21st year, and the bulk business also contributed to the increment of cabinet revenue. In addition, the wooden door business grew rapidly. In the first three quarters of 21 years, the wooden door business achieved 77 million yuan, + 234.85%. We are optimistic about the wooden door in the whole house and engineering channels.
Q4 net interest rate increased month on month, slightly under pressure compared with the same period, and the ability of risk control under the pressure of macro environment is prominent. In 2021, the company’s net interest rate was 9.81%. Influenced by the tightening of real estate policies, the rise of raw materials and labor costs and other adverse factors, the annual net interest rate decreased by 0.5pct, of which Q1 / Q2 / Q3 / Q4 net interest rates attributable to the parent company were 7.41% / 8.25% / 10.5% / 11.22% respectively. The profit side was under pressure in many aspects in 21 years. In terms of cost and expense control, the company strictly promoted the implementation of cost reduction and efficiency improvement measures, Cost control and operating efficiency have been effectively improved.
Profit forecast and Valuation: the company has deeply cultivated distribution channels, innovated management, stimulated the team and empowered dealers, comprehensively arranged the packing and bag carrying business, and the growth of bulk channels is stable; On the product side, we continued to create leading advantages in design, strengthened systematic research and development, and gradually revealed the synergy among categories. It is estimated that the net profit attributable to the parent company in 22 / 23 will be 621 million yuan / 746 million yuan respectively, with a year-on-year increase of + 23% / + 20%, and the corresponding PE will be 13X / 11x respectively, maintaining the “buy” rating.
Risk tip: the above data are only preliminary accounting data. The specific and accurate financial data shall be subject to the annual report officially disclosed by the company. The delivery of new houses is less than expected, the penetration rate of fine decoration slows down, and the industry competition intensifies
