\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
Event: on March 12, Zbom Home Collection Co.Ltd(603801) released the 2021 annual performance express. In 2021, the company realized an operating revenue of 5.153 billion yuan, a year-on-year increase of 34.17%; The net profit attributable to the parent company was 506 million yuan, a year-on-year increase of 27.84%; The net profit attributable to the parent company after deduction was 460 million yuan, a year-on-year increase of 28.31%. Among them, 21q4 achieved an operating revenue of 1.831 billion yuan, a year-on-year increase of 24.69%; The net profit attributable to the parent company was 205 million yuan, a year-on-year increase of 3.92%; The net profit attributable to the parent company after deduction was 170 million yuan, a year-on-year decrease of 1.51%.
Cabinets increased steadily, wardrobe increased sharply, and the revenue performance in 21 years slightly exceeded expectations
According to the announcement, the operating revenue of Q1, Q2, Q3 and Q4 in 2021 was RMB 683 million, RMB 1226 million, RMB 1414 million and RMB 1831 million respectively, with a year-on-year increase of 109.09%, 36.49%, 23.18% and 24.69%; The net profit attributable to the parent company was 51 million yuan, 101 million yuan, 148 million yuan and 205 million yuan respectively, with a year-on-year increase of 213.23%, 6.07%, 0.85% and 3.92%; The net profit margin attributable to the parent company in 21q4 was 11.22%, a year-on-year decrease of 2.24pct. Under the high base, the company’s revenue still maintained rapid growth in 2021, with excellent performance and slightly exceeding expectations; Under the influence of adverse factors such as the repeated disturbance of the epidemic, the rise of raw materials and labor costs, the company strictly promoted the implementation of cost reduction and efficiency improvement measures, and effectively improved cost control and operation efficiency.
Cabinet revenue grew steadily and wardrobe revenue grew rapidly. In 2021, the company gave full play to its marketing and channel advantages, accelerated the opening speed of wardrobe, wooden door and other categories, and continuously optimized the distribution system to achieve a steady increase in cabinet income and a high increase in wardrobe income. By the end of September 2021, the company’s overall kitchen cabinet business had achieved a revenue of 1.87 billion yuan, a year-on-year increase of 23.4%; The customized wardrobe business achieved a revenue of 1.19 billion yuan, a year-on-year increase of 64.2%; The revenue of wooden door business was 80 million yuan, a year-on-year increase of 234.9%; Other businesses achieved revenue of 190 million yuan, a year-on-year increase of 70.7%.
Develop multiple channels at the same time, deeply cultivate the distribution channels, and pay close attention to the potential energy of the whole packaging business
By the end of September 2021, the company’s direct channel revenue had reached 220 million yuan, a year-on-year increase of 54.8%; The revenue from distribution channels was 1.95 billion yuan, a year-on-year increase of 31.8%; The revenue from bulk business was 930 million yuan, a year-on-year increase of 54.4%. In addition, 1717 cabinets were opened as a whole, 141 more than at the beginning of the 21st century; 1597 customized wardrobe stores were opened, an increase of 231 over the beginning of the 21st century; 322 stores were opened in Mumen, an increase of 119 over the beginning of the 21st century; IK has 58 customized stores in the whole house; 34 Direct stores were opened, an increase of 5 over the beginning of the 21st century. The company actively develops the whole packaging business, supplies the “IK” product line with higher category richness and product integrity to the whole packaging channel, and continuously improves the customer service experience.
Investment suggestion: the company continues to develop in multiple channels and all categories, the high potential categories such as wardrobe and wooden door are growing rapidly, and the development of packaged business is accelerated, and the future growth can be expected. We estimate that the operating revenue of Zbom Home Collection Co.Ltd(603801) 20212023 will be 5.152, 6.375 and 7.683 billion yuan, 34.17%, 23.71% and 20.52% year-on-year; The net profit attributable to the parent company was 506 million yuan, 628 million yuan and 764 million yuan, with a year-on-year increase of 27.84%, 24.30% and 21.60%. The corresponding PE was 16.1x, 13.0x and 10.7x, and the investment rating of Buy-A was given.
Risk warning: industry competition intensifies the risk; Risk that the growth rate of real estate sales is lower than expected; Risk of substantial increase in raw material costs.
