On the evening of April 11, Suofeiya Home Collection Co.Ltd(002572) ( Suofeiya Home Collection Co.Ltd(002572) . SZ) released the annual report for 2021. According to the data, last year’s Suofeiya Home Collection Co.Ltd(002572) revenue was 10.407 billion yuan, a year-on-year increase of 24.59%; The net profit attributable to shareholders of listed companies was 123 million yuan, a year-on-year decrease of 89.72%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 32 million yuan, a year-on-year decrease of 96.98%; The basic earnings per share was 0.13 yuan, a year-on-year decrease of 90.08%.
Suofeiya Home Collection Co.Ltd(002572) pointed out in the announcement that last year, the company’s bulk business suffered from the default of commercial acceptance bills due to major customers, and the special impairment loss was accrued for this customer, resulting in a sharp decline in the company’s net profit. According to another announcement issued by Suofeiya Home Collection Co.Ltd(002572) on the same day, the company accrued various impairment losses totaling 927 million yuan last year Suofeiya Home Collection Co.Ltd(002572) believes that the provision for asset impairment can more fairly reflect the company’s financial position as of December 31, 2021, asset value and operating results in 2021.
Furniture manufacturing is the main business of Suofeiya Home Collection Co.Ltd(002572) , with a revenue of 10.343 billion yuan last year, a year-on-year increase of 24.37%. By product, the income of wardrobe and its supporting products was 8.269 billion yuan, a year-on-year increase of 23.38%, accounting for 79.46% of the operating income; The revenue of cabinets and their accessories was 1.42 billion yuan, a year-on-year increase of 17.25%, accounting for 13.64% of the operating revenue; The revenue of wooden doors was 458 million yuan, a year-on-year increase of 56.86%, accounting for 4.4% of the operating revenue, and the revenue of other products was 197 million yuan, a year-on-year increase of 75.2%, accounting for 1.89% of the operating revenue.
In terms of sub channels of main business, the channel revenue of dealers was 8.36 billion yuan, a year-on-year increase of 27.99%, accounting for 80.33% of the operating revenue; The direct channel revenue was 342 million yuan, a year-on-year increase of 36.94%, accounting for 3.29% of the operating revenue; The revenue from bulk business channels was 1.604 billion yuan, a year-on-year increase of 6.64%, accounting for 15.41% of the main business revenue, and the revenue from other channels was 37 million yuan, a year-on-year increase of 19.65%, accounting for 0.35% of the operating revenue.
In recent years, Suofeiya Home Collection Co.Ltd(002572) in order to cope with the trend of fragmentation of channel traffic in the industry, it has carried out channel reform, opened up new tracks and carried out packaged channel sales business. According to the announcement data, the revenue of Suofeiya Home Collection Co.Ltd(002572) packaging channel last year was 529 million yuan, three times higher than that in 2020 Suofeiya Home Collection Co.Ltd(002572) believes that the decoration and home decoration channels will enter the track of rapid development and become a new growth point of the company.
It is worth mentioning that according to the profit distribution plan disclosed in the financial report, Suofeiya Home Collection Co.Ltd(002572) 2021 will distribute a cash dividend of 6 yuan (including tax) for every 10 shares to all shareholders based on the total share capital of 91237 million shares, with a total cash dividend of 544 million yuan. No bonus shares will be given and no capital reserve will be converted into share capital.
According to the data of the National Bureau of statistics, the owner business income of furniture manufacturing last year was 800.46 billion yuan, a year-on-year increase of 13.5%. With the improvement of residents’ income level and the gradual attention to the living environment, consumers’ personalized demand for furniture is increasing day by day. Customized furniture has become a new rapid growth point in the field of furniture consumption in recent years. At the same time, consumers are no longer satisfied with the purchase of a single category, but instead pursue the coordination of the overall aesthetics and practicability of home space. The whole house customization of one-stop shopping is more in line with the preference changes of consumer intergenerational changes, and has become the standard configuration for consumers to pursue high-quality life.
Suofeiya Home Collection Co.Ltd(002572) believes that personalized whole house customization will continue to drain the consumption trend, and “customization” is also the core of Suofeiya Home Collection Co.Ltd(002572) main business model. It is reported that this year, the company will accelerate the digital intelligence reform and provide customized services by using information and intelligent means with reference to the industrial 4.0 standard.
As of the closing on the afternoon of the 11th, Suofeiya Home Collection Co.Ltd(002572) share price was 20.4 yuan / share, down 1.02% from the previous trading day, and the total market value of the company was 18.612 billion yuan.
