\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
According to the annual report released by the company, the revenue in 2021 was 10.407 billion yuan, with a year-on-year increase of + 24.59%, of which Q1-Q4 achieved a single quarter revenue of 17.60/25.40/29.44/3.163 billion yuan, with a year-on-year increase of + 130.59% / + 41.76% / + 15.93% / - 2.92%; In 2021, the net profit attributable to the parent company was 123 million yuan, with a year-on-year decrease of 89.72%. Among them, the net profit attributable to the parent company in Q1-Q4 was 118 million yuan / 328 million yuan / 403 / - 726 million yuan respectively, with a year-on-year increase of + 812.35% / - 8.7% / 13.7% / - 246.66% respectively. Q4 profit decreased significantly, mainly due to the provision for impairment of individual assets for accounts receivable of Evergrande group totaling 909 million yuan, of which the book balance of Evergrande accounts receivable was 462 million yuan and the provision for bad debts was 370 million yuan by the end of 21, The unexpired notes receivable was 341 million yuan, and the provision for bad debts was 273 million yuan, both of which accounted for 80%, and the risk was fully released.
Firmly adhere to the strategy of "all channels, multi brands and all categories", continue to cultivate dealer channels, and promote the omni-channel layout of new retail, bag carrying, packaging and bulk goods. In terms of products, the company's income from wardrobe / cabinet / wooden door / other products in 21 years was 82.69/14.20/458197 million yuan respectively, with a year-on-year increase of + 23.38% / + 17.25% / + 56.86% / + 75.20%. In terms of channels, the distribution channel achieved a revenue of 8.360 billion yuan in 21 years, a year-on-year increase of + 27.99%, and the customer unit price of Suofeiya Home Collection Co.Ltd(002572) factory was 14491 yuan / single (excluding Simi cabinet and wooden door), a year-on-year increase of + 9.63%. By the end of the 21st century, Suofeiya Home Collection Co.Ltd(002572) / Simi / Suofeiya Home Collection Co.Ltd(002572) wooden door / Huahe wooden door had 1734 / 929 / 934 / 310 dealers respectively, compared with + 82 / - 29 / + 141 / + 84 at the end of the 20th year, 2730 / 1122 / 534 / 265 stores respectively, and + 11 / + 14 / + 195 / + 22 at the end of the 20th year. The wooden door sales network expanded rapidly. Milanna, a light fashion brand, had a smooth start in 21 years. By the end of the year, there were 360 dealers and 212 specialty stores. In 21 years, the revenue of bulk channels was 1.604 billion yuan, a year-on-year increase of + 6.64%. On the premise of optimizing customer structure and paying attention to risk control, it has made steady progress on the whole. On the basis of stable retail base, the company actively laid out the packaging channels, with a revenue of 529 million yuan (including dealer packaging and direct sales packaging) in 21 years, a year-on-year increase of three times that in 2020.
The price rise of raw materials superimposed on new channels and new brands is in the early stage of expansion, and the gross profit margin has declined. The gross profit margin of the company in the 21st year was 33.21%, with a year-on-year increase of -3.35pct, of which the gross profit margin of Q1-Q4 in a single quarter was 31.23% / 37.17% / 35.75% / 28.75% respectively, with a year-on-year increase of + 0.37 / - 3.13 / - 2.90 / - 5.46pct respectively; In terms of products, the gross profit margin of the company's wardrobe / cabinet / wooden door / other products in 21 years was 35.71% / 26.26% / 17.14% / 8.24% respectively, with a year-on-year increase of -4.73 / + 3.59 / + 2.56 / + 0.57pct; In terms of channels, the gross profit margin of distribution / direct sales / bulk channels was 34.05% / 69.52% / 20.47% respectively, with a year-on-year increase of -4.08 / - 5.32 / - 2.89pct respectively. In the 21st year, the gross profit margin of the company declined, mainly because ① in the second half of 2021, facing the pressure of rising raw material prices, the company did not adjust the product sales price and increased the support of dealers; ② In order to expand the direct packaging channel and Milana brand, the company's product SKU increased significantly in a short time, resulting in a reduction in production efficiency in a short time.
The overall cost control is effective, and the net interest rate is affected by one-time accrual. In the 21st year, the company's sales expense ratio was 9.70%, with a year-on-year increase of + 0.52pct, of which the sales expense ratio of Q1-Q4 in a single quarter was 10.75% / 9.65% / 8.71% / 10.07% respectively, with a year-on-year increase of -3.89 / - 1.14 / - 1.03 / + 3.50pct respectively. In order to achieve the strategic goal, the company continued to increase investment in marketing, resulting in a continuous increase in sales expenses such as labor expenses and travel expenses. In addition, the investment in advertising and publicity expenses was increased in the second half of the 21st year, We expect that the reason for the significant increase in the sales expense rate in the fourth quarter is that the promotion and marketing expenses of new products are in front. In the whole year, the sales expense rate has basically remained stable. The ratio of management / R & D / financial expenses in 21 years was 7.01% / 2.79% / 0.65% respectively, with a year-on-year increase of -0.31 / + 0.31 / + 0.23pct respectively, and the cost control was effective. The net interest rate of one-time withdrawal of 10PCT / q13.26% / - 12.26% and the net interest rate of one-time withdrawal of 10PCT / q13.26% / - 12.26% respectively, which is greatly affected by the year-on-year decrease of 16pc13.8% / - 12.27%, and the net interest rate of one-time withdrawal of 10pc13.26% / -.
Profit forecast and Valuation: it is optimistic that the company will continue to promote the reform of retail business. In terms of products, the wardrobe is the entrance to extend the category, and the whole customized package is expected to promote the gradual increase of customer unit value; In terms of channels, Mumen and milanna continue to open stores, and Suofeiya Home Collection Co.Ltd(002572) brand is expected to achieve growth through product renewal, package sales and channel expansion; In terms of marketing, empower the terminal team, establish a result oriented assessment system, and encourage dealers to make efforts in packaging, e-commerce and other channels. The profit is expected to be 1.391/1.691/2.001 billion yuan in 22 / 23 / 24, with a year-on-year profit of + 103496% / + 21.54% / + 18.32%, corresponding to pe13x / 11x / 9x, and maintain the "buy" rating.
Risk tips: the risk of withdrawing accounts receivable and bills, the completion and delivery of new houses are less than expected, the real estate regulation policy is stricter, the horizontal competition is intensified, the impact of the epidemic is stricter, etc.
