\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
Event: the company announced in its annual report that in 2021, it achieved a revenue of 10.407 billion yuan, a year-on-year increase of 24.59%; The net profit attributable to the parent company was 123 million yuan, a year-on-year decrease of 89.72%; Deduct non net profit of RMB 32 million, a year-on-year decrease of 96.98%. The company plans to distribute a cash dividend of 6 yuan (including tax) for every 10 shares.
Comments:
The layout of Omni channel + multi brand + full category was deepened, and the customer unit price continued to increase. By the end of December 2021, Suofeiya Home Collection Co.Ltd(002572) factory has achieved a customer unit price of 14491 yuan / unit (excluding Simi cabinets and wooden doors), an increase of 9.63% over the same period in 2020. 1) In terms of products, in 2021, the income of wardrobe and its supporting products, cabinets and wooden doors was 8.269 billion yuan, 1.42 billion yuan and 458 million yuan respectively, with a year-on-year increase of 23.38%, 17.25% and 56.86% respectively. The income of all categories achieved good growth. 2) By channel, in 2021, dealers, direct sales and bulk businesses achieved operating revenue of 8.360 billion yuan, 342 million yuan and 1.604 billion yuan respectively, with a year-on-year increase of 27.99%, 36.94% and 6.64% respectively; The company carries out the whole packaging channel sales business. In 2021, the whole packaging channel revenue is 529 million yuan, with a year-on-year growth of 3 times. In the future, the whole packaging business of the company is expected to enter a high-speed development channel and become a new growth point. 3) In terms of stores, in 2021, the company's " Suofeiya Home Collection Co.Ltd(002572) ," Simi "and" milanna "had 1734, 929 and 360 dealers respectively, and 2730, 1122 and 212 exclusive stores respectively. The company continued to cultivate traditional dealer channels. By the end of 2021, the balance of contract liabilities had increased by 24.13% year-on-year to RMB 984 million, which continued to be at an all-time high, with abundant order reserves, forming a good support for future revenue growth. In Q4, the company's revenue and net profit decreased by 2.92% and 242.03% respectively year-on-year. The decline in net profit in 2021 is due to the special impairment loss accrued by the company for bulk business.
The rising cost of raw materials and the increase of dealer subsidies affect the gross profit margin, and the operation quality is excellent. In 2021, the company's comprehensive gross profit margin was 33.21%, a year-on-year decrease of 3.35pct, mainly due to the rising cost of raw materials, the increase of dealer subsidies and rebates and other factors. By product, the gross profit margin of wardrobe and its supporting products, cabinets and wooden doors in 21 years changed by -4.73pct, + 3.59pct and 2.57pct respectively year-on-year. By the end of September 2021, the customers and orders of kangchun board had accounted for nearly 90%, and the Suofeiya Home Collection Co.Ltd(002572) brand had completed the sector upgrading. In Q4 alone, the comprehensive gross profit margin was 28.75%, a year-on-year decrease of 5.46pct. In terms of expenses, the rates of sales, management, R & D and financial expenses in Q4 changed by + 3.51pct, + 0.56pct, + 0.66pct and + 0.61pct respectively. The increase in sales expenses was mainly due to the expansion of the company's business and the increase in employee compensation. The cash flow is in good condition. In 2021, the net operating cash flow reached 1.419 billion yuan, with a year-on-year increase of 23.93%. The company's sales volume increased and the capital return speed was good.
Profit forecast and investment rating: optimistic about the company's manufacturing advantages, support business reform, further stimulate channel vitality and strengthen terminal competitiveness. With the deepening of the "all channel, multi brand and multi category" strategy, the customer unit value of the main brand is improved, and the sub brand and packaged channels are accelerated, which is expected to jointly drive the better development of the revenue end in 2022. Through price adjustment, business model optimization and cost control, it is expected to drive the profit margin back to the normal level. The dividend pays attention to the return of shareholders. It is estimated that the net profit attributable to the parent company from 2022 to 2023 will be 1.43 billion yuan and 1.56 billion yuan respectively. At present, the stock price corresponds to the PE of 2022 is 13X, maintaining the "buy" rating.
Risk factors: the risk of a large-scale outbreak of the epidemic and the risk of a sharp rise in the cost of raw materials.
