\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
Event: the company issued the annual report of 2021. During the reporting period, the company 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%; EPS0. 13 yuan / share. Among them, the company achieved a revenue of RMB 3.163 billion in the fourth quarter, a year-on-year decrease of 2.92%; The net profit attributable to the parent company lost 726 million yuan, a year-on-year decrease of 246.66%.
The rise in raw material prices, combined with the decline in production efficiency, led to a rapid decline in the company's gross profit margin. During the reporting period, the company's comprehensive gross profit margin was 33.21%, a year-on-year decrease of 3.35%. Among them, the single quarter gross profit margin in the fourth quarter of 2021 was 28.75%, down 5.46% year-on-year and 7% month on month. There are two main reasons for the rapid decline of the company's gross profit margin: 1) since the second half of 2021, the price of raw materials has risen sharply and the company's production cost has increased; 2) Many factors, such as the substantial increase of product SKU, direct sales and assembly and Milana operation, have reduced the production efficiency.
The expense rate increased year-on-year, and the net interest rate decreased significantly due to the damage of bulk business. The company's expense rate during the period was 20.15%, with a year-on-year increase of 0.76%. Among them, the sales expense ratio was 9.7%, with a year-on-year increase of 0.52%; The rate of administrative expenses was 7.01%, a year-on-year decrease of 0.31%; The financial expense ratio was 0.65%, with a year-on-year increase of 0.23%; The R & D expense ratio was 2.79%, with a year-on-year increase of 0.31%. In terms of net profit margin, the gross profit margin decreased and the expense rate increased. Superimposed with the impact of impairment losses of bulk businesses, the net profit margin of the company during the reporting period was only 1.48%, a year-on-year decrease of 13.17%.
The advantages of channel layout are significant, and the retail reform will start again. The company's Suofeiya Home Collection Co.Ltd(002572) / Simi / Suofeiya Home Collection Co.Ltd(002572) wooden door / Huahe / Milana has 2730 / 1122 / 534 / 265 / 212 stores respectively, covering 1800 cities and regions in China. Among them, Suofeiya Home Collection Co.Ltd(002572) factory realized a customer unit price of 14491 yuan / order, an increase of 9.63% year-on-year. At the same time, the company has completed the upgrading of the management team. General manager Yang Xin joined in and led the company to carry out all-round changes in organization, products, channels and marketing, and launched the whole customization strategy, which is expected to achieve brilliant growth.
The whole packaging channel has developed steadily and its performance is beautiful. The company has successively established in-depth cooperation with head decoration enterprises such as Xingyi decoration and Shengdu home decoration, launched channel exclusive products and price system, and promoted dealers to cooperate with local small decoration / home decoration companies / design studios. During the reporting period, the company's decoration channel achieved a revenue of 529 million yuan, a year-on-year growth of 3 times.
Investment suggestion: the company continues to deepen the strategy of "all channels, multi brands and all categories", strengthen the retail competitiveness of the whole strategy, and perform well in the whole packaging channel. It is expected that the company will achieve eps1 in 2022 / 23 / 24 53 / 1.85/2.23 yuan / share, corresponding to 13X / 11x / 9x PE, maintaining the "recommended" rating.
