\u3000\u3 Shengda Resources Co.Ltd(000603) 180 Goldenhome Living Co.Ltd(603180) )
Event: the company issued the annual report of 2021. During the reporting period, the company achieved a revenue of 3.448 billion yuan, a year-on-year increase of 30.61%; The net profit attributable to the parent company was 338 million yuan, a year-on-year increase of 15.49%; The basic earnings per share is 2.31 yuan / share. Among them, the company achieved a single quarter revenue of 1.228 billion yuan in the fourth quarter, a year-on-year increase of 19.87%; The net profit attributable to the parent company was 180 million yuan, a year-on-year increase of 24.88%.
The price of raw materials rose, and the gross profit margin of the company was under pressure. During the reporting period, the company’s comprehensive gross profit margin was 30.48%, a year-on-year decrease of 2.24%, mainly due to the sharp rise in the price of raw materials, resulting in the rise of the company’s operating costs. Among them, the single quarter gross profit margin in the fourth quarter of 2021 was 32.82%, with a year-on-year increase of 0.14% and a month on month increase of 1.46%.
The effect of expense control was obvious, and the net interest rate decreased year-on-year. The company’s expense rate during the period was 21.38%, a year-on-year decrease of 0.27%. The rates of sales / management / Finance / R & D expenses were 11.76% / 4.65% / – 0.16% / 5.13% respectively, with a year-on-year change of – 0.02% / – 0.45% / 0.14% / 0.05% respectively. Limited by the decline of gross profit margin, the company’s net profit margin during the reporting period was 9.71%, a year-on-year decrease of 1.33%. Among them, the company’s net profit margin in 21q4 single quarter was 14.58%, a year-on-year increase of 0.57% and a month on month increase of 6.72%.
The layout of the whole category is improving day by day, and the business performance of wardrobe and wooden door is outstanding. The company insists on promoting the diversified layout of categories, continues to be empowered by brand and channel advantages, the steady growth of kitchen cabinet business, and the rapid development of new categories of wardrobe and wooden door. During the reporting period, the company’s kitchen cabinet / wardrobe / wooden door business achieved revenue of 2.48/8/84 billion yuan respectively, with a year-on-year increase of 19.62% / 60.33% / 242.17% respectively, accounting for 71.94% / 23.21% / 2.44% of revenue.
Focus on retail channels and continue to deepen the omni channel development model. The company insists on taking retail channels as the core and multi-channel layout to deal with the trend of traffic fragmentation. During the reporting period, the company’s retail / bulk / overseas channels achieved operating revenue of RMB 2.07 billion / 1.145 billion / 164 million respectively, with a year-on-year increase of 29.4% / 28.22% / 51.37% respectively, accounting for 60.05% / 33.21% / 4.75% of operating revenue respectively. By the end of 2021, the company had 3031 distribution stores in total, with a year-on-year increase of 569, with 1720 / 919 / 388 / 35 kitchen cabinets / wardrobe / wooden doors / cabinet decoration halls respectively; At the same time, the company has 31 direct selling stores.
Investment suggestion: the company continues to deepen the strategic layout of all categories and channels, with outstanding performance in category expansion and continuous enhancement of channel strength. It is expected that the company will achieve eps2 in 2022 / 23 / 24 73 / 3.42 / 4.23 yuan / share, corresponding to 12x / 9x / 7X PE, maintaining the “recommended” rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
