\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
On April 12, 2022, Suofeiya Home Collection Co.Ltd(002572) disclosed the annual report of the company. The annual report shows that Suofeiya Home Collection Co.Ltd(002572) achieved an operating revenue of 10.407 billion yuan in 2021, with a year-on-year increase of 24.59%, reaching the target of 10 billion yuan. Affected by the Evergrande thunderstorm, the net profit attributable to the parent company decreased to 123 million yuan, a year-on-year decrease of 89.72%. Among them, Q4 achieved an operating revenue of 3.163 billion yuan, a year-on-year decrease of 2.92%. The net profit was -723 million yuan, with a single quarter loss for the first time since the first quarter of 2020.
By category, the operating revenue of the company’s wardrobe business was 8.269 billion yuan, an increase of 23.38% over the same period in 2020. With the slow opening of stores, the growth of the company’s wardrobe revenue depends more on the increase of the amount of goods picked up by a single store, and the price increase is also an important measure to increase revenue Suofeiya Home Collection Co.Ltd(002572) factory end-user unit price increased by 9.63% year-on-year in 2020. In addition to Suofeiya Home Collection Co.Ltd(002572) brand, milanna, the company’s Internet light fashion brand, also attracted investment independently in 2021. However, it is worth noting that milanna had 360 dealers and 212 exclusive stores by the end of 2021, which is lower than the annual target of 350 stores set in 2020 and lower than expected. In addition to the wardrobe business, the company’s business has gradually expanded to cabinets, wooden doors and other categories. Driven by the expansion of dealer channels, the revenue of wooden door and kitchen cabinet business was 458 million yuan and 1.42 billion yuan respectively, with a year-on-year increase of 56.86% and 17.25%.
Affected by the company’s promotion strategy and the substantial increase of product SKU in a short time, the company’s gross profit margin fell to 33.2%, down 3.4 percentage points year-on-year. Superimposed on the impact of Evergrande thunderstorm on the company, the net profit of the company decreased to 153 million yuan in 2021, a year-on-year decrease of 87.43%.
We believe that after a long period of horse racing and enclosure, the company’s traditional dealer channels may have gradually shifted from pursuing the growth of quantity to the growth of quality. With the launch of the “whole customization” strategy and the strengthening of dealer management, new brands and new channels such as milanna and finishing business will become the company’s new growth point.
