\u3000\u3 Shengda Resources Co.Ltd(000603) 180 Goldenhome Living Co.Ltd(603180) )
On April 13, 2022 Goldenhome Living Co.Ltd(603180) disclosed the annual report of the company. The annual report shows that in 2021, the company achieved an operating revenue of 3.448 billion yuan, a year-on-year increase of 30.61%; The net profit attributable to the shareholders of the listed company was 338 million yuan, a year-on-year increase of 15.49%; The non net profit deducted was 263 million yuan, a year-on-year increase of 10.79%. Among them, in the fourth quarter, the company achieved an operating revenue of 1.228 billion yuan, a year-on-year increase of 19.87%; The net profit attributable to the parent company reached 180 million yuan, with a year-on-year increase of 24.88%, and the profit situation improved significantly.
Focusing on epitaxial growth and accelerating the category coverage of blank market, the company accelerated the channel layout and terminal sinking, focused on the company’s omni-channel “1 + n” strategic layout, and realized the strategic layout of “thousands of cities and thousands of stores”. In 2021, the company’s dealer channel operating revenue reached 2.07 billion yuan, a year-on-year increase of 29.40%. On the whole, the company has actively accelerated the channel layout and terminal sinking, and the channel expansion of the company’s wardrobe and wooden door has not ended. In terms of bulk business, in 2021, the company signed strategic centralized purchase agreements with 45 top 100 real estate enterprises, accelerated the expansion of wardrobe, wooden door and other categories, and gradually built a new growth power. In 2021, the company realized an operating revenue of 1.145 billion yuan through bulk channels, with a year-on-year increase of 28.22%.
In terms of profit level, the company’s gross profit margin in 2021 was 30.48%, a year-on-year decrease of 2.25 percentage points, continuing the downward trend of gross profit margin since 2017. There are two main reasons for the sharp decline of gross profit margin: (1) the competitive environment of sustainable bulk business is deteriorating, and the gross profit margin of bulk business is down by 5.21 percentage points; (2) Affected by the soaring prices of shipping and raw materials, the gross profit margin of the company’s overseas business decreased significantly, falling to 26.48%, down 10.13 percentage points year-on-year.
Looking forward to the future, we believe that the company is still in the stage of enclosure and channel laying, and the operating revenue is expected to maintain a relatively rapid growth in 2022. However, considering the continuous deterioration of the current competitive environment for bulk business and the rise of raw material prices, combined with the impact of possible impairment of accounts receivable, the company’s net profit is expected to maintain a steady growth trend in 2022.
