\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
Main points:
Event: the company released its annual report for 2021, and its revenue exceeded the 10 billion mark. The company achieved a revenue of 10.407 billion yuan in 2021, a year-on-year increase of + 24.59%; The net profit attributable to the parent company was 123 million yuan, a year-on-year increase of - 89.72%; Among them, Q4 revenue was 3.163 billion yuan, a year-on-year increase of - 2.92%; The net profit attributable to the parent company was -726 million yuan, mainly due to the impairment of 909 million yuan for Evergrande, and the adjusted Q4 net profit was 183 million yuan, a year-on-year increase of - 63%. Q4's profit is under short-term pressure due to factors such as rising prices of raw materials, increased expenses and dealer subsidies.
Wardrobe wood has made steady efforts, and milanna and finishing channels have continued to expand. The company continued to promote the strategic layout of "all channels, multi brands and all categories", with a wide coverage of brand and product positioning, and further promoted the construction of all channels such as retail and packaging. In terms of products, the company's revenue of wardrobe and supporting / cabinet / wooden door in 21 years was 8.27/14.2/458 billion yuan respectively, with a year-on-year increase of + 23% / + 17.3% / + 56.9% respectively; Among them, the growth rate of wooden doors is bright, and the wardrobe and cabinet are steady. In terms of distribution channels, the company's sales revenue of distribution channels in 21 years was 8.36 billion yuan, a year-on-year increase of + 28%. The number of distributors of Suofeiya Home Collection Co.Ltd(002572) / Simi / Suofeiya Home Collection Co.Ltd(002572) wooden door / Huahe was + 82 / - 29 / + 141 / + 84 respectively, and the number of stores was + 11 / + 14 / + 195 / + 22 respectively, of which milanna performed well as a light fashion and cost-effective brand. At the end of 21, the number of stores reached 212 and the number of dealers reached 360. The growth rate of decoration channels is rapid, with a revenue of 529 million yuan, about three times that of 20 years. The company has carried out in-depth cooperation with head decoration enterprises such as Xingyi decoration and Shengdu home decoration, and promoted the cooperation between dealers and local small decoration companies to further promote the construction of decoration channels. The revenue of bulk channels was 1.604 billion yuan, a year-on-year increase of + 6.6%. The company will continue to optimize the customer structure, fully withdraw impairment, and strengthen the control of accounts receivable and risk.
The whole customization is expected to increase the customer unit price and deepen the reform. The company is expected to further upgrade the overall positioning of home appliances from "customization of software products and cabinets" to "customization of seven categories of home appliances" in December, and is expected to further improve the overall brand value of home appliances; In addition, in terms of management team, general manager Yang Xin promoted a series of deepening reform measures after joining, which is expected to be gradually fulfilled in 22 years. We expect the company's revenue of 22-24 years to be 122.19/141.15/170.44, respectively + 17.4% / 15.5% / 20.7%, and the net profit attributable to the parent company to be 1.442/17.55/2.103 billion yuan, a year-on-year increase of + 1076.6% / 21.7% / 19.8%. The company's 22 young clothes are in the battle, and the reform effect is expected, so it is rated as "buy".
Risk tips
The risk of real estate policy regulation, the risk of rising raw materials, the risk of intensified competition, and the risk of repeated epidemics.
