\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
Event: on April 12, Suofeiya Home Collection Co.Ltd(002572) issued the annual report for 2021. In 2021, the company realized an operating 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%; The net profit attributable to the parent company after deduction was 32 million yuan, a year-on-year decrease of 96.98%. In 21q4, the company realized an operating revenue of 3.163 billion yuan, a year-on-year decrease of 2.95%; The net profit attributable to the parent company is -726 million yuan, and the net profit attributable to the parent company after deducting non-profit is -759 million yuan. In 2021, the provision for impairment related to Evergrande's accounts receivable was 909 million yuan, with a comprehensive provision ratio of more than 76%; After reducing the impairment loss, the net profit attributable to the parent company in 2021 was 1.032 billion yuan, a year-on-year decrease of 13.5%.
Accelerate the development of multiple categories of cabinet clothing wood, and upgrade the strategy of "whole family customization"
By category, in 2021, the income of wardrobe and its supporting products reached 8.269 billion yuan, a year-on-year increase of 23.38%, accounting for nearly 80%. Among them, there are 212 new stores and 360 new dealers in milanna, with an estimated revenue of about 100 million yuan in 2021; The revenue of cabinets and their accessories was 1.42 billion yuan, a year-on-year increase of 17.25%, and the growth of the same store was steady under the condition of the overall slowdown in the opening of stores; The revenue of wooden doors reached 458 million yuan, with a year-on-year increase of 56.86%, mainly due to the accelerated layout of the blank market. Among them, 217 to 799 wooden door stores were added in 2021. At the same time, in 2022, the company will focus on promoting the customization and upgrading strategy of the whole family, meet the one-stop purchase demand of all categories with the help of more complete high-quality home space solutions, and implement the C6 plan to promote the continuous improvement of customer unit value.
With the efforts of all channels, the retail reform is in progress, and the packaged business is accelerated to expand
By channel, the retail channel achieved a revenue of 8.36 billion yuan in 2021, a year-on-year increase of 27.99%, accounting for 80.33%. In 2021, the unit price of Suofeiya Home Collection Co.Ltd(002572) retail customers was 14491 yuan / order (excluding Simi cabinet and wooden door), with a year-on-year increase of 9.63%. By strengthening active marketing and fine operation in the way of "city re cutting", the company radiates new opportunities in the reform of retail business; In 2021, the revenue from direct channels reached 342 million yuan, a year-on-year increase of 36.94%, accounting for 3.29%; The revenue from bulk business channels was 1.604 billion yuan, a year-on-year increase of 6.64%, accounting for 15.41%. Among them, in 2021, the revenue of the company's decoration channel was 529 million yuan, with a year-on-year increase of 204%. The company has in-depth cooperation and empowerment with national high-quality decoration enterprises to accelerate the expansion of decoration channels, and the decoration business may become a new growth point in the future.
21q4 profitability is under pressure in the short term, and the expenses are generally stable during the period
In 2021, the company's comprehensive gross profit margin was 33.21%, down 3.35pct year-on-year; In 2021q4, the comprehensive gross profit margin was 28.75%, down 5.46pct year-on-year and 7.00pct month on month. We believe that it is mainly due to the rise in the price of raw materials, dealer subsidies, the inclusion of transportation expenses in the cost item and the increase of marketing investment in the short term. With the decline of 22q1 raw material prices month on month, the company's new customization strategy has been steadily promoted, the marketing investment is more accurate and uniform, and the profitability is expected to be repaired. In terms of period expenses, the company's expense rate in 2021 was 20.15%, with a year-on-year increase of 0.76pct. Among them, the sales expense ratio increased by 0.52pct to 9.70% year-on-year, mainly due to the expansion of new businesses and new channels, and the increase of labor costs and travel expenses; The management expense ratio decreased by 0.31pct to 7.01% year on year,; The R & D expense ratio increased by 0.31pct to 2.79% year-on-year, mainly due to the company's increasing R & D investment and developing new products; The financial expense rate increased by 0.23pct to 0.65% year-on-year, mainly due to the increase of the company's bill discount business and bank borrowings.
Investment suggestions: Suofeiya Home Collection Co.Ltd(002572) continue to promote the strategy of "all channels, multi brands and all categories", introduce industry talents, constantly optimize the management structure, refine the channel management and upgrade the whole customization strategy, lead the positive change of retail channels, accelerate the expansion of new channels such as packaging, and light packaging will be launched in 2022 after the impairment of large accounts receivable is accrued in a high proportion. We estimate that the operating revenue of Suofeiya Home Collection Co.Ltd(002572) 20222024 will be 12.302 billion yuan, 14.790 billion yuan and 18.056 billion yuan, with a year-on-year increase of 18.21%, 20.22% and 22.08%; The net profit attributable to the parent company was 1.403 billion yuan, 1.731 billion yuan and 2.131 billion yuan, with a year-on-year increase of 104460%, 23.38% and 23.08%, corresponding to PE of 13.1x, 10.6x and 8.6x. The performance increased steadily and maintained the investment rating of buy-a.
Risk warning: industry competition intensifies the risk; The risk that the reform results fail to meet the expectations; Risk of rising raw material prices.
