\u3000\u3 Shengda Resources Co.Ltd(000603) 180 Goldenhome Living Co.Ltd(603180) )
Event: on April 13, Goldenhome Living Co.Ltd(603180) released the 2021 annual report. 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 parent company was 338 million yuan, a year-on-year increase of 15.49%; The net profit attributable to the parent company after deduction was 263 million yuan, a year-on-year increase of 10.79%. In 2021q4, the company realized an operating revenue of 1.228 billion yuan, 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 net profit attributable to the parent company after deduction was 158 million yuan, a year-on-year increase of 17.47%.
The whole house is customized with multiple categories to strengthen coordination, and the growth rate of wardrobe and wooden door is beautiful
Through the whole house customization strategy, the company strengthens category coordination, realizes the integrated development of bathroom balcony, smart home, kitchen appliances, household products and other categories, and meets the one-stop needs of consumers. The company gives full play to the core category advantages of customized kitchen cabinets and promotes the rapid development of wardrobe and wooden door business. In 2021, the company's kitchen cabinet business realized a revenue of 2.48 billion yuan, a year-on-year increase of 19.62%; The income of wardrobe business was 800 million yuan, a year-on-year increase of 60.33%; The revenue of wooden door business was 84 million yuan, a year-on-year increase of 242.17%.
Accelerate the transformation and expansion of retail channels and effectively control the risks of bulk businesses
In 2021, the company's retail channel revenue reached 2.07 billion yuan, a year-on-year increase of 29.40%; The revenue from bulk channels reached 1.145 billion yuan, a year-on-year increase of 28.22%; The revenue from overseas channels was 164 million yuan, a year-on-year increase of 51.37%. 1) In terms of retail channels, the company actively promoted the construction of all channels and the transformation of channel sinking, accelerated the mechanism innovation of platform branches and offices, strengthened the management of business districts, and promoted the upgrading of home decoration and decoration business models. The company has steadily promoted the expansion of stores. As of December 31, 2021, the number of kitchen cabinet / wardrobe / wooden door / packaged hall stores of the company has increased by 135 / 197 / 207 / 30 to 1720 / 919 / 388 / 35 respectively. 2) In terms of bulk business, the company strengthened risk management, promoted the optimization of customer structure, and further strengthened strategic cooperation with central enterprises, local state-owned enterprises and high-quality private enterprises. The advantages of engineering agent model were prominent, and large impairment losses were not accrued. 3) In the overseas market, the company focuses on promoting the expansion of RTA distributors in the North American market and accelerating the signing and implementation of engineering projects; The Australian market has achieved market breakthrough in the mode of engineering subcontracting; Strengthen the channel layout of retail stores in the Asian market.
In the past 21 years, the profitability has been under short-term pressure, and the effect of expense management is remarkable
In 2021, the company's comprehensive gross profit margin was 30.48%, a year-on-year decrease of 2.25 PCT, mainly due to the rise in the price of raw materials and the early locking of the price of bulk orders. The company conducted price adjustment and hedging in Q4, and the gross profit margin increased by 1.46pct month on month. During the period, the expense rate was 21.38%, with a year-on-year decrease of 0.27pct, and the expense rates of sales / management / R & D / finance were 11.76% / 4.65% / 5.13% / - 0.16% respectively, with a year-on-year decrease of -0.02 / - 0.45 / + 0.05 / + 0.14pct respectively.
Investment suggestion: the company actively promotes digital transformation and upgrading, makes comprehensive efforts through multiple channels and categories, and the wardrobe and wooden door grow rapidly. The company launched the employee equity incentive plan in 21 years, and the net profit CAGR in 22-23 years is no less than 20%, demonstrating the confidence of long-term development. We estimate that the operating revenue of Goldenhome Living Co.Ltd(603180) 20222024 will be 4.296 billion yuan, 5.261 billion yuan and 6.427 billion yuan, with a year-on-year increase of 24.60%, 22.46% and 22.16%; The net profit attributable to the parent company was RMB 414 million, 516 million and 621 million, with a year-on-year increase of 22.49%, 24.64% and 20.35%, corresponding to PE of 12.2x, 9.8x and 8.1x, maintaining the investment of buy-a
Rating.
Risk warning: market competition intensifies the risk; The expansion of channel categories is less than the expected risk; Risk of rising raw material prices.
