\u3000\u3 Shengda Resources Co.Ltd(000603) 008 Xlinmen Furniture Co.Ltd(603008) )
Core view:
On April 20, 2022, Xlinmen Furniture Co.Ltd(603008) disclosed the annual report of the company. In 2021 Xlinmen Furniture Co.Ltd(603008) achieved an operating revenue of 7.772 billion yuan, with a year-on-year increase of 38.21%. The net profit attributable to the parent company rose to 559 million yuan, a year-on-year increase of 78.29%. Among them, Q4 achieved an operating revenue of 2.729 billion yuan, a year-on-year increase of 25.74%. The net profit attributable to the parent company was 185 million yuan, a year-on-year increase of 38.83%.
In terms of categories, while the core mattress business continues to make efforts, the company has realized the second sales growth curve – the rapid improvement of the scale of soft beds and sofas. In 2021, the operating revenue of core business mattresses increased to 3.961 billion yuan, a year-on-year increase of 38.74%; The operating revenue of soft beds and supporting products was 2.42 billion yuan, a year-on-year increase of 70.02%; The operating revenue of sofa reached 1.054 billion yuan, a year-on-year increase of 46.88%. Except for the decline of operating income of wooden furniture due to strategic adjustment, the main categories have achieved significant growth.
On the channel side, the company continued to improve product competitiveness and store image, consolidated traditional property store channels, and completed the thousand store expansion plan; By the end of 2021, Xlinmen Furniture Co.Ltd(603008) (including Ximian distribution), xiatu and M & D had about 4495 exclusive stores, with a year-on-year increase of 23.39%. The company’s operating revenue from distribution stores reached 3.956 billion yuan, a year-on-year increase of 64.02%, which strongly supported the steady increase of the company’s sales revenue.
On the profit side, the gross profit margin of the company decreased to 32.00% in 2021, down 1.76 percentage points year-on-year, and the gross profit margin decreased. However, affected by the enhanced cost control, the company’s net profit margin rose instead of falling, and the net profit margin rose to 7.79%. In 2021, the company’s net profit rose to 605 million yuan, up 72.45% year-on-year, realizing rapid growth in performance.
According to the company’s business plan for 2022, the company plans to add more than 1000 stores in the traditional building materials market channel, and increase the proportion of stores opened by Ximian and Keshan. On the whole, with the continuous expansion of categories and channels, the company is still in the stage of horse racing and enclosure in the medium term, and its performance is expected to maintain a rapid growth rate.
