\u3000\u3 Shengda Resources Co.Ltd(000603) 833 Oppein Home Group Inc(603833) )
In 2021, the revenue slightly exceeded our expectations, and the advantages of big home are prominent, maintaining the “buy” rating
In 2021, the company achieved a revenue of 20.442 billion yuan (+ 38.68%), a net profit attributable to the parent company of 2.666 billion yuan (+ 29.23%), deducting a net profit not attributable to the parent company of 2.510 billion yuan (+ 29.72%), and the annual revenue and profit achieved rapid growth. In 2021q4, the revenue is 6.040 billion yuan (+ 20.60%), the net profit attributable to the parent is 552 million yuan (- 9.84%), and the net profit not attributable to the parent is 497 million yuan (- 9.38%). The profit side of a single quarter is under pressure. Considering the impact of the epidemic, the profit forecast is lowered and the profit forecast for 2024 is added. It is estimated that the net profit attributable to the parent company in 20222024 will be 3.061/35.944246 billion yuan (originally 3.5214261 billion yuan in 20222023), the corresponding EPS will be 5.03/5.90/6.97 yuan, and the current share price will be 24.1/20.5/17.4 times that of PE. We are optimistic about the strength of the whole customization and packaging channel of the company, and the continuous improvement of customer unit price and conversion rate under the big home strategy, Maintain the “buy” rating.
Revenue split: the double leading position of cabinet and clothing is firm, and the whole decoration channel performs brilliantly
In terms of products, in 2021, the revenue of cabinet / wardrobe / bathroom / wooden door was 7.53 billion yuan (+ 24.2%) / 10.17 billion yuan (+ 49.5%) / 990 million yuan (+ 33.7%) / 1.24 billion yuan (+ 60.4%), the synergy of the whole category was strengthened, and the leading position of cabinet and clothing was stable (the revenue proportion was 36.8% / 49.8% respectively). In terms of distribution channels, the revenue of distribution channels in 2021 was 15.680 billion yuan (+ 40.2%), of which the annual order receiving amount of packaged channels was about 2.4 billion yuan (+ 92%), which is expected to continue high growth under the improvement of product lines. The revenue of Engineering channels in 2021 was 3.67 billion yuan (+ 36.92%). Under the influence of the real estate downturn, the growth rate of revenue in 2021q4 slowed down month on month, and the proportion of revenue decreased slightly to 17.9%. In 2023, there were 44 stores (including platinum and wooden cabinets) + 217 stores outside the door of Europe and China, including the number of + 77 stores outside the door of Europe and China, and the number of other stores was + 217.
Profitability: excellent fee control ability, and the net interest rate in 2021q4 is under pressure
In 2021, the company’s overall gross profit margin was 31.6% (- 3.4pct), with a large decline, mainly due to the rise in the price of raw materials, while the company raised the price of supplies slightly to help dealers. The annual sales / management / R & D / financial expense ratio decreased by 1.00/0.99/0.30/0.33pct to 6.78% / 5.54% / 4.44% / – 0.56% respectively year-on-year, and the expense ratio decreased by 2.62pct to 16.19% during the period, mainly due to the rapid increase of revenue scale, cost reduction and efficiency increase realized by fine control and standardized operation. Nearly 200 lean improvement projects were carried out in 2021. Under the comprehensive influence, the net interest rate in 2021 is 13.04% (-0.95pct) and that in 2021q4 is 9.14% (-3.09pct), which puts pressure on the profitability of a single quarter.
Risk warning: the recovery of terminal demand is less than expected; The expansion speed of the whole equipment slows down; The epidemic situation is repeated.
