\u3000\u3 Shengda Resources Co.Ltd(000603) 008 Xlinmen Furniture Co.Ltd(603008) )
Event: the company released the first quarterly report of 2022. During the reporting period, the company achieved a revenue of 1.405 billion yuan, a year-on-year increase of 12.35%; The net profit attributable to the parent company was 54 million yuan, a year-on-year decrease of 36.18%; The net profit per share was RMB 1.28 billion yuan / share, with a year-on-year increase of RMB 1.28 billion yuan / share.
Gross profit margin decreased slightly, deducting non net profit margin to maintain stability year-on-year. In the first quarter of 2022, the company’s comprehensive gross profit margin was 34.26%, a year-on-year decrease of 0.2% and a month on month increase of 1.04%. During the period, the expense rate of the company was 30.48%, with a year-on-year increase of 0.58% and a month on month increase of 8.34%. Among them, the sales expense rate was 19.93%, with a year-on-year decrease of 1.45%; The management expense ratio was 6.4%, with a year-on-year increase of 1.4%; The financial expense ratio was 1.33%, with a year-on-year increase of 0.47%; The R & D expense ratio was 2.81%, with a year-on-year increase of 0.16%. During the reporting period, the company’s net interest rate was 4.33%, down 3.46% year-on-year and 2.95% month on month; The net interest rate after deduction was 3.5%, up 0.02% year-on-year and down 2.77% month on month.
Categories, channels and brands have been upgraded in an all-round way, and the core competitiveness has been continuously enhanced. In terms of categories, the company takes the mattress business as the cornerstone, expands to the categories of soft beds and sofas, improves the category layout of soft furniture, and has broad space for collaborative growth of categories. In terms of channels, the company consolidated its traditional distribution channels and completed the thousand store expansion plan in 21 years. By the end of the year, the number of stores had reached 4495. At the same time, it continued to layout new business forms and online live broadcasting channels, and the traffic matrix was growing day by day. In terms of brand, the company continues to promote brand transformation and upgrading, and is committed to building a national brand. Through inviting spokespersons, sponsorship and KOL grass planting, the company promotes and improves brand awareness in an all-round way, and the brand influence continues to increase.
Investment suggestion: the company has coordinated development of multiple categories, broad growth space, deepening the omni-channel strategy, and investing heavily in building national brands. It is expected that the company will achieve eps1 in 2022 / 23 / 24 85 / 2.4 / 3.05 yuan / share, corresponding to 14x / 11x / 9x PE, maintaining the “recommended” rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
