\u3000\u3 Shengda Resources Co.Ltd(000603) 833 Oppein Home Group Inc(603833) )
Core view:
On April 22, 2022, Oppein Home Group Inc(603833) disclosed the annual report of the company. In 2021, Oppein Home Group Inc(603833) achieved an operating revenue of 20.442 billion yuan, a year-on-year increase of 38.68%. The net profit attributable to the parent company rose to 2.664 billion yuan, a year-on-year increase of 29.16%. Among them, Q4 achieved an operating revenue of 6.040 billion yuan, a year-on-year increase of 20.60%. The short-term profit was 51.01 billion yuan, a year-on-year decline.
In 2021, the operating revenue of the company’s distributors and direct channels reached 16.267 billion yuan, a year-on-year increase of 40.44%. When the channel expansion is relatively slow, the growth of operating revenue depends more on the improvement of single store revenue. With the continuous release of the demand squeezed after the epidemic, the company continues to expand new channels such as packing and bag check-in, helping to continuously improve the income of single stores. Under the background of continuous thunderstorm of real estate customers, europay bulk business complies with market changes, actively adjusts business rhythm, strictly controls risks and strives for progress while maintaining stability. In 2021, the company’s revenue from bulk business channels reached 3.673 billion yuan, a year-on-year increase of 36.92%.
In terms of decoration business, the annual order receiving performance of decoration home increased by more than 90% year-on-year, realizing rapid growth. First, launch a new brand “starhomes Star House” to realize the integration of dual brands into the whole customized track; The second is to continuously evolve in the form of customized products as the core + resource integration + Shuanglong alliance, effectively supplement the product shortcomings of home decoration companies, and further strengthen the ability of terminals;
Affected by the rise of raw materials and the decline of gross profit margin of bulk business, the gross profit margin of the company decreased to 31.62% in 2021, down 3.39 percentage points year-on-year. The net profit attributable to the parent company rose to 2.664 billion yuan, a year-on-year increase of 29.16%. Among them, the net profit attributable to the parent decreased to 552 million yuan in the fourth quarter, down 9.84% year-on-year, the first decline since the first quarter of 2020.
Looking ahead, considering the continuous decline of real estate, the company’s bulk business may face great downward pressure in 2022. With the continuous promotion of the strategy of big home, the expansion of the company in new categories such as wardrobe and wooden door is also continuing. We expect the performance of the company to maintain a relatively stable growth rate in 2022.
