\u3000\u3 Shengda Resources Co.Ltd(000603) 816 Jason Furniture (Hangzhou) Co.Ltd(603816) )
The whole house large home continued to promote, channel expansion and efficiency improvement helped improve performance, and maintained the "buy" rating
In 2021, the realized income was 18.342 billion yuan (+ 44.81%) / net profit attributable to parent company was 1.664 billion yuan (+ 96.9%) / net profit not attributable to parent company was 1.427 billion yuan (+ 141.55%). Excluding the impairment of goodwill, the net profit attributable to the parent company / deducting the net profit not attributable to the parent company was + 25.2% / 32.8% year-on-year. 2021q4 / 2022q1 achieved a revenue of 5.12/4.54 billion yuan, a year-on-year increase of + 24.2% / + 20.0%, a net profit attributable to the parent company of 430 / 440 million yuan, and a year-on-year increase of + 15%. The net interest rate of 2022q1 was slightly higher than expected, mainly due to the two price increases of domestic trade, weakening the impact of rising costs, and the initial results of the reform of foreign trade value chain integration. Considering the impact of the epidemic, slightly reduce the profit forecast and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 2.023/24.47/2.947 billion respectively (originally RMB 2.052/2.496 billion from 2022 to 2023), corresponding to eps3.5 billion 20 / 3.87 / 4.66 yuan, the current share price corresponding to PE is 18.6 / 15.4 / 12.8 times, optimistic about the company's long-term development under category integration and continuous development of channels, and maintain the "buy" rating.
Category integration + channel development, multi-point synchronous growth
Deepen the integration of guest dining and sleeping space, and continuously improve the competitiveness of products: in 2021, the sales volume of sofa, mattress and other categories increased significantly under the condition of basically stable guest unit price, with a year-on-year increase of + 45.4% / + 43.5% respectively, driving the revenue of + 44.5% / + 42.8% year-on-year to reach 9.267 billion yuan / 3.338 billion yuan; Under the systematic sales, the category linkage rate increased significantly, and the revenue of supporting products was 3.14 billion yuan, a year-on-year increase of + 41%; Under the synergy of customization + software, customization realized a revenue of 660 million yuan, a year-on-year increase of + 45%. In terms of channels, diversified channel system and refined management have significantly improved store efficiency. In 2021, the company adjusted its stores to focus on multi category integrated stores, with a net decrease of 235 to 6456 stores, including 4615 self owned brands (- 232) / 1841 other brands (- 3). The average single store efficiency increased significantly, with independent brand stores (+ 49%, 3 million) and other brands (+ 25%, 1.98 million).
During this period, the rate control was good, the domestic trade price increase / foreign trade reform achieved initial results, and the profitability was improved
According to the comparable caliber, the gross profit margin in 2021 was 28.9%, with a year-on-year increase of -1.1pct. Mainly due to the rise in the price of raw materials. Affected by the freight front, the period rate was -6.2pct year-on-year. Under the comprehensive influence, the net interest rate increased from + 2.4pct to 9.3% year-on-year. Excluding the impairment of goodwill, the net interest rate decreased from - 1.4pct year-on-year. Domestic trade price increase / foreign trade reform achieved initial results, and the gross profit margin in 2022q1 increased by + 0.9pct to 29.8% month on month. During the period, the rate decreased steadily, and the net interest rate increased by + 1.5pct to 10.1% month on month.
Risk tip: the speed of expanding stores is lower than expected, the price of raw materials rises sharply, and the terminal demand drops sharply.
