\u3000\u3 Shengda Resources Co.Ltd(000603) 833 Oppein Home Group Inc(603833) )
The overall revenue and profit grew steadily, and the profit margin and expense rate declined. In 2021, the company realized an operating revenue of 20.442 billion yuan, a year-on-year increase of 28.7%; The net profit attributable to the parent company was 2.666 billion yuan, a year-on-year increase of 29.2%. The gross profit margin was 31.6%, a year-on-year decrease of -3.4pp, which was mainly due to the increase in the proportion of low gross profit category income and the rise in the price of raw materials. The cost rate has been optimized, among which the sales cost rate is – 1.0pp to 6.8% year-on-year; The rate of administrative expenses was – 1.3pp to 10.0% year-on-year; The R & D expense ratio was – 0.3pp to 4.4% year-on-year. The operating profit margin was 15.0%, year-on-year -1.4pp; The net interest rate was 13.0%, year-on-year -1.0pp. Further improve the operation efficiency; Sufficient cash flow.
Category: fast growth of wardrobe and supporting and wooden door business. Benefiting from the packaged home strategy, the company’s supporting products and wooden door business grew rapidly, with a year-on-year increase of 49.5% and 60.4% respectively. The revenue of wardrobe and supporting business has exceeded 10 billion, which has become an important engine for the growth of European school. In terms of growth contribution rate, cabinets contribute 26% to income growth and wardrobe and supporting facilities contribute 60%. The gross profit margin fell in all categories.
Sub channel: retail business is growing fast. Among retail channels, Direct stores and distribution stores increased by 47.3% and 40.2% respectively year-on-year. Retail channels grew rapidly. In terms of growth contribution rate, distribution channels contributed 80% to revenue growth. Gross profit margin declined in all channels.
The channels are laid out in an all-round way, and the whole house is launched in an all-round way. In 2021, europay continued to arrange multiple channels, including bag carrying, e-commerce, home decoration, decoration, distribution and other channels to obtain customers in an all-round way. By the end of 2021, the orders received by the whole house business and the new whole house brand “Star House” had exceeded 2 billion and 500 million respectively.
The stores continued to expand and upgrade, and the revenue of Opel increased rapidly. By the end of 2021, oupai had 7475 terminal stores in total, an increase of 363 over the previous year and 1622 new stores. Opelli’s revenue increased rapidly in 2021, with a year-on-year increase of + 65.8% to 1.426 billion yuan. In 2021, on the one hand, oberli’s brand positioning will be clearer and focus on young users; At the same time, broaden the price band and effectively expand the customer base. On the other hand, realize the omni-channel ecological chain of self retail upgrading + bag carrying + decoration enterprises + e-commerce, and seize the passenger flow to the greatest extent; At the same time, the sales model has expanded from the wardrobe to the full category and full room customization of “wardrobe, bathroom + electrical appliances + home accessories”, so as to realize the transformation and upgrading of the terminal profit model.
Risk warning: repeated epidemic situation; Deterioration of competition; Damaged brand image; Systemic risk.
Investment suggestion: be optimistic about the leading competitive advantage under the channel reform. We are optimistic about Oppein Home Group Inc(603833) the market leading position in the field of customized home furnishings, with strong product power, channel power, brand power and forward-looking strategic layout. The year-on-year growth rate of net profit is expected to be 1.68 billion yuan, 1.68 billion yuan in 2021 and 1.72 billion yuan in 2022, respectively. Maintaining a reasonable valuation corresponds to 32.8 ~ 33.9xpe in 2022, and the reasonable valuation range is 169.7 ~ 175.3 yuan, maintaining the “buy” rating.
