Overview of Views:
The performance of leading furniture companies has grown steadily, and the real estate data is expected to pick up with the support of policies. Under the influence of the downward trend of completion, the furniture leader still shows the certainty of performance growth Jason Furniture (Hangzhou) Co.Ltd(603816) , Xlinmen Furniture Co.Ltd(603008) Q1 performance maintained rapid growth, while customized home leading Q1 order receiving data achieved high growth against the trend. The relaxation of the real estate policy of “implementing policies for the city” continues, and the real estate sales data is expected to improve in the future, which will drive the overall demand of the furniture industry to rise. At present, we can pay attention to the leading enterprises with strong performance certainty, and at the same time, we can layout undervalued furniture enterprises in advance.
The plans of e-cigarette retail outlets around the country have been announced one after another, and the head brand still has advantages in the new channel system. Recently, many places have successively announced the planning of e-cigarette retail outlets. From the published provinces and cities, the number of e-cigarette retail licenses is relatively limited, there are a large number of existing retail outlets, and some of them will stop selling e-cigarettes in the future. Previously, the head brand has deeply cultivated the channel, established awareness and influence between the stock retail operators and consumers, and is expected to still occupy the main market share in the future. Focus on smore international, the leading manufacturer in close cooperation with head brands.
Market Review
This week, the textile and garment industry rose by 4.09%, and the light industry manufacturing fell by 4.40%, ranking first and 16th among Shenwan’s 31 primary industries respectively. In terms of index, the Shanghai Composite Index fell 3.87% and the Shenzhen composite index fell 5.12%. The rise and fall of textile clothing sub sectors are as follows: printing and dyeing 8.83%, shoes, hats and other 8.56%, cotton spinning 7.30%, home textile 6.10%, non sports clothing 5.78%, other textiles 4.57%, accessories 0.05%, clocks and jewelry – 3.74%. The rise and fall of each sub sector of light industry manufacturing are: entertainment products 1.78%, finished household products – 2.21%, sanitary products – 3.78%, paper packaging – 3.85%, plastic packaging – 4.40%, ceramic tile floor – 4.89%, printing – 5.24%, special paper – 5.42%, bulk paper – 5.78%, customized household products – 7.72% and metal packaging – 9.05%.
Key tracking:
[ Joy Kie Corporation Limited(300994) | annual report & first quarterly report] the company’s revenue in 2021 was 3.71 billion yuan, a year-on-year increase of + 62.31%; The net profit attributable to the parent company was 205 million yuan, a year-on-year increase of + 30.91%; Deduct 189 million yuan of non return to parent, a year-on-year increase of + 34.68%. Among them, Q4 revenue was 1.116 billion yuan, a year-on-year increase of + 24.82%; The net profit attributable to the parent company was 58 million yuan, a year-on-year increase of – 5.48%; Deduct 51 million yuan of non return to parent, which was not disclosed year-on-year.
In 2022q1, the revenue was 774 million yuan, a year-on-year increase of + 3.31%; The net profit attributable to the parent company was 42 million yuan, a year-on-year increase of + 27.41%; RMB 4.2 billion for non parent company and RMB 3.8% for non parent company.
Key recommendations:
[key recommendations] Joy Kie Corporation Limited(300994) , Huali Industrial Group Company Limited(300979) , Li Ning, Shenzhou International, Minhua holdings, Jason Furniture (Hangzhou) Co.Ltd(603816)
Risk tip: the macroeconomic downturn affects purchasing power, the epidemic development exceeds expectations, and policy risks.
