Household sector: (1) Oppein Home Group Inc(603833) : the revenue / net profit attributable to parent company / net profit deducted from non net profit increased by 39% / 29% / 30% in the same period in 21 years, of which Q4 changed by + 21% / – 10% / – 9% year-on-year. Due to the rise in the price of raw materials, the change of channel & product structure and impairment provision, the profit was under pressure. (2) Jason Furniture (Hangzhou) Co.Ltd(603816) : 22q1 revenue / net profit attributable to parent company / non net profit deducted increased by 20% / 15% / 20%, 21 year revenue / net profit attributable to parent company / non net profit deducted increased by 44.81% / 25.16% (excluding goodwill impairment, the same below) / 32.72%, Q1 performance slightly exceeded expectations. (3) Xlinmen Furniture Co.Ltd(603008) : 22q1 revenue / net profit attributable to parent company / net profit deducted + 12.35% / – 36.18% / + 12.85% year-on-year change, 21 year revenue / net profit attributable to parent company / net profit deducted + 38.21% / 78.29% / 58.19% year-on-year increase, Q1 performance meets expectations. Under the pressure of the epidemic and real estate, the policy is expected to continue to increase, and the valuation of the home sector is expected to be further repaired. At the present stage, the valuation level of key household enterprises has been relatively cost-effective, which is at the bottom of the historical valuation center. They are optimistic about the customization leader Oppein Home Group Inc(603833) , the software household leader Jason Furniture (Hangzhou) Co.Ltd(603816) and the high-quality mattress enterprise Xlinmen Furniture Co.Ltd(603008) . It is suggested to pay attention to the flexible target Suofeiya Home Collection Co.Ltd(002572) of continuous improvement of corporate governance and Zbom Home Collection Co.Ltd(603801) .
Paper sector: (1) cultural paper: the price of cultural paper decreased slightly month on month this week. On the demand side, some social orders have weakened due to the impact of the epidemic (some printing plants shut down); On the cost side, the pulp price fluctuates at a high level, and there is still some support. Sun, app and other cultural paper increased by 300 yuan / ton since March 1, and increased by 300 yuan / ton again from April 1. At present, the ton price of double offset paper and coated paper has increased by about 300 yuan / ton compared with the beginning of March, and the first round of price increase letters have basically been implemented. (2) Packaging paper: the price of box board corrugated paper increased slightly month on month this week. On the demand side, the stock level of base paper in the packaging factory is not high, and some of them are replenished appropriately, but the release of terminal demand is limited; On the cost side, China’s waste paper market has a small supply of goods as a whole, with the superimposed impact of the epidemic, higher freight rates and higher recycling prices in the packaging bin. We suggest paying attention to the cultural paper leader Shandong Sun Paper Co.Ltd(002078) (estimated Q1 net profit of 600 million +), the special paper targets Xianhe Co.Ltd(603733) , Quzhou Wuzhou Special Paper Co.Ltd(605007) and Hangzhou Huawang New Material Technology Co.Ltd(605377) .
Risk tips: 1 Repeated epidemic impact; 2. Sharp decline in demand; 3. Policy risks.
