\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
Event: the company announced in its 2021 annual report that in 2021, it achieved a revenue of 5.153 billion yuan, a year-on-year increase of + 34%, a net profit attributable to the parent of 506 million yuan, a year-on-year increase of + 28%, and a net profit not attributable to the parent of 460 million yuan, a year-on-year decrease of + 28%. The company announced that in the first quarterly report of 2022, 22q1 achieved an operating revenue of 759 million yuan, a year-on-year increase of + 11%, and the net profit attributable to the parent was 51.29 million yuan, a year-on-year increase of + 1.37%; Deduct 39.86 million yuan of non parent net profit, a year-on-year increase of - 16%.
Comments:
The coordination of high value-added categories of wardrobe and wooden door has been gradually realized, and the expansion of various channels has been accelerated and the integration layout has been deepened. In terms of products, the company's multi category layout is becoming more and more perfect. In 2021, the revenue of kitchen cabinets / wardrobe / wooden doors was 2.934 billion yuan / 1.76 billion yuan / 170 million yuan respectively, with a year-on-year increase of 17.43% / 54.25% / 291.53%. The growth rate of wardrobe and wooden doors is significant, and the multi category synergy is gradually emerging. By channel, the revenue from distribution channels / bulk channels / direct channels in 2021 was 2.753 billion yuan / 1.651 billion yuan / 322 million yuan respectively, with a year-on-year increase of 29.57% / 40.59% / 39.97%. In terms of stores, in 2021, there will be a net increase of 115 to 1691 cabinet stores, strengthen the layout of sinking market, a net increase of 195 to 1619 wardrobe stores, improve the layout of blank market, a net increase of 196 to 399 wooden doors, and focus on developing engineering channels. The total number of stores at the end of the year reached 3742; The company's kitchen, clothing and wood products integration stores are gradually increasing, and the layout of packaging channels is strengthened under the improvement of product system; Bulk channels continued to optimize the structure of bulk customers and strengthen payment collection management. At the end of the reporting period, the top 100 real estate customers accounted for 34%.
The short-term gross profit margin declined and the net profit margin was basically stable. In terms of gross profit margin, in 2021, the company's gross profit margin decreased by 1.83pct to 36.24% year-on-year, of which the gross profit margin of customized kitchen cabinet / customized wardrobe / wooden door was 40.50% / 34.43% / 13.04% respectively, with a year-on-year change of -1.34pct / + 1.03pct / - 2.94pct. The increase of wardrobe gross profit margin was mainly due to the profit release caused by scale effect; The gross profit margin of 21q4 / 22q1 by quarter was 36.05% / 35.08% respectively, with a year-on-year decrease of -2.32pct / - 1.39pct respectively. The decline of gross profit margin was mainly due to the rise of raw material prices. The optimization of the company's supply chain and the selection of low-risk bulk customers released part of the profit space. In terms of expense rate, the company's expense rate in 2021 was 24.49%, with a year-on-year rate of -1.76pct, and the expense rate in 22q1 was 30.92%, with a year-on-year rate of + 1.26pct, mainly due to the increase of sales expense rate. In terms of net interest rate, the net interest rate attributable to the parent company in 2021a / 22q1 was 9.81% / 6.76% respectively, with a year-on-year increase of -0.49pct / -0.65pct. The difference between the net profit attributable to the parent company and the net profit deducted from non attributable to the parent company is mainly due to government subsidies. In terms of cash flow, the operating cash flow in 2021 was 496 million yuan, a year-on-year increase of - 23.57%, 22q1 was - 293 million yuan (21q1 was - 200 million yuan), mainly due to the increase in sales, the increase in procurement and expenses, and the appropriate increase in the inventory of raw materials in response to the epidemic and the rise of raw materials.
Profit forecast: the growth momentum of the company's wardrobe and wooden door new products is strong, the integration and expansion of retail channels is accelerated, and the structure of bulk customers is continuously optimized in the post real estate cycle. It is expected to continue to improve with the marginal improvement of raw materials and epidemic situation in the second half of the year. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 599 million yuan, 693 million yuan and 789 million yuan respectively, with a year-on-year increase of 18.6%, 15.6% and 13.9% respectively. At present (2022 / 4 / 26) the share price corresponds to 12x PE in 2022, maintaining the "buy" rating.
Risk factors: real estate policy risk, industry competition risk, raw material price fluctuation risk.
