\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
2022q1 revenue exceeded expectations, optimistic about the performance flexibility brought by management improvement, and maintained the "buy" rating
In 2022q1, the company's revenue was 1.999 billion yuan, a year-on-year increase of + 13.5%, and the net profit attributable to the parent company was 114 million yuan, a year-on-year increase of - 2.87%, and the net profit after deduction was 106 million yuan, a year-on-year increase of + 5.01%. The revenue side exceeded our expectations, and the pressure on the profit side was mainly due to the price fluctuation of raw materials and the impact of the epidemic. We are optimistic about the performance flexibility brought by the company's internal management and maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.4181643/1.920 billion, corresponding to EPS of RMB 1.55/1.80/2.10, and the current share price corresponding to PE of 12.1/10.4/8.9 times, maintaining the "buy" rating.
From the perspective of sub channels: the whole packaging has stepped into the track of high growth, and the distribution channels have continued to expand
The company firmly promotes the "Omni channel" strategic layout. In 2022q1, the company's distribution revenue is about 1.597 billion yuan (accounting for 79.91%), its direct sales revenue is about 62 million yuan (accounting for 3.10%), and its bulk business revenue is about 330 million yuan (accounting for 16.74%). The channel development of decoration / home decoration continued to be promoted. In 2022q1, the dealer cooperative decoration enterprises superimposed the company's direct signed decoration enterprises achieved an operating revenue of 127 million yuan, and the channel entered the track of high growth. In addition, the development of the company's dealers was smooth. The number of 2022q1 Suofeiya Home Collection Co.Ltd(002572) dealers increased by 12 to 1746, and the distribution revenue increased by 25.62% year-on-year.
Opening of stores: the number of stores has shrunk, the store efficiency has improved, and the number of stores in milanna has increased rapidly
By the end of 2022q1, the company had 2571 Suofeiya Home Collection Co.Ltd(002572) exclusive stores (159 net closed). There are 994 Simi cabinet stores (128 Jingguan). There are 296 Huahe Mumen stores (31 net). 277 Milana stores (65 net). The number of stores of the company has shrunk, the store efficiency has improved, and the net growth of channel revenue has been realized under the condition of reducing the number of stores. In addition, since its independent investment promotion in 2021, its own brand milanna has developed its channels smoothly, with a revenue of 41 million yuan in 2022q1. In 2022, the brand will continue to maintain the speed of store opening.
The net interest rate is under short-term pressure, and the improvement of internal management brings performance flexibility
In 2022q1, the gross profit margin of the company is 31.32% (+ 0.09pct) and the net profit margin is 5.70% (-0.99pct). The slight increase of gross profit rate is mainly due to the price increase of the company and the increase of income scale, and the dilution of fixed costs; The year-on-year decrease in net interest rate was mainly due to the low utilization rate of production capacity and the increase in marketing expenses. We believe that with the high level of raw materials and the gradual weakening of the negative impact of the epidemic, the profitability of the company is expected to be repaired; At the same time, the whole customization and assembly layout of the company continues to advance, and the internal management optimizes the enabling distribution system. It is expected that the performance of 2022 will be more flexible.
Risk tip: the recovery of industry demand, the expansion of new business are less than expected, and the product price adjustment is less than expected.
