\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
Core view
In fy2021, the income of wardrobe and wooden door increased rapidly, and the overall profit was under pressure in the short term. In 2021, the company realized an operating revenue of 5.153 billion yuan, a year-on-year increase of + 34.2%; The net profit attributable to the parent company was 506 million yuan, a year-on-year increase of + 27.8%; Deduction of net profit not attributable to the parent company was 460 million yuan, a year-on-year increase of + 28.3%. The gross profit margin was 36.2%, with a year-on-year decrease of -1.8pp. The decrease in gross profit margin was mainly due to the increase in the proportion of low gross profit category income, the rise in the price of raw materials, and the preference of bulk low-risk customers to give up part of the profit space. The expense rate has been optimized, in which the year-on-year sales expense rate / management expense rate / R & D expense rate are -0.3pp / – 0.9pp / – 0.4pp respectively. The operating profit margin and net interest rate were -0.6pp and -0.5pp year-on-year respectively. The operating efficiency was improved, and the net business cycle decreased by 8.4 days year-on-year.
Category: the revenue of wardrobe and wooden door business has increased rapidly. Wardrobe has become a new growth point of performance contribution in recent years, with a contribution rate of 47% in 2021. The gross profit margin of wardrobe is still climbing, and the gross profit margin of wooden door is affected by large quantities.
Sub channels: rapid expansion of all channels, with Direct stores / distribution stores / bulk / other channels + 39.0% / 33.2% / 40.5% / 13.3% year-on-year respectively, of which distribution and bulk channels contributed significantly to the growth.
Under the impact of 2022q1 epidemic, the performance is still stable and optimistic about the release of annual performance. In 2022q1, the operating revenue was 759 million yuan, a year-on-year increase of + 11.2%; The net profit attributable to the parent company was 51 million yuan, a year-on-year increase of + 1.4%; Deduction of net profit not attributable to the parent company was 40 million yuan, a year-on-year increase of – 16.0%. The overall cost control is stable. Compared with 2021q1, the total sales expense rate / management expense rate / R & D expense rate is + 0.7pp year-on-year. The profit decreased compared with 2021q1.
Multi channel development and full category expansion. The new online retail channel is enabled to realize the accurate introduction of online customers by integrating digital drainage, e-commerce customer expansion, online community, national broker, old customer marketing, fan member fission, live broadcast landing and other modes. Offline channels continue to expand, strengthen the store layout of the sinking market of kitchen cabinet business, improve the national layout of the blank market of wardrobe business, and gradually increase the integration stores of kitchen cabinet, wardrobe, wooden door and finished products. Strengthen the construction of packaging channels, strengthen team strength, reconstruct product system and deepen strategic cooperation. Under the whole category development strategy, the customized business store expanded against the trend, the revenue increased rapidly, and the synergistic effect of kitchen cabinet, wardrobe and wooden door wallboard gradually appeared; At the same time, expand a variety of finished furniture, and add soft wall cloth and Weiyang space products to meet the one-stop consumption needs of users.
Risk warning: repeated epidemic situation; Deterioration of competition; Damaged brand image; Systemic risk.
Investment suggestion: be optimistic about the growth potential of the company in multiple channels and all categories. Optimistic about Zbom Home Collection Co.Ltd(603801) the market leading position in the cabinet field and the growth of wardrobe, wooden door and other categories; And the rapid development of various channels. Based on the rapid growth of some categories and the continuous expansion of multi-channel, raise the revenue forecast of the company; At the same time, due to the rising cost of upstream raw materials and immature business is still in the climbing period, there is great pressure on the short-term cost side, reducing the profit forecast. It is estimated that the net profit from 2022 to 2024 will be RMB 590 million, RMB 710 million and RMB 850 million respectively, with a year-on-year increase of + 17.3% / 19.4% / 19.6%. Maintain the “buy” rating. Considering that the cost side pressure is difficult to ease in the short term, the reasonable valuation range is reduced to 28.5 ~ 30.4 yuan, corresponding to 15 ~ 16xpe in 2022.
