\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
Event: the company released the first quarterly report of 2022. During the reporting period, the company achieved a revenue of 1.999 billion yuan, a year-on-year increase of 13.53%; The net profit attributable to the parent company was 114 million yuan, a year-on-year decrease of 2.87%; The basic earnings per share is 13.0 yuan / share.
Gross profit margin increased slightly year-on-year, deducting non net profit margin to maintain stability year-on-year. In the first quarter of 2022, the company's comprehensive gross profit margin was 31.32%, with a year-on-year increase of 0.09% and a month on month increase of 2.57%. During the period, the expense rate of the company was 23.96%, with a year-on-year increase of 0.15% and a month on month increase of 4.07%. Among them, the sales expense rate was 12.18%, with a year-on-year increase of 1.43%; The rate of administrative expenses was 7.65%, a year-on-year decrease of 1.72%; The financial expense ratio was 0.84%, with a year-on-year increase of 0.31%; The R & D expense ratio was 3.29%, with a year-on-year increase of 0.13%. During the reporting period, the company's net interest rate was 5.65%, a year-on-year decrease of 0.9%.
The channel strength has been continuously strengthened, and the effect of Omni channel layout has been remarkable. The company continued to promote omni-channel layout, comply with the trend of traffic fragmentation and actively expand the traffic matrix: retail channels continued to strengthen the sales network. As of the first quarter of 2022, " Suofeiya Home Collection Co.Ltd(002572) ," Simi "," Huahe "and" milanna "had 2571, 994, 296 and 277 stores respectively; At the same time, the company's packaging channel grew rapidly. In 22q1, the dealer cooperative packaging enterprises superimposed the company's direct signing packaging enterprises, and achieved a revenue of 127 million yuan.
The whole category and multi brands achieve synergy, and the big home strategy leads the future development. In terms of categories, based on customized furniture, the company expands to the whole category, cooperates with multiple categories, and launches the whole strategy. While meeting the one-stop shopping needs of consumers, the company improves the customer unit price and realizes performance growth. In terms of brand, the company has a complete brand matrix, " Suofeiya Home Collection Co.Ltd(002572) " corresponds to the medium and high-end market, "Simi" and "Huahe" target high-quality people, and "milanna" takes the public as the main market.
Investment suggestion: the company continues to deepen the strategy of big home, realize coordinated development of category layout, realize full market coverage with complete brand matrix, strengthen retail competitiveness with the whole strategy, and perform well in the whole decoration channel. It is expected that the company will realize eps1 in 2022 / 23 / 24 53 / 1.85/2.23 yuan / share, corresponding to 12x / 10x / 8x PE, maintaining the "recommended" rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
