\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a revenue of 5.153 billion yuan, a year-on-year increase of 34.17%; The net profit attributable to the parent company was 506 million yuan, a year-on-year increase of 27.84%; The basic earnings per share is 1.62 yuan / share. Among them, the company achieved a revenue of 1.831 billion yuan in a single quarter in the fourth quarter, a year-on-year increase of 24.69%; The net profit attributable to the parent company was 205 million yuan, a year-on-year increase of 3.92%. In 2022q1, the company achieved a revenue of 759 million yuan, a year-on-year increase of 11.17%; The net profit attributable to the parent company was 51 million yuan, a year-on-year increase of 1.37%; The basic earnings per share is 0.16 yuan / share.? The rise in the price of raw materials led to the decline of the company's gross profit margin. In 2021, the company's comprehensive gross profit margin was 36.24%, a year-on-year decrease of 1.83%. Among them, the gross profit margin of 21q4 was 36.05%, a year-on-year decrease of 2.32% and a month on month increase of 0.57%. 22q1 single quarter gross profit margin was 35.08%, down 1.39% year-on-year and 0.97% month on month. The gross profit margin declined in 2021, mainly because the rise in commodity prices led to a significant increase in the cost of raw materials, which was higher than the growth rate of revenue.
Structural cost reduction has achieved initial results, and profitability is under pressure for a short time. In 2021, the company's period expense rate was 24.49%, with a year-on-year decrease of 1.76%. Among them, the sales / management / Finance / R & D expense rate was 14.66% / 4.5% / - 0.14% / 5.46%, with a year-on-year decrease of 0.27% / 0.86% / 0.22% / 0.42% respectively. In 2022q1, the company's period expense rate was 30.92%, with a year-on-year increase of 1.26%. Among them, the sales / management / Finance / R & D expense rate was 16.34% / 7.73% / 0.06% / 6.79%, with a year-on-year change of 1.85% / 0.26% / 0.62% / - 1.48% respectively. In terms of net interest rate, in 2021, the company's net interest rate was 9.81%, with a year-on-year decrease of 0.49%. Among them, the company's net interest rate in 21q4 single quarter was 11.22%, with a year-on-year decrease of 2.24% and a month on month increase of 0.73%; 22q1 single quarter net profit margin of the company was 6.76%, down 0.65% year-on-year and 4.46% month on month.
The wardrobe business leads the growth of performance, and the kitchen cabinet business develops steadily. At present, the wardrobe business has become the main driver of the company's performance growth. During the reporting period, the company's kitchen cabinet, wardrobe and wooden door achieved revenue of RMB 2.934/17.6/170 billion respectively, with a year-on-year increase of 17.43% / 54.25% / 291.53% respectively.
Develop multi-channel layout, deeply cultivate retail channels, and pay close attention to the potential energy of packaged business. In terms of retail channels, the company continued to carry out distribution channel layout, strengthen the penetration of kitchen cabinet business into the sinking market, promote the full coverage of the blank market of wardrobe business, and build a high-quality dealer team from the whole link. By the end of 2021, the number of distribution stores of kitchen cabinet, wardrobe and wooden door business of the company had reached 1691, 1619 and 399 respectively, an increase of 115, 195 and 196 compared with the end of 2020. In terms of decoration channels, the company cooperates to develop special software for decoration channels, operates under the dual brands of "Zhibang" and "IK", establishes a strategic alliance with large national decoration enterprises, and promotes the cooperation between franchisees and regional decoration enterprises.
Investment suggestion: the company continues to expand categories, improve channel layout, reduce costs and increase efficiency, strengthen profitability, and the future performance growth can be expected. It is expected that the company will achieve basic earnings per share of 2.01/2.47/3.00 yuan / share in 2022 / 23 / 24, and the corresponding PE is 11x / 9x / 7X, maintaining the "recommended" rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
