\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
The company released the annual report of 21 and the first quarterly report of 22 years. In the whole year of 21, the revenue was 5.153 billion yuan, + 34.17%, of which Q1-Q4 was 6.83/12.26/14.14/1.831 billion yuan in a single quarter, with a year-on-year increase of 109.09% / 36.49% / 23.18% / 24.69% respectively. In the whole year, the net profit attributable to the parent company was 506 million yuan, a year-on-year increase of + 27.84%, of which the net profit attributable to the parent company in Q1-Q4 in a single quarter was 0.51/1.01/1.48/205 million yuan, a year-on-year increase of 213.23% / 6.07% / 0.85% / 3.92% respectively. 22q1 achieved an income of 759 million yuan, a year-on-year increase of + 11.17%, a net profit attributable to the parent company of 51 million yuan, a year-on-year increase of + 1.37%, and a deduction of non attributable net profit of 40 million yuan, a year-on-year decrease of – 15.97%. 22q1 non recurring gains and losses totaled RMB 11.43 million, including government subsidies of RMB 11.69 million, compared with 1.76 million in the same period of last year. According to the profit distribution plan for 21 years, the company plans to distribute a cash dividend of 6.0 yuan (including tax) to all shareholders for every 10 shares, and plans to distribute a cash dividend of 185 million yuan, accounting for 36.64% of the net profit attributable to the parent company in 21 years.
The gross profit margin of wardrobe increased steadily with the release of scale effect, and the growth rate of wooden door business was beautiful. In terms of products, the 21-year revenue of cabinets was 2.93 billion yuan, with a year-on-year increase of + 17.4%, a gross profit margin of 40.5%, a year-on-year increase of – 1.34 PCT, and the 22q1 revenue was 370 million yuan, with a year-on-year increase of + 1.34%, a gross profit margin of 43.03%, a year-on-year increase of + 1.42 PCT, and the gross profit margin stabilized and rebounded; The 21-year income of wardrobe was 1.76 billion yuan, with a year-on-year increase of 54.3% and a gross profit margin of 34.4%, an increase of 103 PCT. The income of 22q1 was 330 million yuan, with a year-on-year increase of + 20%, a gross profit margin of 34% and a year-on-year increase of + 0.7 PCT. With the release of scale effect, the gross profit margin of wardrobe gradually increased; The revenue of wooden door reached 170 million yuan in 21 years, with a year-on-year increase of + 292%. The revenue of 22q1 was 22.49 million, with a year-on-year increase of + 183%. The growth rate of wooden door business is beautiful, and it is expected to maintain high growth in 22 years.
Offline distribution stores expanded rapidly, and online new retail continued to empower dealers. In terms of channels, the revenue of distribution / direct sales / bulk channels in 21 years was RMB 2.83/3.2/1.65 billion respectively, with a year-on-year increase of + 26.9% / + 39.0% / + 40.6%, and the revenue of 22q1 was RMB 5.0/0.7/130 million respectively, with a year-on-year increase of + 11.6% / + 25.9% / – 1.5%. By the end of the 21st century, there were 1691 / 1619 / 399 / 33 cabinet distribution / wardrobe distribution / wooden door distribution / Direct stores respectively, with a net increase of 115 / 195 / 196 / 4 respectively, and – 6 / 20 / 172 / 0 respectively in 22q1, with a total of 3928 stores. The wooden door distribution network was rapidly expanded, the kitchen cabinet business focused on the layout of the sinking market, the wardrobe business continued to enter the blank market, and the kitchen clothing wood and finished product integration stores gradually increased. In order to expand the packaging channel, the company integrates the original IK sub brand into the new packaging products and quickly builds the packaging product system, which is expected to bring revenue increment. In terms of online new retail, the company carried out accurate digital drainage on major Internet platforms to improve the overall marketing ability and service transformation ability of franchisees, carried out more than 100 large-scale live broadcasts nationwide throughout the year, and established its own media content marketing matrix to improve brand influence and reduce customer acquisition costs.
Promote the layout of intelligent bases and create cost advantages through supply chain reform. The company announced in July 21 that it would invest about 1.6 billion yuan to build Guangdong Qingyuan intelligent manufacturing base, with a total planned production capacity of 2.5 billion yuan, which is expected to better serve the southern market and improve the national layout. In addition, the company plans to invest about 1.5 billion yuan to build a new “4.0 intelligent factory” project in Changfeng, Anhui Province, with an estimated annual output value of more than 830 million yuan. There are six intelligent production bases planned and invested by the company, laying the foundation for the steady increase of income scale. In terms of supply chain management, by reducing management levels, improve management efficiency; Reduce repetitive tasks and improve synergy; Improve the system, reduce differences and improve economies of scale, so as to enhance the competitiveness of the supply chain.
The effect of cost reduction and efficiency increase is obvious, and the profitability is generally stable under cost pressure. In 2021, the comprehensive gross profit margin was 36.2%, year-on-year -1.8pct, and the net profit attributable to the parent company was 9.8%, year-on-year -0.5pct; 22q1’s comprehensive gross profit margin was 35.1%, year-on-year -1.4pct, and the parent net profit margin was 6.8%, year-on-year -0.7pct. Under the background of intensified industry competition and rising prices of raw materials, the company’s operation remained stable. In terms of expenses, the rates of sales / management / R & D / finance expenses in the whole year of 21 were 14.7% / 4.5% / 5.5% / – 0.1%, respectively – 0.3 / – 0.9 / – 0.4 / – 0.2pct year-on-year, and the rates of various expenses in 22q1 were 16.3% / 7.7% / 6.8% / 0.1%, respectively + 1.9 / + 0.3 / – 1.5 / + 0.6pct year-on-year. The overall control of various expenses was effective. In terms of impairment provision, 43.33 million yuan of asset impairment loss and 11.69 million yuan of credit impairment loss were accrued in 2021, 18.18 million yuan of asset impairment was reversed in the first quarter of 22, and 1.43 million yuan of credit impairment loss was accrued.
Profit forecast and Valuation: the company has deeply cultivated distribution channels, innovated management, stimulated the team and empowered dealers, comprehensively arranged the packing and bag carrying business, and the growth of bulk channels is stable; On the product side, we continued to create leading advantages in design, strengthened systematic research and development, and gradually revealed the synergy among categories. It is estimated that the net profit attributable to the parent company in 22-24 years is RMB 610 / 740 / 920 million respectively, with a year-on-year increase of + 21% / + 22% / + 24% respectively, and the corresponding PE is 10x / 8x / 7X respectively, maintaining the “buy” rating.
Risk tip: the dividend plan still needs the approval of the general meeting of shareholders, the delivery of new houses is less than expected, the penetration rate of fine decoration is slowing down, and the industry competition is intensifying.
