\u3000\u3 China Vanke Co.Ltd(000002) 043 Dehua Tb New Decoration Material Co.Ltd(002043) )
Revenue maintained high growth, continued to be optimistic about medium and long-term growth, and maintained the "buy" rating
On the evening of April 27, the company released its annual report for 21 years and its quarterly report for 22 years. 21fy achieved revenue of 9.43 billion yuan, a year-on-year increase of + 45.8%, net profit attributable to the parent company of 710 million yuan, a year-on-year increase of + 76.7%, and its performance was basically consistent with the previous performance express. 22q1 achieved revenue of 1.63 billion yuan, a year-on-year increase of + 19.0%, net profit attributable to the parent company of 95 million yuan, a year-on-year increase of - 7.7%, deducting net profit not attributable to the parent company of + 8.1%. The performance growth rate was lower than the revenue growth rate, mainly due, Previously, the company announced a new phase of equity incentive plan. According to the incentive target, the compound growth rate of deduction of non performance in the next three years is 20.5%. In addition, the company announced that the cumulative profit distributed in cash in 22-24 years should not be less than 50% of the company's distributable profit in that year. The improvement of dividend rate will help to improve the long-term investment value and maintain the "buy" rating.
The sinking of channels has driven the large-scale business of traditional decorative materials, and the customized home business has grown rapidly
21fy's income from decorative materials / customized home furnishings was 6.58 billion / 2.72 billion respectively, with a year-on-year increase of + 51.5% / + 35.5%, of which the income from cabinets / floors / wooden doors was 2.29 billion / 3.7 billion respectively, with a year-on-year increase of + 41.0% / + 15.6% / - 13.7%, and the overall gross profit margin of 21fy was 17.7%, with a year-on-year increase of -1.27pct, of which the gross profit margin of decorative materials / cabinets was 10.1% / 27.1% respectively, with a year-on-year increase of -0.62 / + 0.09pct respectively. In the past 21 years, Yufeng Han Tang achieved revenue of 1.894 billion, up + 31.23% year-on-year. The company attaches importance to the channel business of the furniture factory. At the end of 21, it served about 5800 customers of the furniture factory with dealers, and added 522 decorative material stores, including 287 decorative material stores and 235 easy to wear stores. At the end of 21, the company had 2635 decorative material stores, including 797 easy to wear stores. It carried out in-depth regional channel expansion and improved the management and control ability of various channels.
The net interest rate increased year-on-year, and the cash flow maintained a good historical level
The expense ratio of 21fy company during the period was 8.12%, with a year-on-year increase of -0.56pct, of which the sales / management / Finance / R & D expense ratio was -0.35 / + 0.55 / - 0.60 / - 0.16pct respectively. The proportion of asset (including credit) impairment loss in revenue of 21fy company increased by 0.27pct to 1.40% year-on-year, and the net interest rate of 21fy company was 7.82%, with a year-on-year increase of + 0.96pct. The net inflow of CFO of 21fy company was 860 million, an increase of 47 million year-on-year, and the cash flow remained at a good historical level. The cash ratio of 21fy company was 101.4%, year-on-year -1.1pct, and the cash ratio was 98.6%, year-on-year + 1.5pct. In 21 years, the company's accounts receivable and notes were 1.46 billion, with a year-on-year increase of + 51.8%, which was faster than the revenue growth, mainly due to the increase of accounts receivable of Yufeng Hantang.
The transformation and upgrading of traditional sector leaders can be expected to maintain the "buy" rating
We are optimistic about the driving effect of the sinking of channels such as furniture factories on the traditional sector business. The businesses such as finished home retail and Yufeng Hantang B bloom at multiple points, and the Industrial Synergy is deepened. We expect the net profit attributable to the parent company to be RMB 790 / 9.5 / 1.15 billion in 22-24 years. Referring to the average PE 11x of comparable companies in 2022 (wind consensus expectation), we believe that the company can be given a 22-year 14x PE level, reduce the target price to RMB 14.28 (the previous value was RMB 17.02) and maintain the "buy" rating.
Risk tip: the development of customized home furnishing mode is less than expected, the sales of sector is less than expected, the price of raw materials is under great pressure, and the risk of goodwill impairment.
