\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )
The company released the first quarterly report of 2022. In 22q1, 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 increase of – 2.87%; Deduct 106 million yuan of non return to parent, a year-on-year increase of + 5.01%; After the battle of light equipment, the cash flow of 22q1 improved significantly, and the operating cash flow increased by 57.17% at the same time, with the growth rate higher than the revenue.
We actively promoted the packaged package, improved the customer unit value, achieved steady retail growth, and milanna performed well. The company’s 22q1 gross profit margin was 31.32%, year-on-year + 0.09pct; The net interest rate was 5.65%, year-on-year -0.9pct. The company will actively promote the whole package and dealers to make great profits. From the channel side, the company’s 22q1 dealers’ retail / bulk / direct channel revenue accounted for 79.9% / 16.7% and 3.1% respectively; The proportion of dealer channels continued to increase (+ 5.37pct), and the cash flow improved significantly. In terms of stores, as of 22q1, Suofeiya Home Collection Co.Ltd(002572) / Simi / huahemenmen / milanna had 2571 / 994 and 296 / 277 stores respectively, with – 159 / – 128 / + 31 / + 65 stores respectively compared with the beginning of the year. Milanna continued to maintain a high opening speed, with a revenue of more than 100 million yuan in 21 years and 41 million yuan in 22q1, with a bright growth rate. The slight decline in net interest rate of 22q1 was mainly due to the increase in expenses. In order to promote the implementation of the whole strategy, the sales expense rate of Q1 increased from + 1.43pct to 12.18% year-on-year.
We continued to optimize the customer structure and steadily promoted bulk business. The company’s 22q1 bulk business channel revenue was 330 million yuan, a year-on-year decline of 8.8% under the high base in the same period last year, and the proportion in revenue fell by 3.94pct to 16.74%. The company has steadily promoted the bulk engineering business and continuously optimized the customer structure. In addition to real estate and housing, the company has also developed projects such as hotels, long-term rental apartments, hospitals and office buildings, and done a good job in risk control management at the same time.
Investment advice and valuation. The company deepened the omni-channel, multi brand and full category strategy and continued to promote the implementation of customization of the whole company nationwide. We estimate that the company’s revenue in 22-24 years is 122.19/141.15/168.44, respectively + 17.4% / 15.5% / 19.3%, and the net profit attributable to the parent company is 14.13/16.94/1.95 billion yuan, respectively + 1053.1% / 19.9% / 15.1% year-on-year, corresponding to PE of 12.3x/10.26x/8.91x respectively, maintaining the “buy” rating.
The risk indicates the risk of real estate policy regulation, the risk of rising raw materials, the risk of intensified competition and the risk of repeated epidemic.
