\u3000\u3 Shengda Resources Co.Ltd(000603) 833 Oppein Home Group Inc(603833) )
Event: the company released its annual report for 21 years and realized an operating revenue of 20.44 billion yuan, an increase of 38.7% at the same time; The net profit attributable to the parent company was 2.67 billion, with an increase of 29.2% and a decrease of 1.0 PCT, with a net interest rate attributable to the parent company of 13.0%; The non net profit attributable to the parent company was RMB 2.51 billion, with an increase of 29.7% and a non net interest rate attributable to the parent company of 12.3%, with a decrease of 0.8pct.
In a single quarter, 21q1 / Q2 / Q3 / Q4 achieved revenue of 33.0/49.0/62.0/6.04 billion respectively, an increase of 130.7% / 38.6% / 30.1/20.6% at the same time; The net profit attributable to the parent company is 240 / 7.7 / 11.0 / 550 million, and the net interest rate attributable to the parent company is 7.4% / 15.7% / 17.8% / 9.1%; The non net profit attributable to the parent company is 2.1/7.4/10.7/500 million, and the non net interest rate attributable to the parent company is 6.3% / 15.0% / 17.2% / 8.2%.
The gross profit margin in 21 years was 31.6%, with a decrease of 3.4pct. The cost rate during the period is 16.2%, with a decrease of 2.6pct. Among them, the rates of sales / management / R & D / financial expenses are 6.8% / 10.0% / 4.4% / – 0.6% respectively, with a decrease of 1.0/1.3/0.3/0.3pct.
The wardrobe business has developed rapidly and deepened the building of a large home model. In terms of products, in 21 years, the revenue of cabinet / wardrobe / wooden door / bathroom / other main businesses / other businesses reached RMB 7.53/101.7/12.4/9.9/2.2/300 billion respectively, with a year-on-year change of + 24.2% / + 76.2% / + 60.4% / + 33.7% / – 81.2% / + 27.7%, accounting for 37% / 50% / 6% / 5% / 1% / 1%. The wardrobe is customized by the whole family, with high research and development, high appearance value and strict standards, leading the industry. The core advantages of cabinets were further consolidated, with more than 1300 new and newly installed stores throughout the year, promoting the cooperation of retail dealers with more than 3000 decoration enterprises, and innovating the integrated kitchen business model, with more than 600 stores throughout the year. The effect of wooden door M6 profit model is prominent, and the V3 sales design certification project helps to significantly improve the customer unit value. The bathroom has completed the decoration and engineering channel development, established a global strategic supply cooperation alliance, and redefined the industry standard.
Actively arrange home decoration, decoration, bag carrying, e-commerce and foreign trade channel business, and comprehensively optimize the terminal. In terms of channels, the revenue of Direct stores / distribution stores / bulk businesses / others in 21 years was RMB 5.9/156.8/36.7/200 million respectively, with a year-on-year change of + 47.3% / + 40.2% / + 36.9% / – 15.4%. By the end of the 21st century, europay had 7522 offline stores, an increase of 368 compared with 20 years. Among them, the number of stores of europay cabinet / europay wardrobe / europay bathroom / europelli whole house customization / europany wooden door / Direct stores is 2459 / 2201 / 805 / 989 / 1021 / 47 respectively, with a change of + 52 / + 77 / + 217 / + 61 / – 44 / + 5 respectively. In the 21st year, the company launched a new brand “starhomes Star home”, and the dual brands entered the integrated whole customized track. The annual order receiving performance of the packaged large home increased by more than 90% at the same time.
Information reconstruction of large home business ecology. At present, more than 7000 stores in all categories and channels of the company have realized the full application of self-developed CAXA home design software. In the past 21 years, there have been nearly 30000 CAXA design software charging accounts, forming the cloud computing power support capacity of more than 40000 online design schemes per day, more than 100000 orders per peak day and more than 400000 HD rendering pictures per day, which is the most powerful cloud computing power of customized enterprises in China. The MSCs production scheduling control system and xmes flexible manufacturing management system independently developed by the company have processed more than 1 million sectors per day; Fully realize the “75% review free, 85% review free and fast review, and 95% one-time pass” of customized orders; The settlement center and tims platform have been constructed to comprehensively improve the efficiency of dealer fund settlement and order logistics warehousing and distribution management; Innovative information-based models and software applications such as PLM, MPCs and intelligent batch optimization, enabling manufacturing to reduce costs and increase efficiency.
Profit forecast and rating: considering the intensified competition in the industry and the high price of raw materials, we lowered the net profit of the company from 32.5/40.4 to 3.02/3.58 billion yuan in 22-23 years, an increase of 13.4% / 18.5% at the same time. We believe that the company, as a leader in the customization industry and with long-term growth of multi-channel and multi category, should be given a certain valuation premium, 26 times PE valuation in 22 years, corresponding to the target price of 129.07 yuan, which remains superior to the market rating.
Risk tip: the real estate industry has downside risks, the expansion of categories and channels is less than expected, and the price of raw materials remains high.
