Suofeiya Home Collection Co.Ltd(002572) 22q1 contract liabilities increased by 55.3% year-on-year, and the effect of "whole family customization" brand strategy began to show

\u3000\u3 China Vanke Co.Ltd(000002) 572 Suofeiya Home Collection Co.Ltd(002572) )

The company released the first quarterly report of 22 years, and the revenue of 22q1 was 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%; The net profit deducted from non parent company was 106 million yuan, with a year-on-year increase of + 5.01%. The net profit deducted from non parent company continued to maintain a positive growth. 22q1 cash inflow from operating activities was 2.203 billion yuan, a year-on-year increase of + 24.19%.

Continue to cultivate the retail channels of dealers, and milanna brand and packaging channels are developing at a high speed. 22q1 company's dealer retail / direct / bulk business channel revenue is about 1.58/0.6/330 billion yuan respectively, accounting for 79.91% / 3.10% / 16.74% of the main business revenue respectively. By the end of 22q1, Suofeiya Home Collection Co.Ltd(002572) / Simi / Huahe / Milana had 1746 / 776 / 334 / 397 dealers, 2571 / 994 / 296 / 277 specialty stores and more than 4000 terminal specialty stores in total. Milanna business division has a revenue of more than 100 million yuan in 21 years and 40.68 million yuan in 22q1. In 22 years, it will continue to maintain the speed of expanding stores, quickly expand its sales network and seize market share. The revenue of 22q1 decoration / home decoration channel is 127 million yuan, three times that of 21q1. It has stepped into the track of rapid development and become a new growth point. 22q1's revenue from bulk business channels reached 330 million yuan, making steady progress on the whole, continuously optimizing the customer structure and focusing on developing high-quality engineering customers.

The whole company has made great efforts in customization. The contract liabilities of 22q1 are + 55.29% higher than that at the end of the 21st century, and the retail performance is beautiful. In the 21st year, Suofeiya Home Collection Co.Ltd(002572) released the brand strategy of "whole family customization". In February of the 22nd year, 39800 whole family customization packages were launched, including Suofeiya Home Collection Co.Ltd(002572) customized cabinets, Chivas sofas, Shuda soft beds and mattresses, as well as Casati, Toshiba, Haier and other brand home appliances. The strong combination of home appliance brands meets the needs of consumers for one-stop shopping, and also reflects the advantages of large-scale centralized purchase of leading enterprises And the ability to integrate the supply chain. 22q1 contract liabilities were 943 million yuan, with a year-on-year increase of + 55.29%. We expect that during the 315 promotion period, the sales performance will be outstanding and the performance of retail terminal orders will be beautiful.

The profit level was stable, the brand investment was increased, and the sales expense rate was improved. The company's 22q1 gross profit margin was 31.32%, year-on-year + 0.09pct, deducting the non parent net profit margin of 5.32%, year-on-year -0.43pct, and the profit level was stable. 22q1 sales / management / R & D / financial expense rates were 12.18% / 7.65% / 3.29% / 0.84% respectively, with a year-on-year increase of + 1.43 / - 1.72 / + 0.13 / + 0.31pct respectively. The increase in sales expense rate was due to the increase in advertising investment and the salary of salespeople, and other expenses were effectively controlled.

Profit forecast and Valuation: it is optimistic that the company will continue to promote the reform of retail business. In terms of products, the wardrobe is the entrance to extend the category, and the whole customized package is expected to promote the gradual increase of customer unit value; In terms of channels, Mumen and milanna continue to open stores, and Suofeiya Home Collection Co.Ltd(002572) brand is expected to achieve growth through product renewal, package sales and channel expansion; In terms of marketing, empower the terminal team, establish a result oriented assessment system, and encourage dealers to make efforts in packaging, e-commerce and other channels. The profit is expected to be 1.391/1.691/2.001 billion yuan in 22 / 23 / 24, with a year-on-year profit of + 103496% / + 21.54% / + 18.32%, corresponding to PE 12x / 10x / 9x, and maintain the "buy" rating.

Risk tips: the risk of withdrawing accounts receivable and bills, the completion and delivery of new houses are less than expected, the real estate regulation policy is stricter, the horizontal competition is intensified, the impact of the epidemic is stricter, etc.

- Advertisment -