\u3000\u3 Shengda Resources Co.Ltd(000603) 818 Qumei Home Furnishings Group Co.Ltd(603818) )
Core view:
Qumei Home Furnishings Group Co.Ltd(603818) disclose the annual report and the first quarterly report of the company in 2021. In 2021, the company realized an operating revenue of 5.073 billion yuan, a year-on-year increase of 18.57%; In terms of Qumei headquarters, in 2021, the operating revenue of Qumei headquarters of the company reached 1.859 billion yuan, a year-on-year increase of 6.49%. According to the calculation, the operating income of Qumei Home Furnishings Group Co.Ltd(603818) in the second half of the year reached 940 million yuan, a year-on-year decrease of 12.76%, and the overall growth rate decreased instead of increasing. When the performance growth of Qumei headquarters is relatively sluggish, the growth of the company’s operating revenue mainly depends on
In 2018, the company acquired ekornesas. In 2021, the sofa, electric chair and soft bag dining chair soft furniture products of ekornesas maintained a high-speed growth trend in 2021. The orders of stressless brand non comfortable chairs (electric chair, sofa, dining chair and dining table) exceeded 700 million yuan, with a year-on-year increase of more than 50%. Among them, the orders of sofa products increased by nearly 50% year-on-year, and the orders of dining chair products increased by more than 60% year-on-year. In Europe, the new product portfolio effectively improved the dealers’ enthusiasm for placing orders, and also led to the growth of stressless comfortable chairs.
In the first quarter of 2022, Qumei Home Furnishings Group Co.Ltd(603818) recorded an operating revenue of 1.313 billion yuan, an increase of 14.25% year-on-year. According to estimates, under the impact of the epidemic and the shutdown of the East Olympic Games, the operating revenue of Qumei headquarters fell to 246 million yuan in the first quarter of 2022, a year-on-year decline of 30.68%. The short-term growth is under pressure and has not yet got rid of the decline. In terms of Ekornes, the operating revenue of ekornesas increased to 1.067 billion yuan, a year-on-year increase of 34%.
In terms of profit level, with the continuous rise of shipping costs and raw material prices and the change of accounting caliber, the gross profit margin in 2021 decreased to 35.83%, down 3.20 percentage points year-on-year. In 2021, the net profit attributable to shareholders of listed companies was 178 million yuan, with a year-on-year increase of 71.31%.
Looking forward to the future, with the gradual regression of the impact of the epidemic, the profit level of China Qumei headquarters may improve. The growth of the North American home market in 2022 is expected to decline, but the overall prosperity remains relatively high. Considering that there are still some uncertainties in raw material prices and shipping, we believe that the company’s performance in 2022 is expected to show a steady growth trend.
