\u3000\u3 Shengda Resources Co.Ltd(000603) 801 Zbom Home Collection Co.Ltd(603801) )
Main points:
The company issued the annual report of 2021 and the first quarterly report of 2022. The company achieved a revenue of RMB 5.153 billion in 2021, a year-on-year increase of + 34.17%; The net profit attributable to the parent company was 506 million yuan, a year-on-year increase of + 27.84%; Among them, 21q1 achieved a revenue of 1.831 billion yuan, a year-on-year increase of + 24.69%, and a net profit attributable to the parent company of 205 million yuan, a year-on-year increase of + 3.92%. 22q1 company achieved a revenue of 759 million yuan, a year-on-year increase of + 11.17%; The net profit attributable to the parent company was 51 million yuan, a year-on-year increase of + 1.37%.
The cabinet has made steady efforts, the clothing and wood have grown brightly, and the channel sink has been deepened. By category, the company's overall cabinet / custom wardrobe / wooden door revenue in 21 years was RMB 2.934/17.6/170 billion respectively, with a year-on-year increase of + 17.43% / 54.25% / 291.53% respectively. The growth rate of clothing and wood is beautiful, the cabinet is steady, the synergy of categories is continuously enhanced, and the growth space of second and third categories is broad. In terms of channels, the revenue of distribution / proprietary / bulk channels was RMB 2.83/3.23 billion and RMB 1.651 billion respectively, with a year-on-year increase of + 26.9% / 39.01% / 40.59%. The bulk business continued to optimize the customer structure, and the top 100 customers accounted for 34% by the end of 2021; The channel sinking has been deepened continuously, and the construction of cupboard, clothing and wood integrated stores has been promoted. At the end of 2021, the company has 1691 / 1619 / 399 kitchen / clothing / wood offline stores respectively, up from + 115 / 195 / 196 in 2020; 22q1 opened stores against the trend, with + 186 stores compared with the beginning of the year, focusing on the company's channel expansion against the trend.
Cost pressure affects short-term profits, and assembly drives long-term development. The company's gross profit margin in 2021 was 36.24%, with a year-on-year increase of -1.83pct; The net interest rate was 9.81%, year-on-year + 0.78pct; 22q1 gross profit margin was 35.08%, with a year-on-year / month on month ratio of - 1.4 / - 0.97pct respectively; The net interest rate was 6.76%, with a year-on-year / month on month ratio of -0.65 / -4.46pct respectively. Affected by the rising price of raw materials. Factors such as pressure on the profitability of Engineering channels and provision for impairment affect the short-term profitability. On the one hand, the company reduces the cost by means of fine fee control and intelligent production. On the other hand, it vigorously develops the packaged business, promotes the integration of categories, drives the improvement of customer unit value and profitability, cooperates in the development of packaged channel software, and promotes the coordinated operation of "Zhibang" and "IK". The annual revenue growth of the packaged business is 100%. In the future, with the continuous improvement of the proportion of packaged business, the long-term competitiveness will continue to be consolidated, and the location of traffic entrance will be further consolidated. We expect that the company's net profit attributable to the parent company from 2022 to 2024 will be RMB 593 / 708 / 837 million respectively, with a year-on-year increase of + 17.4 / 19.3 / 18.3 respectively, corresponding to PE of 10.32x, 8.65x and 7.31x in 22-24 years, maintaining the "buy" rating.
Risk tips
Real estate policy regulation, sharp fluctuations in raw material prices, intensified market competition and repeated epidemic risks.
