\u3000\u3 Shengda Resources Co.Ltd(000603) 180 Goldenhome Living Co.Ltd(603180) )
Event overview
Goldenhome Living Co.Ltd(603180) released the first quarter report of 2022: in 2022q1, the company realized an operating revenue of 569 million yuan, a year-on-year increase of + 17.24%; The net profit attributable to the parent company was 30 million yuan, a year-on-year increase of - 31.16%; The net profit attributable to the parent company after deducting non profits was 13 million yuan, a year-on-year increase of + 30.37%. Under the influence of the epidemic, the overall revenue of 2022q1 company still maintained steady growth, the revenue side performed well, and the net profit attributable to the parent decreased year-on-year, mainly due to the time difference, some government subsidies were not recognized in the first quarter, resulting in the year-on-year decrease of non recurring income.
In terms of cash flow, the net cash flow from operating activities of 2022q1 company was - 504 million yuan, a year-on-year decrease of 204 million yuan, mainly due to the increase of the company's procurement of materials and payment of operating expenses.
Analysis and judgment:
Revenue side: kitchen cabinets are steadily rising, and wardrobe and wooden doors continue to grow at a high rate.
In terms of products, the overall kitchen cabinet, overall wardrobe and wooden door of 2022q1 company achieved revenue of 382 million yuan, 152 million yuan and 17 million yuan respectively, with a year-on-year increase of + 7.90%, + 32.12% and + 107.90% respectively. The main businesses continued to grow. Among them, the kitchen cabinet business continued to grow steadily, the wardrobe and wooden door continued to grow at a high rate, the synergy between categories was gradually strengthened, and the multi category integrated development.
In terms of channels, the sales of distribution stores, Direct stores, bulk businesses and overseas sales of 2022q1 company were 301 million yuan, 28 million yuan, 178 million yuan and 43 million yuan respectively, with a year-on-year increase of + 10.25%, + 3.76%, + 27.94% and + 14.29% respectively. The main channels increased steadily. The retail end company further promoted store layout and seized market share. In 2022q1, the company added 100 to 3162 stores, including 1736, 953, 431 and 42 stores in Goldenhome Living Co.Ltd(603180) , gold wardrobe, gold wooden door and gold decoration respectively, and a net increase of 16, 34, 43 and 7 stores in Q1. In terms of bulk channels, we have continuously optimized the customer structure, relied on the advantages of kitchen cabinets, increased access to high-quality real estate customer resources, and maintained a high level of income growth. In terms of overseas markets, it is still in the exploratory period. With the company's development in North America, Australia and Asia, its revenue contribution is expected to continue to increase.
Profit side: the gross profit margin increased year-on-year, and the net profit margin decreased.
In terms of profitability, the gross profit margin and net profit margin of 2022q1 company were 29.93% and 5.04% respectively, with a year-on-year increase of + 1.88pct and -3.90pct respectively. The gross profit margin increased year-on-year, and the net profit margin decreased significantly. Among them, the gross profit margin was mainly due to the adjustment of product structure and the exertion of scale effect. From the perspective of business, the gross profit margin of 2022q1 company's overall kitchen cabinet, overall wardrobe and wooden door were 29.40%, 28.90% and 5.17% respectively, with a year-on-year increase of + 1.78pct, + 1.72pct +4.64pct, the gross profit margin of all businesses has increased. Among them, the increase of gross profit margin of kitchen cabinet business is mainly due to the adjustment of retail kitchen cabinet product structure, while wardrobe and wooden door benefit from the increase of income scale. The scale effect is gradually brought into play and the gross profit margin is gradually upward; By channel, in 2022q1, the gross profit margin of distribution stores, Direct stores, bulk businesses and overseas businesses were 34.94%, 64.61%, 12.08% and 27.78% respectively, with a year-on-year increase of + 3.26pct, + 4.48pct, + 0.27pct and + 2.17pct respectively. The gross profit margin of all channels increased year-on-year. Among them, the increase of gross profit margin of distribution channels mainly benefited from the gradual embodiment of scale effect of categories such as wardrobe, The increase in gross profit margin of direct channels was mainly due to the decrease in sales of sample cabinets transferred from some stores.
In terms of period expense rate, the period expense rate of 2022q1 company is 27.51%, with a year-on-year increase of + 1.97 PCT, of which the sales expense rate, management expense rate, R & D expense rate and financial expense rate are 14.67%, 6.71%, 6.44% and - 0.32% respectively, with a year-on-year increase of + 1.73 PCT, + 0.45 PCT, + 0.11 PCT and - 0.32 PCT respectively. During the period, the expense rate increased slightly compared with the same period, mainly reflected in the increase of sales expense rate.
Investment advice
As a leading brand of customized home furnishings, the company is optimistic about the steady growth of retail kitchen cabinet business, the rapid development of wardrobe business, the beautiful performance of bulk channels, and the gradual volume of wooden doors, smart home and other new businesses. Maintaining the previous profit forecast, it is estimated that the operating revenue of the company from 2022 to 2024 will be 41.68/50.04/5.980 billion yuan respectively; EPS is 2.64/3.17/3.78 yuan respectively, corresponding to the closing price of 28.01 yuan / share on April 27, 2022, and PE is 11 / 9 / 7 times respectively, maintaining the "buy" rating.
Risk tips
Industry demand is less than expected; Intensified market competition; New business expansion is less than expected; Short term epidemic impact.
