\u3000\u3 Shengda Resources Co.Ltd(000603) 833 Oppein Home Group Inc(603833) )
The company released the first quarter report of 2022. 22q1 achieved a revenue of 4.144 billion yuan, a year-on-year increase of + 25.60%, a net profit attributable to the parent of 253 million yuan, a year-on-year increase of + 3.88%, and a net profit attributable to the parent of 234 million yuan, a year-on-year increase of + 11.99%.
Wardrobe and accessories continued to increase, and wooden doors and other categories continued to make efforts. Cabinet retail grew steadily. Q1 cabinet achieved 1.324 billion yuan, a year-on-year increase of 5.13%. Under the background of downward growth of bulk business, cabinet growth rate was + 5%, indicating that the growth rate of cabinet retail business is still stable; The growth rate of wardrobe and accessories in Q1 was beautiful. The wardrobe and accessories business in Q1 achieved 2.32 billion yuan, a year-on-year increase of 40.85%. The wardrobe business continued the high growth trend of 21 years; Q1 sanitary ware achieved 167 million yuan, a year-on-year increase of 1.2%, wooden door business Q1 achieved 218 million yuan, a year-on-year increase of 32.3%, and other products Q1 achieved 41 million yuan, a year-on-year increase of 43.52%.
Q1 led the growth rate of distribution channels, and the retail channels performed beautifully. Q1 direct channels reached 123 million yuan, a year-on-year increase of 51.15%, Q1 distribution channels reached 3.223 billion yuan, a year-on-year increase of 34.1%, and the growth rate of retail channels led the industry. Q1 bulk business channels achieved 673 million yuan, a year-on-year decrease of 6.98%. In addition, other channels in Q1 achieved 51 million yuan, a year-on-year decrease of 9.86%. By the end of the first quarter report of the year 22, there were 7398 stores in total, including 2449 European style cabinets, 2143 wardrobe, 1022 European platinum wooden doors, 810 sanitary ware and 974 European platinum Li. The brand of oberli was repositioned in 21 years. After the adjustment, the target customers are more focused, and the price band is gradually widened. The category is expanded from cabinets and wardrobe to the full category and full room customization of “cabinet, clothing, wooden bathroom + electrical appliances + home accessories”, covering a wider range of needs.
The gross profit rate decreased slightly. Q1 comprehensive gross profit margin / net profit margin attributable to parent company was 27.66% / 6.11%, with a year-on-year decrease of 2.54pct/1.28pct respectively. By product, the gross profit margin of Q1 cabinet / wardrobe and supporting / bathroom / wooden door was 30.46% / 28.58% / 20.35% / 10.08% respectively, with a year-on-year decrease of 1.21pct/2.35pct/1.40pct/1.46pct. By channel, the gross profit margin of Q1 direct sales / distribution / bulk commodities was 58.12% / 26.66% / 27.14% respectively, with a year-on-year decrease of 2.03pct/2.17pct/3.09pct. In terms of expense ratio, the Q1 sales expense / management / R & D expense ratio was 9.13% / 7.12% / 4.94% respectively, with a year-on-year increase of -0.56pct / – 0.30pct / – 0.14pct.
Profit forecast and rating: the company started from the overall kitchen cabinet business. After years of continuous expansion of products, the company has become a comprehensive customized home provider integrating kitchen cabinets, wardrobe, bathroom and customized wooden doors. The volume of packaged large home is accelerated, and it is optimistic about the improvement of industry penetration and leading market share in the long-term dimension. It is estimated that the net profit attributable to the parent company in 22-24 years is RMB 3.094/35.72/4.241 billion, with a year-on-year increase of + 16% / + 15% / + 19%, and the corresponding PE is 23x / 20x / 17x respectively, maintaining the “buy” rating.
Risk warning: the delivery of real estate is not as expected; Price fluctuation risk of raw materials; The promotion of Omni channel layout is less than expected; Industry competition intensifies.
