\u3000\u3000 Oppein Home Group Inc(603833) (603833)
The company issued a performance forecast. The performance in 2021 met expectations and maintained the “buy” rating
According to the performance forecast, the company expects to achieve an operating revenue of 19.899-21.373 billion yuan in 2021, with a year-on-year increase of 35% – 45%, a net profit attributable to the parent of 2.640-2.846 billion yuan, with a year-on-year increase of 28% – 38%, deducting a net profit not attributable to the parent of 2.477-2.671 billion yuan, with a year-on-year increase of 28% – 38%. Under the pressure of high base, the performance meets the market expectations, and continues to be optimistic about the implementation of the company’s big home strategy, the market share continues to increase Supporting products are expected to continue to be sold in large quantities and maintain the profit forecast. We expect that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2788 / 35.21 / 4.261 billion, corresponding to EPS of RMB 4.58/5.78/6.99, and the current share price corresponding to PE of 32.2/25.5/21.1 times, maintaining the “buy” rating.
The growth rate of cabinets was steady, the growth of wardrobe, wooden doors and accessories continued to be high, and the performance of packaged large home business was brilliant
In 2021q1-q3, the kitchen cabinets of the company maintained a steady growth rate, and the wardrobe, wooden doors and supporting products continued to grow at a high rate. In 2021q4, we predict that the cabinets, wardrobe and wooden doors will still grow steadily under the pressure of a high base. With the company’s release of the whole customization strategy of Gaoyan and the launch of the whole customization package, the deepening of channel operation and the gradual transformation of agents continued to advance, and customized core products, supporting products The integration degree of door wall system is further improved, and the growth rate of supporting products in 2021 is expected to be higher than expected. In 2021, the company’s packaged home business performed well. As of November 2021, the cumulative orders received exceeded 2 billion yuan, with a year-on-year growth rate of 104%. In July 2021, the orders received exceeded 1 billion yuan, and the orders received doubled in only four months. We are optimistic that the packaged home business will maintain a rapid growth rate throughout the year. We predict that the packaged home business will grow by about 90% in 2021, becoming the third growth driver after cabinets and wardrobe.
Under the consumption trend of whole house customization, the company continues to promote the whole house decoration strategy and grasp the diversified flow entrance
The consumption habit of whole house customization of furniture consumer groups continues to be cultivated, and extensive growth is no longer the main theme of the home market. Brand consumption, one-stop matching and the pursuit of high-quality products have become the general trend of home decoration consumption, Oppein Home Group Inc(603833) focusing on the current home market theme, taking market share as the first, showing excellent channel fission ability, extending European style Opalli, ponice and other brands will vertically expand the diversified channels of Ka stores, decoration, online and engineering, maintain competitive and cooperative relations among various channels and categories, constantly stimulate the distribution system and continue to lead the home industry. In the future, as the company continues to implement the decoration strategy, continuously upgrade the information management level and promote category integration, The company’s competitive advantage in the industry is expected to be further consolidated and improved.
Risk warning: the recovery of completion data and terminal demand is less than expected; The expansion speed of the whole package has slowed down.
