Recommended target and beneficiary target of light industry this week
In December, the retail sales of furniture were under pressure and optimistic α Property leading companies take the lead in restoring sales. It is suggested to pay attention to the improvement of financing of real estate enterprises and the valuation repair of furniture sector. (1) Recommended combination of customized home: Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) ; (2) Recommended targets of software Home: Jason Furniture (Hangzhou) Co.Ltd(603816) , Minhua holdings, Xlinmen Furniture Co.Ltd(603008) , and beneficial targets Healthcare Co.Ltd(603313) ; (3) Recommended target of packaging sector: Shenzhen Yuto Packaging Technology Co.Ltd(002831) ; (4) Recommended target of e-cigarette: smore international.
Industry update: focus on the financing improvement of real estate enterprises, and the home sector is still in the process of valuation repair
Real estate data: in 2021, the cumulative sales area of residential commercial housing in China was 1.794 billion square meters, a year-on-year increase of 1.9%, an increase of 4.6% compared with 2019. In a single month, the sales area of residential commercial housing nationwide in December 2021 was 213 million square meters, a year-on-year decrease of 15.6%. In 2021, the total completed area of residential commercial housing in China was 1.014 billion square meters, with a year-on-year increase of 11.2%. In a single month, the completed area of residential commercial housing in China was 327 million square meters in December 2021, with a year-on-year increase of 1.9% and a month-on-month increase of 184.9%. Affected by the fact that the social finance and credit data in December 2021 did not meet the market expectations, the sales and completion data of commercial housing in December 2021 were lower than expected. We believe that the real estate policy in December 2021 continues to release loose signals, and the real estate data is expected to improve with the increase of financing of real estate enterprises in the future. Social zero data: the annual retail sales of furniture in 2021 was 166.7 billion yuan, a year-on-year increase of 14.5%. In December 2021, the retail sales of furniture in a single month was 17.6 billion yuan, a year-on-year decrease of 3.1%. In 2021, the annual retail sales of cultural office supplies were 412.2 billion yuan, an increase of 18.8% year-on-year. In December, the retail sales of cultural office supplies were 41.7 billion yuan, an increase of 7.4% year-on-year. In December, due to the impact of the epidemic and the high base in December 2020, the overall retail sales of furniture fell. We believe that leading household companies are expected to take the lead in restoring sales by virtue of their brand and channel advantages. At the same time, we suggest paying attention to the marginal improvement of real estate policies.
This week focuses on company updates
Oppein Home Group Inc(603833) : the company released the performance forecast. The performance in 2021 met the expectations. In 2021, the company is expected to realize the net profit attributable to the parent company of 2.640-2.846 billion yuan, with a year-on-year increase of 28% – 38%, deducting the net profit attributable to the non parent company of 2.477-2.671 billion yuan, with a year-on-year increase of 28% – 38%, and the net profit attributable to the parent company of 530-730 million yuan, with a year-on-year change of – 14.0% – + 19.7%. The growth rate of Q4 revenue and profit is lower than that of Q3, mainly due to the high performance base of, Compared with 2020q4, the price of raw materials increased significantly, 2021q4 increased promotional activities and sales expenses.
Xlinmen Furniture Co.Ltd(603008) : the company issued a performance announcement. The performance in 2021 exceeded our expectations. In 2021, the company is expected to realize a net profit attributable to the parent company of 550-560 million yuan, with a year-on-year increase of 75.49% – 78.68%; It is expected that the net profit attributable to the parent company in 2021q4 will increase by 32.26% – 39.77% year-on-year, exceeding the expectation. The retail business of independent brands will continue to grow rapidly, mainly due to the promotion of rapid expansion of stores, multi category integration and systematic sales.
SIMORE International: feelm, the company’s high-end atomization brand, held a new technology conference in London and launched a new generation of ultra-thin electronic atomization solution feelmair, realizing material innovation, nanotechnology application and structure innovation. Driven by the three innovations, the body experience of the new generation of ceramic core was improved, with an overall harm reduction of 80%, a taste reduction of 33% and a leak proof performance of 237%, The energy efficiency ratio was increased by 13%, the battery life / charging speed was optimized, the harm reduction of heavy metals was increased by 79%, and the harm reduction of aldehydes and ketones was increased by 81%. Technological innovation is expected to enhance the company’s product strength, further improve customer stickiness and enhance the company’s leading position.
Risk tip: the price of raw materials is rising, the epidemic situation is repeated, and the competition of bulk business is fierce.
