\u3000\u3000 Oppein Home Group Inc(603833) (603833)
The company issued the first phase of excellent employee stock ownership plan, which fully stimulated the vitality of employees and demonstrated their confidence in development
Oppein Home Group Inc(603833) issue the first phase of excellent employee stock ownership plan, which is aimed at the company’s directors (excluding actual controllers and independent directors), supervisors and senior managers, and core personnel who have an important impact on the operation and performance of the company and its holding subsidiaries. The total number of holders of this employee stock ownership plan does not exceed 230, including the company’s directors There are no more than 7 supervisors and senior managers, and the total amount of the shareholding plan is no more than 70 million yuan. The source of funds is the legal salary of employees (no more than 35 million yuan) and the loan provided by the controlling shareholder Mr. Yao Liangsong (no more than 35 million yuan), and the source of shares is purchased through the secondary market (including bidding and bulk). The issuance of the employee stock ownership plan and the strengthening of incentives are expected to fully mobilize the enthusiasm of employees, highlight the confidence of the company in development and maintain the profit forecast. We expect the net profit attributable to the parent company to be RMB 2.788/35.21/4.261 billion from 2021 to 2023, corresponding to EPS of RMB 4.58/5.78/6.99, and the current share price corresponding to PE of 30.4/24.1/19.9 times, maintaining the “buy” rating.
Release the plan for convertible corporate bonds and adjust the total amount of convertible bonds raised to no more than 2 billion for the Wuhan project
On October 27, 2021, the company issued a plan for convertible corporate bonds, which plans to raise no more than 3 billion yuan. This plan is adjusted to 2 billion yuan for the construction of Oppein Home Group Inc(603833) intelligent manufacturing (Wuhan) project, and the europay innovative design building project is cancelled. Other terms of the plan remain unchanged. The company plans to use more self owned funds to build projects to highlight the company’s cash flow strength. The project plans to invest in the construction of ” Oppein Home Group Inc(603833) central China intelligent manufacturing base” in Caidian District, Wuhan, and build a new kitchen cabinet, wardrobe, wooden door, bathroom and other smart home full category production line and supporting facilities. The construction period of the project is 3 years. After the project is completed, the financial internal rate of return after income tax is expected to be 23.67% and the investment payback period is 5.58 years. After the completion of the project, it is expected to better radiate the customers in Central China, form a joint force with the existing bases in South China, East China, North China and West China, reduce the regional service radius, reduce the cost of long-distance transportation, improve the price competitiveness of the company, improve the service quality and consumer experience, and provide capacity support for the overall home decoration strategy.
Previously, the performance forecast was released. The performance of 2021 was in line with expectations and continued to move forward to the leading household
In 2021, it is expected to achieve an operating revenue of 19.899-21.373 billion yuan, 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%, which is in line with market expectations. Among them, the whole decoration business has a bright performance. In the future, with the company’s continued implementation of the whole decoration big home strategy, the market share, The whole package and supporting products are expected to continue in large quantities.
Risk warning: the recovery of completion data and terminal demand is less than expected; The expansion speed of the whole package has slowed down.
