Zhibang Household (603801) Annual Report Review Report: Strong Growth in New Categories
Revenue in 2018 was 24.
33 ppm, an increase of 12 in ten years.
80%, net profit attributable to mother is 2.
73 ppm, an increase of 16 in ten years.
51%, net profit after deduction to non-mother is 2.
53 ppm, an increase of 12 in ten years.
Of which 18Q4 achieved income 6.
99 ppm, a ten-year increase4.
00%, net profit attributable to mother is 6942.
720,000 yuan, down 12 every year.
67%, net profit after deducting non-attribution to 6897.
310,000 yuan, down 2 every year.
The growth rate of the cabinet business in 18 years is expected, and the gross profit margin of the wardrobe business is rising.
The company’s overall cabinet revenue in 2018 was 19.
28 ppm, a ten-year increase2.
74%; revenue from custom wardrobes4.
30 ppm, an increase of 91 in ten years.
62%; wooden doors realized income of 778.
In terms of gross profit margin, the gross profit margin of the overall cabinet was 38.
32%, an increase of 1 over 17 years.
52 points; custom-made closet gross margin 29.
97%, an increase of 4 over 17 years.
In the past 18 years, the company’s distribution channel performance has steadily increased, and the gross margin of its bulk business has increased significantly.
Company distribution model income 17.
4.0 billion, an increase of 14 over 17 years.
82%; direct channel revenue1.
5.7 billion, a decrease of 1 from 17 years.
99%; bulk business income 3.
91 trillion, a decrease of 1 from 17 years.
3%, mainly due to the decrease in business from Evergrande.
In terms of gross profit margin, the gross profit margin of the distribution model was 36.
09%, a decrease of 0 from 17 years.
69pct, gross profit margin of direct sales channel 63.
83%, an increase of 0 from 17 years.9 points, gross profit margin of bulk business 30.
22%, a big increase of 7 from 17 years.
北京体验网1pct, the improvement of the company’s customer structure and increase in scale have brought about greater profitability of major businesses.
The company’s 18-year expense rate control is better.
The company’s 18-year sales expense ratio was 13.
72%, an increase of 0 from 17 years.
13 points; management expense ratio 5.
78%, an increase of 0 from 17 years.
91 points; R & D expense ratio 3.
8%, an increase of 0 from 17 years.
72pct; financial expenses-17.39 million, a decrease of 18.05 million compared to 17 years.
The increase in the management expense ratio was due to the increase in the number of employees and the increase in expenses and management consulting expenses.
The increase in the R & D expense ratio was due to an increase in staff budgets and an increase in R & D investment.
The channel continued to sink for 18 years, and the wardrobe opened quickly.
As of December 31, 2018, the company had more than 1,220 cabinet distributors and opened 1,487 stores, of which 240 were newly opened and 88 were closed; 595 were custom-made wardrobe dealers, and 726 were stores, of which 347 were newly opened, Closed 16; 117 wooden door dealers, and 88 fusion stores with other categories.
19 years will strengthen the integration of store optimization and cabinet wood.
The company’s cabinet business plans to optimize and renovate old stores for 19 years, and plans to open 150 new stores.
The wardrobe and whole-house customization business will strengthen the channel sink to cities below the third tier, and plans to open 350 new stores.
Wooden doors will be integrated with cabinets and whole house customization to achieve integrated sales, and plans to open 100 new stores.
The linkage of cabinets and woods will increase the value of customer orders, and the recovery of house delivery will increase the number of customer orders. Development in 19 years can be expected.
The company’s 18-year wardrobe business has maintained a high growth rate of more than 90%, the new store is in good condition, wooden doors have also accelerated development, and new categories have maintained a good momentum of development.
In 18 years, the structure of major business customers was adjusted, and in 19 years, the delivery of refined decoration was improved, and higher growth is also expected.
The company strengthened the cabinet-clothing-wood linkage to expand the whole house’s supporting household categories and further increase the value of customers.
We expect the house delivery to increase by 33% / 17% in 19-20 years, which will increase the company’s customer order volume. The development in 19 years is worth looking forward to.
Taking into account the broad and clear recovery of house delivery in 19-20 years, the company’s wardrobe and wooden doors have a good momentum of development, slightly raising the company’s profit forecast, and then add a 2021 forecast.
It is estimated that the company’s net profit for the years 19-21 will be 3.
14 billion / 3.
70 billion / 4.
22 (Originally expected 3.
07 billion / 3.
4.4 billion), the growth rate is 15% / 18% / 14%, the corresponding PE is 21.
6X / 16.
3 times, maintaining the “overweight” level.
Risk warning: industry competition intensifies; traditional cabinet growth indicators; dealers’ profitability worsens