Oupai Home (603833) Interim Review: Orderly Assembly Business Promotes Steady Growth in Revenue
In the first half of 2019, net profit attributable to mothers increased by 15 per year.
04% In the first half of 2019, Europa Homes achieved revenue of 55.
10 ppm, an increase of 13 in ten years.
72%; net profit attributable to mother 6.
33 ppm, an increase of 15 in ten years.
04%, in line with our democratic expectations;
95 ppm, an increase of 15 in ten years.
19Q2 single quarter revenue increased by 12 in ten years.
51% to 33.
7.0 billion, the net profit attributable to mothers increased in ten years.
48% to 5.
We expect the company’s EPS to be 4 in 2019-2021.
30 yuan, maintaining the “overweight” level.
Cabinet revenue increased slightly. Looking at the rapid growth of new categories of bathroom and wooden doors, the growth rate of cabinets was slightly inclined due to the decline in the real estate boom and the shift in traditional retail passenger flow. Cabinet revenue in 19H1 increased and increased by 3.
4% to 26.
At present, the company uses the 15800 package as a drainage tool and exerts its power in all channels. At the same time, it has piloted the distribution model in the first half of the year to further increase service coverage density and support the development of cabinet business.
In terms of wardrobes, along the main line of “receiving multiple orders and doing single value”, the company’s new product packages effectively boosted order growth, and the 19H1 wardrobe revenue growth increased by 21% to 20.
In addition, in the first half of the year, bathroom / wooden doors achieved high growth rates at a low base, with 19H1 growing 43% / 41% to 2 each year.
The increase in the gross profit margin of the wardrobe led to the increase in the overall gross profit margin, and the increase in the expense ratio during the period increased slightly by 19H1. The overall gross profit margin increased by 0.
4 points to 37.
6%, mainly due to the increase in the gross profit margin of the wardrobe.
During the first half of the year, the company’s expense ratio increased by 0.
40pct to 23.
95%, of which the sales expense ratio decreases by 0 every year.
46pct to 11.
19%, which is the decrease of the company’s advertising and 都市夜网 exhibition expenses, business office expenses, lease decoration costs, etc .; the management + research and development expense rate increases by 0 every year.
68pct to 12.
63%, mainly due to the increase in employee compensation and depreciation booth costs; financial expenses increased by zero.
18pct to 0.
14% was due to the discount of the company’s bill business.
In addition, the company’s net operating cash flow in 19H1 increased by 86 year-on-year.57% to 10.
1.5 billion US dollars, mainly due to the company’s sales of goods and services provided by the increase in cash flow and pay fees and taxes decreased.
Following the trend and accelerating the progress of the channel, the assembly and engineering business quickly promoted the steady development of the retail channel until the end of the first half of 2019./ 深圳桑拿网 47 to 2330/2240/877/589/982, the retail channel revenue increases 9% to 43 each year.
In fact, the company focuses on channel changes in the context of decentralized traffic. In terms of engineering business, it has established strategic partnerships with 47 domestic top 100 real estate developers to give full play to the advantages of the “group + service provider” model and improve the company’s position in the engineering channelIn 19H1, the revenue of the bulk business increased by 54% to 9 per year.
300 million; the assembly business developed smoothly in the first half of the year, ending the end of June, the number of large-scale home furnishing stores increased to 210, with 43 major customers.
The endogenous advantage is significant. Maintaining the “overweight” rating takes into account the downturn in the real estate industry and lowers its profit forecast. We expect 2019?
In 2021, the company’s net profit attributable to the parent is 18.
500 million (previous value was 19.
0 million), the corresponding EPS is 4.
With reference to the comparable company’s PE of about 18 times in 2019, taking into account the company’s channel, category and other significant advantages, the assembly business is rapidly advancing.
28 times target price-earnings ratio, corresponding to a target price of 121.
72 yuan to maintain the “overweight” level.
Risk warning: Real estate sales have fallen sharply, assembly business has not advanced as expected, and channel expansion has fallen short of expectations.