European-style home furnishings (603833) semi-annual report comment: improvement of income forward-looking indicators, large homes successfully completed the first half of the target

European-style home furnishings (603833) semi-annual report comment: improvement of income forward-looking indicators, large homes successfully completed the first half of the target

European-style home furnishings (603833) semi-annual report comment: improvement of income forward-looking indicators, large homes successfully completed the first half of the target

In the first half of 19, the income reached 55.

10 ppm, an increase of 13 in ten years.

72%, net profit attributable to mother is 6.

33 ppm, an increase of 15 in ten years.

04%, net profit after deducting non-attribution is 5.

95 ppm, an increase of 15 in ten years.

70%.

2Q19 realized income 33.

0.7 million yuan, an increase of 12 in ten years.

51%, net profit attributable to mother is 5.

41 ppm, an increase of 13 in ten years.

48%, net profit after deducting non-attribution is 5.

19 ppm, an increase of 15 in ten years.

00%.

The company’s overall gross profit margin was 37 in the first half of the year.

62%, increasing by 0 every year.

39 points.

Net profit for the first half of the year 11.

48%, an increase of 0 every year.

13pct.

Q2 gross profit margin was 39.

88%, up from 0 previously.

5pct, net interest rate is 16.

35%, an increase of 0 a year.

14 points.

The increase in gross profit margin has caused a slight decrease in the latest sheet prices since this year. The average annual price of our 18% particleboard has fallen by 1.

35% has always been brought by the company’s continuous optimization of production processes and improvement of efficiency.

The company’s period expense rate increases by 0 every year.

4pct, marketing cost reduction and optimization brought about a decrease in sales expense ratio, indicating that price competition this year tends to be benign.

The company’s expense ratio during the 19H1 period was 23.

95%, rising by 0 every year.

4pct; sales / management + R & D / financial expense ratios are 11 respectively.

19% / 12.

63% / 0.

14%, respectively changed by -0.

46/0.

68/0.

18 points.The decrease in sales expense ratio was mainly due to supplementary advertising expenses.

The increase in the management + R & D expense ratio was mainly due to the increase in employee compensation, depreciation expenses and R & D materials expenditure.

The increase in the financial expense ratio was due to the increase in discounted bills.

Prospects for revenue have improved and cash flow is good.

2Q19 advance collection period increased by 12.

14%, the growth rate began to accelerate (except for Q1 in 18, advance receipts are all interchangeable), of which receipts cash flow 62.

44 ppm, an increase of 18 years.

19%, also higher than the growth rate of income.

Although the company’s bulk business has grown rapidly, by selecting customers, cash flow control is better, and the company’s operating cash inflow in 19H1 was 10%.

1.5 billion, 4 more inflows every year.

7.1 billion yuan.

Cash ratio is 113.

31%, also a rise of 4 in ten years.

29 points.

The company’s channel continued to develop in 19 years, and the speed of opening stores in the second quarter accelerated.

As of June 30, 2019, the company has 1,666 cabinet dealers (H1 + 48) and opened 2,330 stores (H1 + 54, Q2 + 51); 1002 custom wardrobe dealers (H1 + 29), the number of stores is 2240 (H1 + 127, Q2 + 149); Opalí dealers 955 (H1 + 63), the number of stores 982 (H1 + 47, Q2 + 28); bathroom distributors 517 (H1 + 29), stores589 (H1 + 30, Q2 + 25); 934 wooden door dealers (H1 + 126); 877 stores (H1 + 52, Q2 + 18); 203 home furnishing dealers with 210 stores Family.

The company has a total of 7,228 stores.

Oupai continued to optimize the channels, products and production end this year, mainly with the following important changes: 1) The complete home furnishing has successfully completed the order setting for the first half of the year, helping to move towards the pan home furnishing integrator.

The company’s self-furnishing large home model mainly cooperates with local self-furnishing leaders to drain each other to achieve a win-win effect.

This model is most in line with the requirements of self-assembly. The development ranking of the European-style self-assembly large-family model is one step ahead of the competition. It can take the lead in binding the good self-assembly companies and promote channel innovation and transformation through the self-assembly large-family model.

2) Launch the city partner model to refine channel operations.

This 都市夜网 year, under the voluntary replacement of the first-tier dealers, urban partners were recruited in some original districts / counties / towns with weak first-tier dealers to make the channel operations more refined.

3) Opal has accelerated its development. Opal’s marketing department has effectively improved the agent’s management capabilities through the strategy of “light assets, heavy operations, grasping the efficiency, reorganizing single stores, reasonable gross profit, and multi-flowering”.

The characteristics of Aubrey are integration, e-commerce, that is, from the beginning, multi-category integration such as cabinet clothing, more sustainable Internet, and e-commerce.

At the Expo this year, Opal launched a large number of new products with high cost performance and high value, and its product power has been significantly improved.

4) The production side strongly promotes lean production in the manufacturing system, and the construction of the four major production bases is progressing in an orderly manner.

Through lean production to improve efficiency and reduce costs, support end-market competition.

After the issuance of convertible bonds, the raised funds will be invested in the construction of production bases in Chengdu, Qingyuan and Wuxi. The construction of the four major production bases will help reduce product transportation costs and improve the efficiency of the supply chain.

Maintaining profit forecast, the company is expected to have a net profit of 19-21.

2.4 billion / 22.

8.9 billion / 27.

01, the growth rate is 22% / 19% / 18%, the corresponding PE is 25.

1X / 21.

1X / 17.

9X, maintain “Buy” rating.

Risk warning: less-than-expected delivery; increased competition in the same industry; less-than-expected channel expansion, etc.

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