Oupai Home (603833): Performance Forecast Meets Expected Key Product Categories

Investment Highlights Event: The company released a 2019 performance forecast, and the company is expected to achieve operating income of 126 in 2019.

60 ppm to 138.

110,000 yuan, an increase of 10% to 20% in ten years; net profit attributable to mothers 18.

08 billion to 19.

65 ppm, an increase of 15% to 25% in ten years; net profit after deduction is 16.

47 ppm to 17.

9.6 billion, a 10% to 20% increase in ten years.

  The notice was in line with expectations and the performance maintained steady growth.

The full year of 2019 is expected to increase operating income by 10% to 20% each year, and net profit attributable to mothers will further increase by 15% to 25%.

From a single quarter point of view, in Q4 2019, it is expected to achieve operating income of 31.

25 ppm to 42.

76 trillion, an increase of 6% to 29% in ten years; net profit attributable to mothers4.

2.9 billion to 5.

870,000 yuan, an increase of 16% to 58% in ten years; net profit after deduction of non-return to mother3.

56 ppm to 5.

$ 0.5 billion, an increase of 1% to 43% per year.

Performance growth was in line with expectations.

  Key category strategies have been effectively implemented, and wardrobes, bathrooms, and wooden doors have continued to grow rapidly.

In 2019, the style of the home consumption market has changed. The home consumption clearly shows a dumbbell shape. The company’s rapid key categories and brand strategies have effectively landed, and new products have been launched and promoted.

The company’s new product R & D investment is in the leading position in the industry, and R & D expenses in the first three quarters of 20194.

32 ppm, an increase of 37% per year.

Under the high yield, different series of products such as solid wood series and baking varnish series have been introduced one after another. The design styles have gradually added light luxury styles and different styles such as Nordic fashion. The product series and styles continue to meet consumer needs.

The company has stepped up its promotion efforts and launched multiple packages including the Opinni Door 11999 package.

With the continuous enrichment of products and the increase in promotional efforts, the sales revenue of various products maintained a high growth. Among them, wardrobes, bathrooms, and wooden doors continued to grow at a high rate. The company’s sales of cabinets, wardrobes, bathrooms, and wooden doors in the first three quarters of 2019 were 44.

9.6 billion, 35.

05 billion, 4.

4 billion, 4.

USD 1.3 billion, with annual growth of 6%, 21%, 43%, 37%.

  The omni-channel operation speeded up, and the performance of engineering channels was outstanding.

The company’s omni-channel operations accelerated, and each channel maintained good growth.

  The retail channel continued to optimize the dealer system and increase store openings. As of the end of September 2019, the company had a net increase of 376 stores; the second was to increase the second R & D of packaged home furnishing products, enhance the competitiveness of packaged products,With the help of high-quality package dealers, overall, actively dating package dealers.

Under a number of single factors, the distribution revenue achieved a good growth. The company’s distribution shop revenue in the first three quarters of 2019 was 74.

24 ppm, an increase of 13% per year.

In terms of engineering channels, the company’s engineering channels are rooted in the Top 100 strategy. As of the end of June 2019, the company has strategically cooperated with domestic top 100 real estate companies to reach 47. It has been continuously recognized by real estate customers, and its engineering channel performance is outstanding.Is 15.

460,000 yuan, an increase of 51% in ten years.

  Informatization and lean production continue to advance, maximizing the basis for continued growth in net profit.

The company’s informatization continues to advance. At present CAXA is running well, realizing one-click ordering and one-click quotation, effectively improving efficiency.

The company pays attention 武汉夜网论坛 to lean production, continuously improves productivity, and pays close attention to product quality.Informatization and lean production continue to advance, effectively reducing costs and increasing efficiency, thereby expanding the company’s continued growth basis for net profit.

  The continuous improvement in the completed area may effectively support the company’s performance growth.

The expansion area completed on January 11, 2019 decreased by 4.

00%, narrowed by 1 from January to October.

Five average values, of which 3 consecutive months since September have achieved positive growth in the completion of the month, residential completion continued to improve, bringing the replacement of the building materials home prosperity index BHI in 2019, and the BHI index of 96 in November 2019.

88, an increase of 6 per 深圳spa会所 year.

07 o’clock.

The completed area is expected to continue to improve, which effectively supports the growth of post-cycle product performance.

  Investment suggestion: We predict the company’s earnings from 2019 to 2021 will be 4 respectively.

49 yuan, 5.

30 yuan and 6.

19 yuan, corresponding to PE is 26 times, 22 times, 19 times, the company is the leader in custom furniture industry, has obvious product, channel, capacity advantages, maintain the buy-B proposal.

  Risk reminder: The completed area is less than expected; the development of the self-contained large home is less than expected; the development of engineering channels is less than expected; and industry competition is intensifying.