北京桑拿论坛 mshsenowr Villinger (603226): Stable development of flooring business, profitability of custom furniture under pressure

Villinger (603226): Stable development of flooring business, profitability of custom furniture under pressure

Villinger (603226): Stable development of flooring business, profitability of custom furniture under pressure
Event: The company announced its 2018 annual report and achieved revenue 8 in 2018杭州夜网.35 ppm, a ten-year increase4.83%; net profit attributable to mother 9881.730,000 yuan, an increase of 23 in ten years.41%; deducting non-net profit increases by 10 per year.38%.In 18 years, the company plans to pay 3 yuan for every 10 shares.  Comments: 1. The performance is in line with expectations. Product and channel construction have been going on for 18 years. Due to the downturn in the real estate sales and market consumption environment, the company’s revenue growth has continued to be weak since the second quarter, and Q4 single-quarter revenue growth has increased.02%.In terms of production and sales, the annual output of laminate flooring is 733.210,000 square meters, the annual output of solid wood composite floor is 188.620,000 square meters; 734 sales of laminate flooring.760,000 square meters; 188 sales of solid 厦门夜网 wood composite flooring.540,000 square meters; annual sales of Senyu flooring is 47,899 square meters.Senyu flooring is based on designer channels. It has entered 10 regions including Shanghai, Shenyang, Wuhan, Chengdu, Jinan, Ningbo, Nanchang, Yinchuan, Changsha, and Shenzhen.Channel expansion has been steadily progressing. The company has more than 70 agents in China, covering more than 1,000 dealer networks; the number of custom furniture stores reached 90 in 18 years; the establishment of the engineering home improvement department, which is responsible for the development of the national engineering home improvement business, and promotes agentsCarry out intensive cultivation of home improvement channel expansion.  2. The gross profit margin of the cabinet furniture business decreased, and the cost control improved the overall gross profit margin30.35%, downgraded 1 year.7pct, mainly due to the cabinet furniture business, gross profit margin of other businesses decreased by 6.3 pcs, 10 pcs of 7 pct, gross margin of flooring business decreased slightly by 1.1pct.It is expected that the company’s cost control optimization and the expansion of the cabinet furniture business will increase the gross profit margin and reduce the overall gross profit margin.The sales and financial expense ratios decreased by 2 each year.5 tablets, 0 tablets 3pct, management + R & D expense rate is basically stable.18-year net interest rate 11.84%, up 1 year.79 points.The 18-year net cash flow from operating activities increased by 61 each year.12%.Q4 single season, return to mother, deducting non-net profit increased by 11.61%, 1.11%.  3. Category expansion growth point, maintaining the “prudent recommendation-A” level as the leading brand in the wood flooring industry. The company uses the brand and product advantages to continuously optimize the product structure, increase solid wood flooring, three-layer solid wood flooring products, and channel expansion to drive stable flooring business.Growth; at the same time, develop cabinet furniture business, and extend to the field of wardrobes and whole-house customization, expand system home business expenses, and cultivate new growth points.The equity incentive plan was launched in 17 years, binding the same interests.It is estimated that the net profit attributable to mothers from 2019 to 2021 will be 1.14 yuan, 1.2.5 billion, 1.35 ppm, an increase of 15%, 9%, and 9% each year. At present, it is expected that the corresponding 19-year PE is 21x, and the rating of “Prudent Recommendation-A” is maintained.  Risk reminder: competition in the industry is intensifying, and floor sales are not up to expectations.