Oupai Home (603833): Steady growth in performance promotes multi-category diversification

Event: The company released a semi-annual report: the company achieved revenue of 55 in 19H1.

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%; net profit of non-attributed mothers 5.

95 ppm, an increase of 15 in ten years.

70%.

Among them, the revenue in the second quarter was 33.

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

51%; net profit attributable to mother 5.

41 ppm, an increase of 13 in ten years.

48%; net profit deducted from non-return to mother 5.

19 ppm, an increase of 14 in ten years.

97%.

Opinion: Revenue has steadily increased, and performance has met expectations.

In terms of quarters, the company’s revenue in 19Q1 / Q2 was 22 respectively.

03/33.

$ 1.5 billion.

57% / 12.

51%, achieving solid growth.

19Q1 / Q2 achieved net profit attributable to mother 0, respectively.

92/5.

410,000 yuan, an increase of 25 in ten years.

14% / 13.

48%.

19Q1 / Q2 achieved net profit after deduction of non-return to mother 0.

76/5.

19 ppm, an increase of 20 in ten years.

95% / 14.

97%.

In terms of products, the company’s cabinets / wardrobes / bathrooms / wooden doors achieved revenues of 26 respectively.

04/20.

05/2.

62/2.

2.2 billion, an increase of 3 each year.

37% / 20.

70% / 42.

76% / 40.97%.

In terms of different channels, the company’s direct sales / distribution / bulk business respectively achieved revenue1.

16/42.

34/9.

2.9 billion, an increase of 7 each year.

57% / 9.

08% / 54.

00%.

The gross profit margin increased slightly, and the expense ratio decreased.

Gross profit margin: The company’s gross profit margin reached 37 in this period.

62%, a slight increase of 0 from last year.

39 points.

In terms of products, the company’s cabinet / wardrobe / bathroom / wood door gross margins were 38.

96% / 40.

62% / 24.

60% / 17.

46%, respectively change -1.

01 / + 2.

58 / +0.

78 / -2.

88 points.

In terms of different channels, the company’s gross profit margin of direct sales / distribution / bulk business was 71.

47% / 36.

13% / 41.

29%, respectively +4.

25 / -0.

26 / + 0.

88 points.

Expense ratio: The company’s sales / management / financial expense ratio is 11 respectively.

19% / 12.

62% / 0.

14%, each year change -0.

46 / +0.

69 / +0.

18 points.

Earnings forecast and estimation: EPS are expected to be 4 in 19-21.

50, 5.

33, 6.

23, corresponding PE is 27X, 23X, 19X.

Give “Buy” rating. Risk reminder: the prosperity of the real estate industry is expanding, and 武汉夜生活网 the prices of raw materials are rising sharply