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