Oupai Home (603833) quarterly report comments: channel + category layout significantly improved performance beyond expectations

In the first quarter of 2019, net profit attributable to mothers increased by 25 per year.

14% European-style home furnishings released the first quarter report of 2019, and the company achieved revenue of 22 in Q1 2019.

30,000 yuan, an increase of 15 in ten years.

57%; net profit attributable to mother is 0.

92 ppm, an increase of 25 in ten years.

14%, exceeding our average expectation; net profit after deducting non-attribution increases by 20 per year.

96% to 0.

7.6 billion.

The forward-looking and multi-category layout optimization of European-style home furnishings, and the advantages of customized faucets are significant. We expect the company in 2019?
The EPS in 2021 will be 4.

57 and 5.

36, 6.

18 yuan, maintaining the “overweight” level.

The channel category layout has been significantly improved, and the performance exceeds expectations. Europa Homes actively promotes the omni-channel layout strategy. While maintaining the advantages of the retail channel, it actively arranges hardcover, package, e-commerce and other channel businesses; the category end, wooden doors, and bathroom facilities are gradually improved., The layout of large homes is becoming more and more perfect.

Channel expansion and category expansion have improved, and the company achieved revenue in the first quarter of 201922.

30,000 yuan, an increase of 15 in ten years.

57%; net profit attributable to mother 0.

92 ppm, an increase of 25 in ten years.

14%.

Other income increased by 366% to 6.85 million yuan each year, mainly due to the increase in government subsidies and amortization; non-operating income increased by 314% to 4.82 million yuan, mainly due to increased fines and confiscation income.

Gross profit margin has been steadily rising, and cash flow conditions are good. 19Q1 gross profit margin 34.

2%, a year to raise 0.

3pct; during the period, the expense ratio was almost flat, in which the sales / management + R & D / financial expense ratios changed respectively by -0 in the long term.

3 / -0.

1 / + 0.

4 points to 13.

8% / 15.

0% / 0.

3%.

Cash flow was good, 19Q1.

4.5 billion yuan, -3 from the same period last year.

The 76 trillion net operating cash flow ratio has significantly narrowed; the cash-to-cash ratio is 100%, and the expansion has increased by about 2 pct; the engineering business volume has increased, and the amount 杭州夜网论坛 of receivables has increased by 196% to 4.

200000000.

Omni-channel expansion, key products, and improved service quality. Based on the advantages of traditional retail channels, the company will actively expand emerging channels such as packaging, hardcover, and e-commerce, and propose a direct cooperation model with a number of leading home improvement companies, opening up a large-scaleThe new path and sales channel of the home furnishing strategy have become an important driving force for the company’s revenue growth; the advantages of Opie’s unique brand overlay and full-category layout have been fully utilized to strive to increase customer value.

In addition, the company’s key products and services have been enhanced, the product system R & D integration has been strengthened, the product quality standard system and quality management system have been improved, the product delivery service standard system has been established, the quality of logistics services has been further enhanced, and the product quality reputation has been further enhanced to enhance consumersshopping experience.

The leader of large homes maintained the expansion of the “overweight” rating category, and the promotion of tooling business and assembly channels promoted the company’s steady growth.

In view of the company’s gradual improvement in the diversification of its channel layout, and slightly raised its profit forecast, we expect the company’s net profit attributable to its mothers to be 19 in 2019-2021.

2, 22.
5, 26.
0 million yuan (previous value was 18.

9, 22.

2, 25.

700 million), the corresponding EPS is 4.

57 and 5.

36, 6.

18 yuan.

With reference to the comparable company’s PE in 2019, it is about 18 times. Considering that the company has significant advantages in terms of brand, channel, and category, the assembly business is rapidly advancing.
27x target price-earnings ratio, corresponding to a target price of 118.

82?
123.

39 yuan, maintaining the “overweight” level.

Risk warning: Real estate sales exceed expectations; assembly business advances less than expected.

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