Depth * Company * Zhibang Home (603801): High-growth channels for wardrobes expand steadily

Wardrobe growth is high, channels are expanding steadily. The company released its 2018 annual report: the scale of the report, the company achieved revenue 24.

3 ppm, an increase of 12 in ten years.

8%, net profit attributable to mother 2.

7 ppm, an increase of 16 in ten years.

5%, attributed to the mother deducted non-net profit2.

50,000 yuan, an increase of 12 in ten years.


Among them, 18Q4 achieved revenue of 7.

0 million yuan, an increase of 4% in ten years, net profit attributable to mothers 6,942.

70,000 yuan, a decrease of 12 per year.

7%, attributable to non-net profit of 6,897.

30,000 yuan, reduced by 2 every year.


The company plans to distribute a cash dividend of 8 to every 10 shares for all shareholders.

6 yuan (including tax), and 4 additional shares for every 10 shares.

  Key points of support levels Customized wardrobes are the main driver of revenue growth.

The total number of reports, the company’s overall cabinets, custom wardrobes, IK whole house custom business increased by 2 respectively.

3%, 91.

6%, 38.

2%, accounting for 77 of total revenue.

8% (-8.

0%), 17.

7% (+7.

3%), 1.

4% (+0.

3%), in the case of the cabinet business, which is affected by the expansion of real estate and increased competition, and the rapid growth rate, the wardrobe business maintained a high growth rate, which was the main driving force for revenue growth.
In addition, the wooden door business has gradually formed a business prototype of brand, research and development, supply, production, and service integration, which meets the consumer’s one-stop purchase demand for customizing the whole house, achieving revenue of 7.79 million yuan, accounting for 0.


  The expansion of customized wardrobe stores accelerated, and overseas channels expanded smoothly: 1) The number of reports, the company’s cabinets, wardrobes, wooden doors, IK specialty stores increased by 152/331/117/4 to 1,487 / 726/117/33, a total increase604 to 2,363 (YoY + 34.

3%), among which, the number of customized wardrobe stores increased by 83 times.

8%, achieving high-speed expansion, accounting for 47.

After 8% of newly opened stores are mature, the benefits of single stores will be accelerated; 2) In 2018, the company’s direct sales, distribution, bulk, and other channel revenue will increase by -1.

99%, 14.

82%, -1.

3%, 55.

3%, accounting for 6.

4%, 70.

1%, 16.1%, 7.

4%, the distribution channel grew steadily, due to the structural adjustment of customers (no longer accepting orders from Evergrande, which reduced engineering business by over 100 million yuan in 18H2), revenue 北京夜生活网 was slightly replaced, and other channels benefited from overseas business (+87.

3%) smooth development and high growth.

In 2019, the company is expected to maintain a store opening speed of 18 years. While expanding its market share through channels, it will continue to expand overseas channels. Multifaceted flowering has contributed to revenue growth.

  The increase in the scale effect of the wardrobe has helped to improve profitability.

18-year company gross margin short-term +1.

06pct, net interest rate +10 for ten years.

36 pct, main reasons: 1) Business scale: Increased production efficiency and scale effect to expand cabinets, and the gross profit margin of the wardrobe business is +1.

5 pct, 4.

2 pct; Channel Channel: Benefiting from the adjustment of real estate customer structure, revenue accounted 杭州夜网论坛 for 16.

1% (-2.

3%) of the gross margin of the bulk business per +7.

1 pct to 30.

2%, overseas channel development and high gross profit margin IFJ orders every + 167% will help increase gross profit margin of businesses outside Mainland China by +10.

3 pct to 23.

0%; 2) The increase in the number of employees in scale development and management consulting fees increase the sales expense ratio by +0.

9 pct, exchange gains and interest income increased the financial expense ratio by -0.

7 pct, combined management expense ratio, R & D expense ratio +0 per year.

1 pct, + 0.

7 pct, the final period cost rate is double +1.

0pct; 3) 18Q4 gross profit margin length +0.

2 pct, but the rate has increased by +0.

At 73 pct, the decrease in net investment income and loss of asset impairment affected approximately 11 million, resulting in a decrease in net interest rate by -1.

9 pct.

  It is estimated that the company’s wardrobe will continue to grow at a high rate, the channels at home and abroad will expand smoothly, and the layout of the whole house will be complete. Considering increased competition and land tightening, we lower the company’s EPS for 2019-2021 to 1.



74 yuan, an annual increase of 16.

2% / 17.

2% / 18.

0%, corresponding to the current expected PE22X, maintaining an overweight rating.

  The main risks faced by the rating company channel expansion exceeded expectations; real estate policy continued to tighten.