Oupai Home (603833): The large-scale business of large-scale home furnishings has shown preliminary effects

Oupai Home (603833): The large-scale business of large-scale home furnishings has shown preliminary effects

Key Investment Events: The company released its 2018 annual report and achieved an operating income of 115.

09 million yuan, an increase of 18 in ten years.

53%; net profit attributable to parent company is 15.

72 ppm, an increase of 20 in ten years.


The company’s operating income in the single quarter of 2018Q4 was 33.

12 ppm, an increase of 18 in ten years.

02%; net profit attributable to mother 3.

72 ppm, a ten-year increase4.


The profit distribution plan for 2018 is to distribute cash dividends for every 10 shares7.

5 yuan (including tax).

The performance in 2018 has grown steadily, and the expected revenue / net profit growth in 2019 is about 15% / 20%: In 2018, the company actively promoted channel transformation and dealer management reform in the context of real estate restructuring, industry channel conversion, and intensified competitionAnd internal control management, and the long-term performance has grown steadily.

In 2019, the company adheres to the overall strategy of “sustainable and affordable”, seizes, adds value, reshapes the value chain, and focuses on breakthrough improvements in product and service quality. The company expects its operating income to increase by about 15%; its estimated net profit will be annuallyIncreased by about 武汉夜网论坛 20%.

Cabinets grew steadily, and wardrobes, wooden doors, and bathrooms continued to grow at a high rate: In 2018, the company’s business progressed smoothly, with multiple categories of coordinated development. The overall kitchen cabinets, overall wardrobes, custom wooden doors, and overall bathroom sales accounted for 50%.

09%, 36.

04%, 4.

12%, 3.


The European cabinet business unit line has a horizontal expansion of single value and a pre-arranged “cabinet +” vertical and horizontal marketing strategy, supplemented by “new products, new channels, new displays, new services, and new models”. Five new layouts, overall cabinets in 2018Business income 57.

65 ppm, a ten-year increase of 7.

67%; gross profit margin 39.

81%, an increase of 3 per year.

11 units.

European-style wardrobes grab orders with special packages, and the overall wardrobe revenue in 2018 was 41.

48ppm, an increase of 25 per year.

86%, continued high growth performance; gross profit margin 41.

97%, an increase of 7 per year.

23 digits.

Custom wooden doors 2018 is the key first year of transition and upgrading. The overall bathroom operation is smooth, and wooden doors and bathrooms revenue4.

75, 4.

5.3 billion, an increase of 47 each year.

69%, 49.

51%, a significant growth rate; gross profit margins were 13 respectively.

58%, 26.

48%, a year-on-year decrease of 2%.

29 singles as well as promotion 7.

21 units. Revenue from bulk business has grown rapidly, and the large-scale home furnishing model has initially shown: the company implements omni-channel marketing. In 2018, the company’s distribution stores, direct stores and bulk business accounted for 81% of revenue.

64%, 2.

67%, 12.


In 2018, the sales outlets and directly-operated stores achieved sales income of 92.

5.1 billion, 3.

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

05%, 17.

33%; gross profit margins are 35.

75%, 60.

45%, an increase of 3 each year.

80, 1.

39 units.

At the end of 2018, the number of major product distributors increased by more than 500 and the number of stores increased by more than 770, ensuring the growth of retail channel revenue.

The performance of e-commerce drainage orders increased rapidly. In 2018, 490 e-commerce joint promotions were promoted, and the e-commerce drainage performance of serial cabinets reached 11.

5.3 billion; wooden door e-commerce drainage orders reached 1.

1.3 billion, an increase of 159% in ten years.

The bulk business income has grown rapidly, and the company’s bulk business income in 201814.

180,000 yuan, an increase of 47 in ten years.

04%; gross profit margin of bulk business reached 49 in 2018.

48%, an increase of 1 per year.

52 units.

With the continuous improvement of the proportion of refined decoration of residential commercial houses, the bulk business may gradually become the company’s important performance growth point.

The effect of the self-contained large home model has begun to appear. The self-contained large home is currently blossoming in 22 cities. In 2018, the company’s self-contained cabinet orders exceeded 3.

With 500 million Euros, Europa Home Furnishing is expected to become one of the main engines for performance growth in the next 3-5 years.

Investment suggestion: We predict the company’s earnings from 2019 to 2021 will be 4 respectively.

50, 5.

31 and 6.

20 yuan, return on net assets are 20.

4%, 20.

3% and 20.

0%, the company is a leader in the custom home furnishing industry, with a leading brand in product channel competition, enjoys a certain estimated premium, covers for the first time, and gives a buy-B recommendation.

Risk warning: Real estate growth exceeds expected risks; industry competition intensifies risks; and the expansion of assembly channels is less than expected risks.