Zhibang Home (603801): Q2 performance exceeded expectations and continued to be bullish on the bulk, wardrobe strength

Zhibang Home (603801): Q2 performance exceeded expectations and continued to be bullish on the bulk, wardrobe strength

Investment Highlights The company released its semi-annual report for 2019: the company achieved revenue in the first half of 1911.

4.9 billion (+10.

24%), net profit attributable to mother 1.

100 million (+16.

13%), deducting non-net profit of 99.16 million yuan (+18.


Q2 achieved revenue of 7.

3.4 billion (+13.

30%), net profit attributable to mother is 78.54 million yuan (+21.

36%), deducting non-net profit 74.45 million yuan (+29.

35%), performance exceeded expectations.

Consolidate the development of multiple categories, high growth in wardrobes, and incubation of wooden doors: In terms of products: (1) kitchen cabinet business achieved revenue, 8.

55 ppm (year -1.

16%), accounting for 74% of the company’s revenue.

42%, of which the proportion of major channels has continued to increase, from 16 years in 18 years.

06% to 19%, distribution and direct sales accounted for 75%, exports accounted for 6%; by the end of the period, the company’s kitchen cabinet business has a total of 1,263 dealers, 1,545 specialty stores (+58 earlier), weIt is estimated that the single store revenue is about 41.

50,000 yuan; (2) The whole house is customized (closet + wooden door) to achieve income 2.

580,000 yuan (ten years +74.

32%), we expect about 2 of them to have custom-made wardrobes.

5 billion (an increase of about 70% per year), custom wardrobes have 732 dealers, 880 specialty stores (+154 from earlier), we estimate that the single store revenue is about 28 million; the wooden door business used has developed smoothly and stayedAt the end of the period, it had 120 dealers (+3) and 147 specialty stores (including 124 fusion stores).

On the whole, the company’s cabinets, clothing and wood are merging smoothly, and the whole house customization continues to exert its strength.

The retail channel has grown steadily and expanded steadily. The export channel: by channel: (1) the retail distribution channel achieved revenue7.

7.2 billion (+4.

61%), the self-operated channel is 65.74 million yuan, which is basically the same every year, and still performs well under the pressure of the retail environment; (2) Revenue from bulk business2.

1.1 billion (+24.

4%), the structure of domestic bulk customers is further optimized. Through the introduction of amoeba operations, the envy management of the project is promoted, the operating performance and efficiency are significantly improved, and the quality and conversion efficiency of project delivery are enhanced;Channel revenue reached 6453.

350,000 yuan (+60.

85%), steadily promote the process of the layout of the plan, and explore the path of continuous development.

The gross profit margin increased, and the management expense ratio decreased: the company’s gross profit margin in the first half of 19 was 37.

52% (+1.

04pct), net interest rate 9.

59% (+0.

49 points).

Reported company period expense ratio 26.

06% (+0.


The sales expense ratio increased by 1.

11 points to 17.08%, due to the category expansion, the increase in advertising expenses and bulk business engineering service fees; the management expense rate (including research and development) also decreased.


15 points to 9.

00%, the scale effect is gradually apparent after the expansion of the system; the financial expense ratio also increases by 0.

17pct to -0.

01%, due to the increase in exchange income and interest income each year.

Taken together, the company’s net profit attributable to its parent in the first half of 20199.

59%, the same increase of 0.

49 points.

The rapid growth of the bulk led to the increase in accounts receivable and cash flow reorganization: at the end of the continuous reporting period, the company’s total accounts receivable and notes totaled.

1.4 billion, an increase of 0 from the beginning of the period.

65 ppm, mainly due to the growth of bulk and overseas business; the delay in the reporting period for inventory was 1 in 都市体验网 total.

7.8 billion, an increase of 0 from the beginning of the period.

2.3 billion; the company’s construction in progress continued to expand, reaching 2 beyond the end of the reporting period.

31 trillion, an increase of 0 from the beginning of the period.

3.7 billion, which is due to the company’s annual production of 200,000 sets of overall kitchen cabinet construction projects, 180 new plant projects and Zhibang Wood Industrial Park construction projects.

Net operating cash flow of the company in the first half of the year 1.

1.7 billion (-52.

70%), of which Q2 net operating cash flow2.

4.5 billion (-39.

78%), mainly due to the increase in purchases by the company and the increase in accounts receivable due to the development of bulk business.

Earnings forecast and investment grade: We expect the company to achieve revenue of 28% in 19-21.



89 ppm, an increase of 18 years.

0% / 19.

4% / 19.


Net profit attributable to mother 3.



7.4 billion, an increase of 20 in ten years.

6% / 19.

9% / 20.


The current market value corresponds to a PE of 19-21 in each of 13.

62X / 11.

36 times / 9.

47X, maintain “Buy” rating.

Risk warning: Multi-category development fails to meet expectations, actual expectations exceed expectations