Sofia (002572): Wardrobe steady increase in cabinets to turn losses and strengthen the pressure on terminal performance
Event: The company announced the 2018 annual report and expected to achieve operating income of 73.110,000 yuan, an increase of 18 in ten years.66%; net profit attributable to mother 9.59 ppm, a five-year increase of 5.77%; net non-profit increased by 4.63%.A cash dividend of 5 yuan will be distributed for every 10 shares. Comments: 1. The “big home” strategy has achieved results for the first time. The steady increase in the number of wardrobes and the loss of cabinets have led to 18Q1 / Q2 / Q3 / Q4 revenue growth rates of 30% / 14% / 20% / 15%, respectively.In 2018, Sofia’s custom furniture (including OEM furniture and home furnishings) revenue increased for ten years.4%, mainly due to: 1) Sophia customers increased by 3.35%, the number of stores increased by a net of 310 to 2510 (excluding supermarket stores), 98 new large home stores opened; 2) ex-factory customer unit price increased by 9 above.89% to RMB 10,945; 3) The proportion of bulk business rose continuously 3.4pct to 7.99%, causing Q4 accounts receivable and bills receivable balances to increase slightly from the previous month.Smi cabinets realized revenue 7.10,000 yuan, an increase of 20 in ten years.05%, has turned losses into profit, 822 Smi stores.It is expected that the further expansion of the wooden door business through Simi cabinets in the future will add new growth points to the company’s revenue.In 19, the company plans to open 300 new Sofia stores, 150 large home stores, 100 independent Simi cabinet stores, and 100 wooden door stores. 2. Multi-factor dragged down gross profit margin and strengthened terminal to increase expense ratio. Gross profit margin 苏州桑拿网 for 18 years 37.6%, net interest rate 13.2%, each year fell 0.6pct, 1.5pct; The decrease in gross profit margin was mainly due to the company’s reduction in ex-factory prices, increased sales efforts and dealer replenishment, and an increase in the proportion of engineering business.Thanks to the appearance of cabinet scale effects, the gross profit margin of cabinets increased by 5 pct to 28% in 18 years, and it is expected that there will be further room for improvement in the future.Q4 single quarter gross profit margin of 36.9%, 2 points a year.Due to the increase in advertising and channel construction costs, Q4 sales expense ratio increased.5pct, management and R & D expense ratios, and financial expense ratios respectively increased slightly by 0.8 tablets, 0 tablets with 75 points.In Q4, the net profit attributable 深圳SPA会所 to mothers decreased by 19 per year.3%, net profit 12.6% downgraded by 4 per week.9pct, deducting non-net profit is reduced by 23 every year.3%. 3. Improved leading edge and maintain “Highly Recommended-A” rating. The company continues to be optimistic about the company’s excellent manufacturing capabilities in the whole house customization field, and gradually continues to expand to other non-closet customized products. At the same time, the company has strong channel capabilities,The strength is further strengthened, the multi-category layout is improved, the engineering business contribution is increased, and the overall scale is further improved.Expected 2019?The net profit attributable to mothers will be 11 in 2021.30,000 yuan, 12.5.4 billion, 13.USD 800 million, with annual growth rates of 15%, 14%, and 10%, respectively. At present, it is expected that the corresponding 19-year PE will be 15 times, and the investment rating of “Highly Recommended-A” is maintained. Risk Warning: Real Estate Sales Continue to Deteriorate, Cabinet Business Development Exceeds Expectations