Gold Kitchen Cabinets (603180) Wardrobe retail keeps growing, category expansion continues

time:2022-09-29 12:04:12 source:clevelanddrifters.com author:Stock market
Gold Kitchen Cabinets (603180) Wardrobe retail keeps growing, category expansion continues

In 2022H1, Gold Medal Kitchen Cabinet achieved a revenue of 1.431 billion yuan, a year-on-year increase of 7.84%, a net profit attributable to the parent of 93 million yuan, a year-on-year increase of 6.70%, and a non-net profit of 41 million yuan, a year-on-year decrease of 5.71%. The wardrobe retail business performed well on the revenue side. In 2022H1, the company achieved revenue of 1.431 billion yuan, a year-on-year increase of 7.84%. Among them, the 2022Q1 and 2022Q2 revenue were 5.69 and 862 million yuan respectively, a year-on-year increase of 17.24% and 2.42%. In the second quarter, the company was affected by the epidemic, and the growth rate of revenue slowed down. However, from the perspective of revenue structure, the retail business still achieved good operating results under the epidemic. We estimate that the company's bulk business fell by 2.8% in 2022Q2. ) fell by 0.6%, of which the retail sales of kitchen cabinets fell by small double digits, the retail sales of wardrobes increased by more than 30%, and the wooden doors increased by 60%. The company’s category expansion pace continued. On the net profit side, in 2022H1, the company realized a net profit attributable to the parent of 93 million yuan, a year-on-year increase of 6.70%, and a non-net profit of 41 million yuan, a year-on-year decrease of 5.71%. In terms of quarters, in 2022Q1 and 2022Q2, the net profit attributable to the parent company was 0.30 and 62 million yuan, a year-on-year decrease of 31.16% and a year-on-year increase of 45.62%. In 2022Q1 and 2022Q2, non-net profit was deducted by 0.13 and 28 million yuan, a year-on-year increase of 30.37% and a decrease of 16.87%. %. In the first half of the year, the company's deduction of non-net profit was mainly due to increasing investment in product research and development to maintain product competitiveness. Achievement of optimization of gross profit margin of all categories Realize the increase of customer unit price. In 2022H1, the company's overall kitchen cabinets, overall wardrobes, wooden doors, and other ancillary products achieved revenue of 9.8, 3.6, 0.5, and 0.04 billion yuan, a year-on-year increase of -2.3%, 32.0%, 142.3%, and -24.6%. In 2022Q2, the overall kitchen cabinets, overall wardrobes, wooden doors, and other supporting products achieved revenue of 6.0, 2.1, 0.3, and 0.3 billion yuan respectively, a year-on-year increase of -7.9%, 31.9%, 163.5%, and -23.0%. In the first half of this year, the kitchen cabinet category was still the company's largest revenue, but its proportion of revenue fell by 7.1pct year-on-year to 68.5%. The wardrobe category accounted for 25.5% of the revenue, an increase of 4.7pct year-on-year, and the wooden door revenue accounted for 3.5%, a year-on-year increase. 1.9pct. In 2022H1, the gross profit margins of the company's overall kitchen cabinets, overall wardrobes, wooden doors, and other ancillary products were 28.8%, 27.5%, 5.6%, and 11.9%, up 1.4, 0.9, 2.6, and 6.9pct year-on-year. Store expansion drives revenue growth from distribution channels The company continues to strengthen the coverage of retail channels and accelerate the layout of blank market categories. In 2022H1, the dealer channel realized revenue of 730 million yuan, a year-on-year increase of 6.3%, accounting for 50.9%, and gross profit margin of 34.2%, a year-on-year increase of 2.1pct . As of the end of 2022H1, the company has 3469 stores, including 1771 gold kitchen cabinet stores, 1025 gold wardrobe stores, 472 gold wood stores, 57 decoration stores, 60 balcony bathroom stores, 84 Maneo electrical stores, kitchen There were 51, 106, and 84 stores in the /clothing/wood category, a net increase of 51, 106, and 84 compared with the beginning of the year, and a net increase of 22 in the decoration store compared with the beginning of the year. In terms of direct sales channels, in 2022H1, the revenue was 60 million yuan, a year-on-year decrease of 20.7%, accounting for 4.4%. The decline in revenue was mainly due to the conversion of some of the company's direct sales stores to dealerships. In terms of bulk channels, on the basis of strengthening risk management, the company has increased the acquisition of high-quality real estate customer resources. In the first half of the year, the company achieved revenue of 485 million yuan, a year-on-year increase of 6.62%, revenue accounted for 33.9%, and gross profit margin was 13.6%, down 0.2pct year-on-year. It is expected that the company's bulk channel revenue volume will increase slightly throughout the year. In terms of home improvement channels, the company coordinated various product lines, strengthened category synergy, and actively promoted retail dealers to carry out business cooperation with leading decoration companies with strong customer resources, delivery capabilities and brand power by upgrading the original home improvement and complete decoration business models. , It is expected that by the end of the year, the number of self-installed stores is expected to reach 100. Investment Recommendations In the first half of this year, the company's retail business was driven by the rapid growth of wardrobes and wooden doors and the continuous expansion of stores, with strong operating resilience. In terms of engineering business, affected by the real estate market, the revenue in the second quarter declined, but the company adopts the agent model, and the risks are relatively controllable. It is expected that the scale of the engineering business will increase steadily throughout the year. We predict that the company's earnings per share in 2022-2024 will be 2.64 yuan, 3.20 yuan and 3.86 yuan, respectively, corresponding to the company's 22 and 23 years of PE of 9, 7 times, and give the "overweight-A" suggestion.

(Responsible editor:Technology stocks)