Zhibang Household (603801) Annual Report 2018 Review: Steady Growth and Optimized Bulk Business Structure

I. Overview of the event On April 2, the company released its 2018 annual report.

At the core of the report, the company achieved operating income of 24.

33 ppm, an increase of 12 in ten years.

80%; net profit attributable to mother 2.

73 ppm, an increase of 16 in ten years.

51%; realized basic profit income1.

71 yuan.

The profit distribution plan is to pay a cash dividend of 8 shares to every 10 shareholders.

6 yuan (including tax), it is planned to increase 4 shares for every 10 shares to all shareholders.

Second, analysis and judgment to achieve the expected performance to maintain steady growth, increase the category of wooden doors began to contribute income, the report pointed out that the company’s revenue, net profit attributable to mothers increased 13%, 17%, of which Q4 increased 4%, -13%Affected by land factors, the fourth quarter performance was under pressure.

In terms of different products, the cabinet developed steadily and realized revenue19.

28 ppm, a ten-year increase2.

8%, of which sales fell slightly.

1% to 28.

100,000 sets, unit price increased by 2.

9% to 6887 yuan / set; the volume and price of the wardrobe rose, realizing income4.

30 ppm, an increase of 91 in ten years.

1%, of which sales increased by 85.

4% to 11.

40,000 sets, unit price increased by 3.

1% to 3783 yuan / set; the wooden door is a new extension category, achieving income of 778.

50,000 yuan.

During the period, the expense ratio rose slightly, and the profitability level increased. The company’s sales expense ratio increased by 0 due to increase in engineering service fees and sales expenses.

13pct to 13.

72%, the expansion of the company’s scale brought about an increase in the number of employees and increased the management expense ratio by zero.

91 points to 5.

78%, R & D expense ratio rose by 0.

72 points to 3.

80%, exchange gains and losses and interest income reduced the financial expense ratio by zero.

75pct to -0.

71%, the overall expense ratio rose by 1.

02pct to 22.


Initially, due to the increase in ex-factory prices, the gross profit margins of cabinets and wardrobes increased by 1.

52 points, 4.

15pct, driving the company’s overall gross profit margin to rise by 1.

05pct to 35.

96%, net interest rate rose by 0.36pct to 11.

twenty two%.

The distribution channels continued to grow, and the bulk customer structure was optimized. (1) In terms of retail, the distribution channels achieved revenue17.

40,000 yuan, an increase of 15 in ten years.

2%, mainly driven by the opening of stores; the direct sales channels decreased slightly to achieve revenue1.杭州桑拿网

5.7 billion, a decline of 2 every year.

04%; (2) In terms of bulk business, the company continued to optimize the business structure by continuously developing high-quality clients such as real estate developers on the right, and the gross profit margin gradually increased7.


Initial realization of income 3.

91 trillion, a slight decline of one year.

08%; (3) In terms of export business, benefited from the innovation of the Australian IJF equity cooperation model and the establishment of the project group in the Americas market, achieving revenue1.

18.1 billion, an annual increase of 196.


In terms of channel development, capacity expansion, and informatization production driving the company’s growth, the company gradually increased its net sales by 604 stores to 2363, of which cabinets increased by 152 to 1,487, wardrobes increased by 331 to 726, and wooden doors increased by 117(Among which, there are 88 category fusion stores), IK whole house customization increased by 4 to 33.

In 19, the company will continue to promote the sinking of the channel, and plans to open 150 new cabinets, 100 wooden doors, and 350 custom-made houses.

In terms of production capacity, it has been successfully put into operation in the “Phase I Digital Factory” and “180 Wardrobe Phase I Digital Factory”. The company has achieved an annual production capacity of 320,000 cabinets and an annual production capacity of 200,000 units.

In terms of informatization, the company promoted the integration of informatization and industrialization. In 2018, the production cycle of each production line was reduced by 20% -50%, and the utilization rate of plate materials reached 86%, which further improved the production efficiency.

Third, investment advice The company customizes the whole house with three categories of cabinets, clothes and doors, and the bulk business is expected to bring incremental income. The company is expected to realize basic income in 2019-2021.

44 yuan, 1.

71 yuan, 2.

07 yuan, the corresponding PE is 30X, 25X and 21X.

The company evaluates the maximum limit since listing and maintains the “recommended” level.

Fourth, the risk reminds that the price of raw materials is rising, the development of bulk customers is less than expected, the industry competition is intensifying, and the growth rate of real estate sales is down