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Zhibang Home Furnishing (603801): The performance growth slightly surpasses expectations The category and channel are steadily advancing

Zhibang Home Furnishing (603801): The performance 成都桑拿网 growth slightly surpasses expectations The category and channel are steadily advancing

This report reads: The company actively deploys the bulk of its cabinets and the international market to resist the pressure of the empire retail market. Wardrobes and wooden doors are expected to become important revenue growth points in the medium and long term, and multi-category synergies will continue to be released.

  Investment Highlights: Maintain target price of 34.

38 yuan, maintaining the overweight level.

With the company’s steady growth in new category layout and retail, bulk and export channels, the development path is gradually clear, and the contribution of newly cultivated categories is changed, and it is expected to maintain steady growth in the medium and long term.

Maintaining 2019?
The EPS in 2021 is 1.

50/1.

77/2.

07 yuan, maintaining a target price of 34.

28 yuan, corresponding to about 19 times the PE in 2020, maintaining an overweight rating.

  Revenue growth was in line with expectations, and performance growth slightly exceeded market expectations.

The company’s revenue in 2019H1 was 11.

49 trillion, with an increase of 10.

24%; Attributable net profit1.

1 trillion, the same increase of 16.

13%; realized non-attributable net profit of 99.16 million, an increase of 18.

29%, performance growth slightly exceeded market expectations.

  The cabinet retail market is under pressure, and it is actively deploying bulk and international markets.

2019H1 cabinet realized revenue 8.

55 ppm, a small margin of one year.

17%; The bulk business segment achieved rapid growth in overall performance and efficiency through enhanced operational performance and efficiency, and enhanced quality and conversion efficiency of engineering project deliveries, with revenue in 2019H12.

11 trillion, an increase of 24.

41%; overseas markets are actively planning the Australian and American markets, exploring development paths, and achieving revenue of 6,453 in 2019H1.

350,000 yuan, an increase of 60.

85%.

  Wardrobes have maintained rapid growth, new growth points for wooden doors are gradually developing, and the prototype of “kitchen clothes and wooden products” for the whole house is gradually taking 杭州夜网 shape.

The company’s wardrobe channel layout is rapidly advancing, and there will be a total of 732 custom wardrobe dealers and 880 specialty stores ending in 2019H1.

In addition, the company actively developed the wooden door business and the construction of the dealer system. In the first half of the year, there were nine sets of 18 single product development packages to promote listing.

With the construction of the wooden door system completed, it is expected to become a new growth point in the medium and long term.

The company will dig deep into customer needs and conduct product development in the form of projects, and multi-category synergies will continue to be released.

  Risk warning: risk of real estate fluctuation, risk of raw material price fluctuation