The company announces a pre-increase in performance:
Single Q4: the net profit of returning to the mother is 0.24-89 million, with an increase of 114.3%, 153.1%, deducting the net profit of non-return, 0.25-67 million, and 138.0%, respectively.
22 years: the net profit of returning to the mother was 405 million-470 million, with an increase of 520%, with an increase of 520%, with a deduction of 222 million-265 million, and an increase of 470%, 580%.
Excluding the influence of the profit and loss of Qianchuan 22H1 and the profit and loss of repurchase items, Hollake's net profit of returning to its mother increased by 0% 15% in 2022, and the net profit of deducting non-return increased by 5% and 25%.
Focus on the core strategy of "New original State + everyone's residence", and the management quality has been steadily improved.
In terms of channels, retail continued to make efforts, a large number of month-on-month improvement. 22 in the first three quarters, direct channels recovered well, achieving double-digit growth compared with the same period last year; distribution revenue declined slightly and gross profit margin increased 2.35pct. Bulk business is catalyzed by the Baojiao building policy, Q4 is expected to speed up the recognition of income, month-on-month improvement.
In terms of products, cabinet products grew brightly, 22Q3 revenue increased by 47.7%, and the decline of wardrobe and supporting Q3 narrowed. Category gross profit margin, wardrobe gross margin year-on-year + 1.82pct, mainly Hanchuan, Conghua base put into production, production capacity climbing, the overall operating efficiency gradually improved, cabinets, wooden doors, accessories gross profit margin are improved year-on-year.
Short-term investment income thickens profits, long-term optimistic about the improvement of retail operation capacity.
In 22 years, Qianchuan, Hubei Province was spun off, confirming that the investment income was 174 million after tax, and the non-recurrent profit and loss increased significantly compared with the same period last year. Long-term optimistic about the company's focus on retail layout, product side to speed up the development of balcony series of new products, improve the product matrix, channel end assembly business steadily, tap the stock housing bureau reform, old reform market potential, actively respond to industry changes. It is estimated that the 22-24 net profit will be 4.2 million, 3.5 million, 380 million, corresponding to PE9x/11x/10x, and maintain the "overweight" rating.
Risk hint: the performance forecast data are only the preliminary results of the company's financial department, and the specific data are based on the 22 annual report officially disclosed, real estate sales are less than expected, industry competition intensifies, raw material prices rise, and everyone's strategy is not as good as expected.
