The company is the leader of the integrated ceiling industry and the only listed company in the industry, with a market share of 3%.
The company ploughs 2B-end channels, binds major real estate customers, and is expected to accelerate the concentration of real estate with the help of Dongfeng to achieve a rapid increase in market share. At the same time, with the promotion of the transformation of the old city, the kitchen and toilet is expected to become a key area of indoor transformation, which is expected to bring 20% market increment to the industry every year.
Support the main points of rating
The leader in the growth industry, with a market share of 3%: the company is the leader of the integrated ceiling industry and the only listed company. The integrated ceiling industry is currently in a period of rapid growth, and the application scene is infiltrated from the kitchen and toilet to the living room and dining room. Data from the prospective Research Institute show that the scale of the integrated ceiling industry is about 20 billion yuan and there are more than 1000 market participants. as an industry leader, the company has a market share of more than 3%.
The promotion of the old reform may provide 20% of the market increment for the integrated ceiling every year: the old relay shed will be changed to retreat slope, and the indoor transformation of the old residential area must focus on kitchen, toilet, wiring, plumbing and so on. According to the annual transformation plan of 32000 residential areas, more than 8 million households are involved. It is conservatively estimated that 20% of the residents use integrated ceilings, and the 8-square-meter entry-level ceiling package is calculated according to 2,000-3,000 yuan, then the old reform will provide an incremental market for the ceiling industry of more than 4 billion yuan per year, close to 20% of the stock size of the industry.
Deeply bound to major real estate customers, market share is expected to accelerate: integrated ceiling due to the low threshold, high gross profit margin, there are many participants, the market is scattered. The company deeply ploughs the B-end channel, deeply binds large real estate developers such as Evergrande, and takes advantage of the east wind of accelerating the concentration of real estate, which is expected to rapidly expand its market share and further strengthen its competitiveness in the industry.
The establishment of the concept of the overall solution is expected to improve the permeability of the integrated ceiling: the company has recently proposed the overall solution of the ceiling and the wall, and launched the integrated ceiling and modular wall products. the new product is expected to accelerate the penetration of the integrated ceiling in the ceiling industry.
Valuation
It is estimated that from 2019 to 2021, the company's revenue will be 8.81,10.32 and 1.185 billion yuan respectively, the net profit will be 1.09,1.24 and 139 million yuan respectively, and the EPS will be 0.83,0.94,1.06 yuan respectively.
Main risks faced by rating
The promotion of the old reform is not as expected, the penetration of the integrated ceiling is slow, the market competition is fierce, and the increase of industry concentration is not as expected.
