The 23Q2 income was 1.262 billion yuan, an increase of 3.50%, the same increase of 3.50%, the same increase of 6599.05%, and 222.60%, deducting 23 million of non-return net profit, the company released a semi-annual report, and 23Q2 income increased by 3.50%.
23H1 income decreased by 10.16% in 2.07 billion, due to the decline in sales performance under the influence of the real estate industry; the net profit of-63 million increased by 37.48%, and that of non-return net profit-82 million increased by 35.97%.
According to the category, 23H1 custom furniture income 1.49 billion decreased 9.22%, gross profit margin 35.28% increased 19.03 pct; matching household income 267 million decreased 7.11%, gross profit margin 13.69% decreased 9.50 pct; other income 313 million increased 159.42%, gross profit margin 45.94%.
Innovate the traditional business and launch the new mode of "free choice" and "free choice" through professional design + individual customization + overall matching, so that customers can choose products at a clear price and buy them all in one stop. The company continues to upgrade AIGC technology to empower the innovation of new models. Based on the intelligent supply chain platform, the company cooperates with many head brands, 100 + major brands and 5000 + products to provide protection for consumer demand; at the same time, for four types of households, combined with the whole life cycle of Chinese families, launched AiLife6 Smart Life series, including 23 large products to achieve different value needs of users.
Deep ploughing channels to expand innovation, promote the 1+N+Z model. The company iteratively upgraded 10 + self-incubating IP accounts, with a total exposure of 900 million 23H1 short videos and 132popular styles with millions of views, an increase of 34.7% compared with the previous month. The average number of videos played in the new column has reached 2 million +, with the highest likes reaching 114000, and innovative scenes have become a new marketing choice. The company focuses on IP to get through the content LVB front-end-private domain back-end, and only becomes a similar TOP1 in January. The maximum number of non-streaming online users is 8000cycles, with an average of 100000 + / h. The company makes use of star experience officials and the linkage of different brands to expand the brand volume, vigorously promote the integration of government and enterprises, and adhere to "customer-oriented" to enhance the brand stickiness of old customers.
The development of channels to increase investment efforts, optimize the direct operation to join, expand the bag, installation enterprises and other multi-channel cooperation.
The directly operated city company adheres to the urban development strategy of 1+N+Z, gives full play to the role of large store display and sharing, and helps N dealers to expand their business in Class Z multi-channel. At present, there are 54 directly operated stores and 322 self-operated urban franchise stores. In terms of joining, optimize the team layout and strengthen the system construction. At present, there are 2009 franchise stores (231 new ones).
Deepen organizational change and strengthen the digital ability of assembly. 23H1 Company continues to manage and change the organizational structure, tilting resources to R & D, quality and marketing, making the foreground bigger and stronger, optimizing the background, improving service and support ability, upgrading the company's performance compensation system, optimizing the talent structure, introducing external excellent professional managers, tapping internal young cadres, and gradually realizing the rejuvenation and specialization of the company's talent team. The 3.0 mode of assembly is digital assembly, and the four cores of digital assembly are continuously upgraded. With the digitization of the whole process and the coordination of the supply chain, the application of dry construction technology and the maturity of assembly products in the future will further enhance the degree of standardization and realize industrial assembly.
The effect of cost control is remarkable, and the gross profit margin has been improved. 23H1's gross profit margin is 34.11% with an increase of 1.00pct, net return rate of-3.04% with an increase of 1.35pct, and deduction of a non-return net profit rate of-3.95% with an increase of 1.59pct. The 23H1 sales / management / R & D / financial expense rates are 25.39%, 7.74%, 3.69% and 1.50%, respectively, compared with the same period last year-1.27/+0.33/+0.02/-0.09pct. Among them, the decrease in sales and management expenses is due to effective control, and the reduction in financial expenses is due to a reduction in bill discount interest expenses.
Maintain profit forecast and maintain "overweight" rating
The company is the first household brand in China to put forward "whole house customization", providing one-stop home customization services for consumers. Relying on software technology and big data cloud computing, the company has become a sample of Chinese industry and rapidly developed into a modern home service enterprise. We estimate that the company's EPS for 23-25 will be 1.21x1.54xt / share, and the corresponding PE will be 17ppm 13x11x, maintaining an "overweight" rating.
Risk tips: residential real estate policy and market changes; intensified market competition; joining model; price fluctuations of major raw materials; quality of products and services; seasonal fluctuations in economic business and other risks.