销售毛利率同比提升0.5pct，营销投入力度加大23Q1-3 销售毛利率同增0.50pct 至36.5%，我们判断主要系业务结构变化以及原料价格下行所致；23Q1-3 期间费用率同增4.64pct 至26.3%，其中销售费用率同增2.65pct 至12.9%，我们判断主要系公司聚焦零售主业、营销费用投入增加所致；管理+研发费用率同增1.67pct 至11.9%，财务费用率同增0.32pct 至1.55%，主要系收入同比下降，对刚性费用的摊薄效应减弱所致。此外，23Q1-3 经营性净现金流同增21.12%至3.05 亿元。Qianchuan report periodically affects the performance of the report and maintains the "buy" rating.
The company's 23Q1-Q3 realized revenue of 1.627 billion yuan (yoy-23.31%), net profit of 178 million yuan (yoy-53.20%), and deducted non-net profit of 132 million yuan (yoy-33.06%). The decline in income and performance was mainly affected by the table of Qianchuan in Hubei Province. Excluding the influence of the table in the same period, the endogenous income of 23Q1-3 decreased by 9.09%, and the net profit of return to mother decreased by 3.89%. The company Q3 realized revenue of 654 million yuan (yoy-9.83%) and net profit of 93.67 million yuan (yoy-63.35%,qoq+29.24%). The decline in net profit was mainly due to the large investment income confirmed by 22Q3 Qianchuan after the statement, deducting non-net profit from-14.43% to 73.24 million yuan compared with the same period last year. Considering that the demand is still in the recovery period, we downgrade the retail revenue forecast, and it is estimated that the return net profit in 23-25 years will be 2.55 and 2.97 million respectively (the previous value is 319 million), and the corresponding EPS will be 0.82, 0.96 and 1.11 respectively. With reference to the comparable company's 23-year Wind consensus forecast average PE of 15 times, taking into account the steady progress of the company's household strategy, give the company 23 years 15 times PE. Target price 12.30 yuan (previous value 12.04 yuan), maintain the "buy" rating.
Retail channel revenue is under pressure, and the rapid growth of bulk channel revenue excluding the impact of Qianchuan table, according to categories, due to the relatively weak performance of terminal demand over the past 23 years, 23Q1-3 overall wardrobe / wooden door / finished product revenue year-on-year-10.92% Gu 0.47% Get 18.51% to 12.12 max 0.60 million RMB 0.72 million However, benefiting from the continued promotion of the residential strategy and the growth of bulk business, 23Q1-3 cabinet revenue also increased by 9.48% to 202 million yuan. From a sub-channel point of view, the weak recovery of demand leads to the pressure on the retail channel. The direct sales / distribution income of 23Q1-3 is-15.67% and 13.65% respectively compared with the same period last year. Q4 is expected to repair retail business under the catalysis of low base during the peak consumption season. In terms of engineering, after the release of the statement in Qianchuan, Hubei Province, the company independently developed high-quality housing enterprise customers, and the bulk business income of 23Q1-3 increased by 101.3% to 122 million yuan.
Sales gross profit margin increased 0.5pct year on year, marketing investment increased 23Q1-3 sales gross profit margin also increased 0.50pct to 36.5%, we judged that it was mainly due to changes in business structure and the decline in raw material prices; during 23Q1-3, the expense rate also increased by 4.64pct to 26.3%, of which the sales expense rate also increased to 12.9%. We judged that it was mainly due to the company's focus on the main retail business and the increase in marketing expenses. The management + R & D expense rate increased by 1.67pct to 11.9%, and the financial expense rate increased by 0.32pct to 1.55%, mainly due to the decline in income over the same period last year and the weakening of the dilution effect on rigid fees. In addition, the operating net cash flow of 23Q1-3 increased by 21.12% to 305 million yuan.
Adhere to channel expansion, increase terminal capacity, net increase of 112 stores in the first three quarters, over the past 23 years, the company released people living in 4 stores, continue to optimize and upgrade terminal stores, while opening up the sinking market to cover blank cities. In the first three quarters, there were a net increase of 112 to 1929 stores, realizing channel expansion against the trend. At the same time, under the pressure of industry demand, the company has increased its efforts to empower retail terminals and actively implement the housing strategy, and we expect the proportion of orders to increase steadily.
Risk hint: demand recovery is not as expected, real estate sales have fallen sharply, and raw material prices have risen sharply.
