23Q3 income decreased by 0.9% and returned to mother by 5.6%.
The company's 23Q1-3 revenue was 3.51 billion, with a decrease of 6.6%. The revenue and year-on-year growth rate of 23Q1-3 Q3 were 810 million (- 25.5%), 1.26 billion (+ 3.5%) and 1.44 billion (- 0.9%) respectively; 23Q1-3 net profit was 4 million, up 113.7% and the year-on-year growth rate was-95 million, 32 million (+ 6599.1%) and 0.67 million (- 5.6%), respectively. 23Q1-3 deducts non-home net profit-21 million, with an increase of 73.2%. 23Q1murQ3 deducts non-home net profit and the year-on-year growth rate is-104 million, 23 million (+ 222.6%) and 61 million (+ 23%), respectively.
In the first three quarters, revenue and net profit improved quarter by quarter, and net profit and expense performance also reflected the company's effectiveness in cost control, efficiency reduction and channel adjustment.
The gross profit margin of 23Q1-3 increased by 34.6% and the net profit increased by 0.1% with the increase of 0.9pct23Q1-3 sales / management (including R & D expenses) / financial expense rates of 22.7%, 10.5% and 1.1%, respectively, compared with the same period last year.-2.3/+0.3/-0.2pct The company has achieved remarkable results in reducing costs and increasing efficiency. The company expects to launch a new product system in November, which will optimize the product process and product structure. The launch of the new system may greatly reduce costs and improve efficiency.
Focus on customization + supporting business, continue to promote the new mode of customization of the whole house, after the company promotes the new mode of customization of the whole house, the proportion of revenue of matching products continues to increase. 23Q3 released the whole house customized AiLife6 Smart Life series, which contains 23 large products to achieve different levels of value needs of all kinds of users through a clear product matrix, accurate customization, and improve the conversion rate.
At the end of September, the 699 package was launched, which quickly grabbed the traffic entrance through the 699 Huimin exclusive series.
The continuous promotion and iteration of the random selection model is expected to further promote the growth of matching products.
"1+N+Z" urban development strategy opens up national channels
The company continues to increase the efforts to attract investment in the market, optimize the channel layout of direct marketing and joining, and vigorously expand multi-channel business cooperation such as bag-carrying and decoration companies. The direct city company adheres to the urban development strategy of 1+N+Z, gives full play to the display and sharing of big stores for the whole city, and helps N dealers to expand their business in various channels in Class Z in the dimensions of logistics and delivery. As of 23H1, the company has 54 directly operated stores and 322 self-operated city franchise stores. For the joining business, the company optimizes the layout of the service team and the system construction, so that the franchisee can reduce the capital investment and reduce the difficulty of operation. As of 23H1, the number of franchise stores is 2009 (231 new franchise stores).
Adjust profit forecast and maintain "overweight" rating
In terms of products, the company focuses on customization + supporting business, and continues to promote the new mode of free choice of the whole house; in terms of channels, open up real estate bag-carrying channels, continue to promote the transfer and optimization of direct stores, as well as the expansion of joining channels; in terms of marketing activities, a number of packages are launched to match the value needs of different levels of users. In the aspect of internal control management, continue to actively carry out changes in organizational development, process optimization, production lean management and other aspects. Taking into account the January-September income performance, we adjust the profit forecast. In 23-25, we expect the company to return to the parent net profit of 0.75company1.90Company230,000,000 yuan (the previous value is 240,000,000,000 yuan), the EPS is 0.38mm0.96 pound 1.16 yuan per share (the previous value is 1.21115416x1.82 per share), and the corresponding PE is 481916x respectively.
Risk tips: residential real estate policy and market changes; intensified market competition; product and service quality; price fluctuations of major raw materials; joining model risk; business seasonal fluctuations; brand risk and so on.