业绩低于预期，调整盈利预期。受海外需求走弱影响，公司业绩低于预期，考虑公司经营近况，我们下调公司盈利预期，预计公司2024-2026 年EPS 为-0.09/0.07/0.10 元（2024-2025 年原值为0.07/0.21 元），参考行业可比公司，给予公司2024 年2.05X PB，对应目标价5.49元，维持“谨慎增持”评级。Introduction to this report:
Competitive pressure in the industry intensified, and the company actively promoted internal changes to reduce costs and increase efficiency.
Key investment points:
Performance fell short of expectations, and profit expectations were adjusted. Affected by weakening overseas demand, the company's performance fell short of expectations. Considering the company's recent operating conditions, we lowered the company's profit forecast. The company's 2024-2026 EPS is -0.09/0.07/0.10 yuan (the original value in 2024-2025 was 0.07/0.21 yuan). Referring to comparable companies in the industry, the company was given 2.05X PB in 2024, corresponding to a target price of 5.49 yuan, maintaining a “cautious increase” rating.
Performance is temporarily under pressure, and internal strategic changes are being actively made. In the first three quarters of 2024, the company achieved revenue of 0.217 billion yuan, or -21.53% year-on-year, and realized net profit attributable to shareholders of the parent company -0.025 billion yuan, or -24.30% year-on-year. In terms of the flooring business, the pressure on the main business operation is increasing. While firm in its strategy and ensuring stability, the company actively innovates itself, takes many measures to reduce costs and increase efficiency in all aspects of the business, and makes every effort to maintain a high-end brand and leading position in product design, global quality supply chain, excellent quality, and professional services. In terms of the home furnishing business, with the continuous enrichment of product categories and the continuous improvement of sales channels, the company team is striving to achieve “development - catch-up - transcendence”. The entire team's professional and systematic capabilities are constantly being enhanced, and the overall home furnishing business is developing steadily and positively.
Adhere to self-developed technology and maintain leading product strength. By using back paint balancing technology, Biheng sealing technology and moisture content control technology, the company effectively improves the ability of wooden floors to resist moisture and adapt to local climates; uses honeycomb mute technology to improve the foot comfort of wooden floors; uses visual antique and visual paving technology to achieve easy maintenance of the home environment while obtaining three-dimensional paving effects; the heat press process uses customized press process parameters, double-sided press balance technology, and stress balance technology to make the floor not easily deformed.
Multi-channel network integration to achieve rapid demand response. Relying on the concept of flat and vertical management, and with perfect channel management and training services, the company has built an efficient nationwide marketing network and after-sales service network integrating agents, dealer stores, home improvement companies and large-scale engineering projects. As of June 30, 2024, the company has established more than 200 agents in domestic provinces, municipalities and autonomous regions, and covered a network of more than 1,000 dealers through agents. In addition, the company has a unified service line and after-sales service network throughout the country, and continues to implement 360-degree customer care services, which is conducive to keeping abreast of consumer trends and competitive trends, promoting the Fillinger brand, promoting product sales, and improving after-sales service capabilities.
Risk warning: Domestic market demand falls short of expectations, industry competition intensifies, etc.
