盈利能力端：上半年毛利率32.57%，同比+1.05pct，预计受益于原材料价格下降。分品类看厨柜/ 衣柜及配套/ 卫浴/ 木门毛利率29.22%/36.67%/24.99%/23.83%，同比-1.05/+3.08/-1.35/+2.83pct。分渠道经销/大宗毛利率32.44%/25.22%，同比+1.32/-2.82pct。期间费用方面，期间费用率受收入下滑影响同比+3.99pct 至22.01%。管理和研发费用绝对值减少，销售费用方面主要是市场广告费多花了近1 亿。Incident: The company released its 24-year report. The company's revenue for the first half of the year was 8.58 billion yuan, -12.81% YoY, 0.99 billion yuan YoY, -12.61% YoY, net profit 0.78 billion, -27.54% YoY; Q1/Q2 achieved revenue of 3.62/4.96 billion yuan, +1.43%/-20.91% YoY, net profit 0.22/0.77 billion yuan YoY /- 21.26%
Revenue side: Revenue in the first half of the year was 8.6 billion yuan (21H1-23H1 was 8.2/9.7/9.8 billion yuan, respectively), -12.81% YoY (the year-on-year decline in revenue in the first half of the year after the last listing was in 2020, -9.88% YoY).
By category, revenue from kitchen cabinets/ closets and accessories/ bathroom/ wooden doors was 26/4.4/0.5/0.5 billion yuan, -16.76%/-18.63%/+9.29%/-13.61% compared with the same period last year. Distribution by channel distribution/bulk revenue of 6.4/1.5 billion yuan, -17.58%/+0.97% YoY. The company's overall channel revenue increased 8.7% year over year. We believe that the poor performance in the first half of the year was due to the triple impact of “insufficient external demand+consumption downgrading+organizational restructuring caused by the promotion of large household strategies”. By the end of the reporting period, the company had more than 850 active retail stores, an increase of more than 200 over the beginning of the period. Traditional stores are under high pressure to close. Opal, Opal, Opal, and Platinum have -369, -41, -47, and +74 stores, respectively.
Profitability side: The gross profit margin for the first half of the year was 32.57%, +1.05pct year on year, which is expected to benefit from lower raw material prices. By category, look at the gross profit margin of kitchen cabinet/ wardrobe and accessories/ bathroom/ wooden doors: 29.22%/36.67%/24.99%/23.83%, -1.05/+3.08/ -1.35/+2.83pct. Distribution by channel distribution/bulk gross profit margin of 32.44%/25.22%, +1.32/-2.82pct year-on-year. In terms of period expenses, the period cost rate was +3.99pct to 22.01% year-on-year due to the decline in revenue. The absolute value of management and R&D expenses was reduced. In terms of sales expenses, mainly market advertising expenses were spent nearly 0.1 billion more.
Investment advice: The company's first “big home” transformation in the industry fully reflects the forward-looking strategy. “Big home” requires manufacturers and dealers to fully upgrade the supply chain, sales, and delivery. The company took the first action and is already in a leading position. We expect the company to achieve revenue of 20.574/20.667/21.589 billion yuan and net profit of 2.617/2.665/3.059 billion yuan in 2024-2026, maintaining a “buy” rating.
Risk warning: Market competition intensifies; reforms fall short of expectations; real estate sales decline.
