Oupai Home (603833): Product and channel advantages clearly increase revenue growth month-on-month

Oupai Home (603833): Product and channel advantages clearly increase revenue growth month-on-month

Key points of investment: The income is accelerating month-on-month, and the overall performance is in line with expectations.

The first three quarters achieved revenue of 95.

3.5 billion yuan, 16.

33%; net profit attributable to mother 13.

780,000 yuan, 14.

83%; net profit after deduction to mother 6.

960,000 yuan, 10.

52%; net flow of operating activities 17.

530,000 yuan, an increase of 15.


  Achieved revenue of 40 in the third quarter.

250,000 yuan, an increase of 20.

10%, the growth 北京夜网 rate increased by 7.

59 units; net profit attributable to mother 7.

4.5 billion, a year-on-year increase of 14.

65%, net of non-attributed net profit6.

960,000 yuan, 10.


  Cabinet revenue growth has accelerated significantly in Q3, and Yimuwei and other supporting products have maintained rapid growth.

In the first three quarters, the income of cabinets, cabinets, and other accessories reached 44.





42 ppm, an increase of ten years6.

19% / 21.

27% / 37.

37% / 43.

30% / 80.

62%, while the five main business incomes in the first half increased by 3 respectively.

37% / 20.

70% / 40.

97% / 42.


32%, indicating that the revenue growth of Q3 cabinets and other accessories has accelerated significantly, and the gross profit margins of various businesses have 北京夜网 fluctuated.

  In terms of stores, the cabinets and cabinets have net openings of 45/69/128/59 respectively at the end of the previous year, and Opal have net openings of 75. At the end of the third quarter, the company has a total of 7,084 stores, a net increase of 376 from the end of the previous year.Stores, including 251 large home furnishing stores, the number of stores is still far ahead of peers.

However, in terms of quarterly views, Q3’s single-season cabinetry and wardrobe business closed 9 and 58 stores respectively. The changes in the stores were mainly related to the adjustment of the company’s dealership business plan and the optimization of investment promotion and distribution management policies.Contributing to the marginal contribution of revenue growth, we estimate that the growth rate of cabinet business revenue growth in Q3 single quarter mainly contributed by emerging channels such as engineering and assembly.

  The retail market was under pressure, but Q3’s single-quarter sales and direct-channel growth accelerated month-on-month, and bulk business remained high.  The first three quarters of direct sales, distribution, bulk and other channels to achieve revenue2.




18 ppm, an increase of 10 in ten years.

52% / 12.

94% / 50.

90% /-11.

32%, the revenue growth of direct sales and distribution channels increased faster than the first half.

This year, the retail market for home furnishing companies is under pressure, especially for the cabinet business.

Facing changes in the channel structure, the company actively expands engineering and assembly business, and at the same time selects partners to ensure profitability. The engineering channel mainly cooperates with the top 100 real estate companies, and the assembly channel cooperates with the top three local decoration companies.

In the first three quarters, the gross profit margins of direct sales, distribution, bulk and other channels were 68.

30% / 35.

72% / 41.

77% / 44.

45%, comprehensive gross profit margin 37.

64%, a decrease of 0 compared with the same period last year.

53 averages, which are normal fluctuations.

  Strengthened cost control, but the proportion of R & D investment increased.

The company strengthened its control over sales expenses and management expenses this year. In the first three quarters, the sales expense ratio and management expense ratio decreased by zero.

05 and 0.

03 single, but at the same time continue to increase R & D expansion such as information construction and product research and development, R & D expense ratio increased by 0 over the same period.

68 units.

Along with the company’s various categories of informatization construction from sales to production to after-sale, the whole process opens up, and it is expected that the company’s production and operating efficiency will be improved in the future.

  Maintain profit forecast and “Buy” rating.

Maintain net profit attributable to mothers from 2019 to 2021.



The 8.5 billion forecast corresponds to PE 26 in 2019-2021.



59 times.

The company’s continued preemption, value-added development strategies, cabinet business test the city’s distribution system for partners, and the high growth of engineering and assembly business escorted the overall business growth.

Considering that the company’s product matrix is perfect and its ability to develop and control channels is strong, it is expected to exceed the overall performance of the industry. We give the company a PE judgment of 25-26 times in 2020, which corresponds to 126.


30 yuan, maintain “Buy” rating.

  risk warning.

Real estate real estate recovery was less than expected, and the development of big homes was less than expected.