Investment points Zhibang Home released 23A&24Q1 performance 23A and realized income 61Buckhunter.1.6 billion (year-on-year + 13Buckhunter.5%)BuckhunterThe net profit of return to the mother is 595 million (+ 11% compared with the same period last year), and the non-return net profit is 548 million (+ 10% compared with the same period last year). 23Q4 realized revenue of 2.188 billion (year-on-year + 17%), net profit of 246 million (year-on-year + 11%), and non-return net profit of 224 million (year-on-year + 11%). 24Q1 realized revenue of 820 million per quarter (+ 2 per cent year-on-year) and net profit of 47 million (- 8 per cent compared with the same period last year). Profit end: there are more impairment in 23 years, and Q1 profit margin is affected by incentive expense amortization. 1) Equity incentive expense amortization, with reference to the assessment target set in the company's 2023 restricted stock incentive-stock option incentive plan (23-year-on-year 22-year income, profit growth sum of ≥ 24%), the exercise conditions have been achieved. The total estimated cost amortization of the above two incentive programs is 38.17 million yuan in 24 years, while 24Q1 is expected to amortize 9.54 million over four quarters, which has a negative impact on Q1 profits. 2) impairment provision, based on the total asset impairment + credit impairment of prudent companies in 23 years, 204 million (84 million in 22 years), and 75 million in 23Q4 single quarter (22Q4 is 60 million)BuckhunterThe asset impairment of 24Q1 company turned back to 46 million, the credit impairment loss was 28 million, and the total return was 18 million. From the perspective of Q1, the risk of impairment provision is more fully released. 3) 23A gross profit margin 37.07% (year-0.62pct), period expense rate 24.43% (year-0.81pct), mainly due to the decrease in sales expense rate (year-0.89pct). Revenue side: category integration is smooth, actively explore new channels companies to achieve 23 years of rapid growth against the trend, derived from: 1, category side: smooth integration, the value of the whole bill of lading. 1) kitchen cabinet 23A income 2.838 billion (year-on-year + 4% machine 23Q4 for year-on-year + 10%), 24Q1 income 316 million (year-on-year); 2) wardrobe 23A income 2.505 billion (year-on-year + 19% machine 23Q4 for year-on-year + 26%), 24Q1 income 384 million (year-on-year + 9%), 24Q1 wardrobe income exceeds kitchen cabinet; 3) wooden door 23A income 410 million (year-on-year + 80% technology 23Q4 for year-on-year + 64%), 24Q1 income 45 million (year-on-year + 12%). Wardrobe wooden doors are the main store openers, with a total of 4583 stores in 23A (net opening + 4583, wardrobe + 124,wooden doors + 2335) and 24Q1 total 4742 (net opening + 159s). 2. Channel side: actively open up new channel increments. 1) Direct store 23A revenue 470 million (year-on-year + 19% jiao 23Q4 + 60% year-on-year), 24Q1 revenue 97 million (year-on-year + 13%); 2) distributor 23A revenue 3.124 billion (year-on-year + 8% dint 23Q4 is year-on-year + 19%), 24Q1 revenue 457 million (year-on-year-2%), 23-year full-assembly channel cooperation business growth rate of 34.50%, the addition of a number of excellent equipment enterprise cooperation, has become the franchisee's core performance growth point. 3) bulk business 23A revenue is 2 billion (year-on-year + 21%) and 24Q1 revenue is 147 million (year-on-year + 14%). While the business volume is growing well, the company effectively adjusts the customer structure and controls the cash flow risk. 4) overseas business 23A revenue 150 million (year-on-year + 32%), 24Q1 revenue 44 million (year-on-year + 67%). Looking forward to 24 years, the southward strategy continues to promote, overseas business is expected to contribute to the increment of 24 years of business focus: 1, the southern market with Guangdong Qingyuan factory gradually put into production, freight-efficiency is expected to be optimized, enhance competitiveness, help share increase. 2. In overseas markets, the strategy of going out to sea is accelerated, and specialty stores are located in Indonesia and Kuwait. Following the press conference held by Zhibang in November 2023 in Bangkok, Thailand, Zhibang brand stores have recently opened in Indonesia and Kuwait, and the high-end lifestyle has landed overseas. Zhibang in 2018 through the participation in Australia IJF Australia, the layout of Australian and North American market to B business; 2022 began to focus on the to C market, to Southeast Asia (large population, market consumption potential) for a number of brand retail stores have landed, product positioning on the high end but also cost-effective, optimistic about overseas business to become an important performance increment of the company (source: whole wood network, home building materials circle). The profit forecast and valuation are carried out smoothly, there is plenty of room for new categories, new markets and equipment, and the management is of excellent quality and sufficient motivation. we are optimistic about its growth resilience and continuous optimization of business efficiency. We expect the company to achieve operating income of 6.841 billion / 7.635 billion / 8.453 billion yuan from 2024 to 2026, an increase of 11.85%, 11.61%, 10.71%, 673 million / 749 million / 824 million, and + 13.11% / 11.24%, respectively, compared with the same period last year. Corresponding to the current PE 9.42X/8.47X/7.69X, the "Buy" rating is maintained. Risk hint: downstream market recovery is not as expected, industry competition intensifies [disclaimer] this article only represents the views of third parties, does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.