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Zhibang Home (603801): Revenue growth accelerates equity incentives to stimulate cohesion

Zhibang Home (603801): Revenue growth accelerates equity incentives to stimulate cohesion

In the first three quarters of 2019, net profit attributable to mothers increased by 14 per year.

5% Zhibang Furnishings realized revenue in the first three quarters of 19.

58 ppm, an increase of 12 in ten years.

9%; realized net profit attributable to mother 2.

33 ppm, an increase of 14 years.

5%, in line with our long-term expectations; net profit after deducting non-attribution to mothers increased by 9 per year.

9% to 2.

30,000 yuan.

19Q3 single quarter revenue increased by 10 in ten years.

9% to 8.

09 billion, a ten-year increase in net profit attributable to mothers.

1% to 1.

2.3 billion.

What do we expect the company 2019?
The EPS in 2021 will be 1.


63, 1.

90 yuan, maintaining the “overweight” level.

Single-quarter revenue growth in the cabinet business is driven by the acceleration of bulk business. The company’s 19Q1 / Q2 / Q3 revenue increased by 5% / 13% / 17% respectively. The revenue growth rate further rebounded. According to categories, we judge that the third quarter aloneThe cabinet business mainly benefited from the accelerated growth of bulk business. The revenue growth rate picked up from the first half of the year and returned to positive growth. The wardrobe channel expanded as scheduled and is expected to continue the high growth rate in the first half of the year.

In terms of profitability, the throughput of wardrobes and wooden doors has been improved, and the effect of scale has appeared. The gross profit margin in the first three quarters has increased.

2pct to 38.


Strengthen category expansion and increase advertising expenses. During the period, the expense ratio increased slightly. The capacity of wardrobes and wooden doors increased, and the gross profit margin increased in the first three quarters.

2pct to 38.


During the period, the expense ratio is maximized by 1.

5 points to 25.

2%, in which the sales / management + R & D / financial expense ratio has changed +1 several times.

44 / -0.

13 / + 0.

16pct to 15.

6% / 9.

7% /-0.

1%. The increase in the sales expense ratio was mainly due to category expansion driving budget growth, increased advertising expenses growth, and expansion of bulk services resulting in increased engineering service costs.

Accounts receivable increased by 38 compared with the end of 18 years.

8%, mainly due to the growth of bulk business and overseas business; prepaid accounts increased by 57% compared to the end of 18 years, mainly due to changes in overseas procurement cycles, increased prepayment to ensure supply; inventory increased by 50% compared to the end of 18, mainly due to raw materialsAnd bulk orders are increasing every year.

Launched a large-scale stock incentive plan to enhance 无锡桑拿网 the cohesion of the core team. On September 28, the company announced the expansion of the stock incentive plan for 2019. The number of exchange stocks used to allocate incentives was 1.29 million shares, accounting for 0 of the company’s total share capital.

58%. The incentive object is Zhou Zhenzhi, 4 vice presidents and financial presidents such as Cheng Hao. The assessment target is based on 2018. The revenue and net profit substitution in 2019-2021 are not less than 12% / 24% / 40%.Calculating the lower limit of the evaluation target, the company’s revenue and net profit in 2019-2021 will not be degraded if it exceeds the growth.
00% / 10.
71% / 12.


We believe that this fair encouragement promotes the enhancement of core team cohesion and the core competitiveness of the enterprise, which is beneficial to the realization of the company’s long-term development goals.

Revenue growth has accelerated, maintaining the “overweight” rating until the downturn in the real estate boom, and industry competition has intensified, and customer acquisition has increased sharply. We have slightly lowered the single-store revenue growth rate of the cabinet retail channel.
2021 the company’s net profit attributable to the mother3.

2, 3.


300 million yuan (previous value was 3.

3, 4.

0, 4.

7 ‰), corresponding EPS is 1.


63, 1.

90 yuan.

With reference to the average PE of 2019 of comparable companies in 2019, considering that the company’s ROE is slightly lower than the average of comparable companies, the company will be given 15 in 2019?
16 times PE estimates, corresponding to a reasonable price range of 21.

twenty two.

72 yuan to maintain the “overweight” level.

Risk warning: Real estate sales exceed expectations, and bulk business expansion is below expectations.