Wo Le Home Furnishing (603326): The whole house custom business expansion effect is remarkable 18 years growth 46%

Wo Le Home Furnishing (603326): The whole house custom business expansion effect is remarkable 18 years growth 46%

Event:无锡桑拿网 The company announced its 2018 annual report and achieved operating income10.

82 ppm, an increase of 18 years.

26%, net profit attributable to mother 1.

20,000 yuan, an increase of 21 in ten years.


Distribution plan: cash dividends of 1 for every 10 shares.

5 yuan (including tax).

Comment: The whole house customization business contributed a major increase, and the whole house gross profit margin increased by 5.

55 up to 37.


In 2018, the company increased the promotion of the whole house customization business, and the market cultivation improved significantly.

From the perspective of product categories, kitchen cabinet business 5.

8.8 billion, an annual increase of 1.

85%, whole house custom business 4.

9.4 billion, an annual increase of 46.


From the perspective of the channel,上海夜网论坛 the distributor channel 8.

56 ppm, an increase of ten years6.

18%; bulk business RMB 89.07 million (gross profit margin 25.

34%), an increase of 151 in ten years.

42%; direct business 1.

31 ppm, an 85-year increase.


As of the end of 2018, the company had a total of 496 exclusive house stores (+134) and 787 kitchen cabinet stores (+187).

Affected by real estate and the base number, the income growth rate in 18Q4 was only 4.


In terms of gross profit margin, the scale of the whole house business expanded, and the overall increase in 18 years was 0 compared with the same period last year.

43 units.

Among them, the whole house custom gross margin increased by 5.

55 up to 37.


Increased channel support, and the 18-year sales expense + management expense ratio increased by 1.

In 2008 and 2018, the company continued to optimize and expand the franchise channels and expanded the sales force. At the same time, it expanded the brand operation and business promotion to support dealers, and supported the development and layout of direct sales channels in Nanjing.Management fee rate increased by 1.

08 averages.

Affected by the substantial growth of bulk business, the inventory at the end of 18 increased by 48 every year.

26%, twice the net cash flow from operating activities.

After maintaining the “Strongly Recommended-A” rating for the company’s four-year business growth period, relying on its excellent product design capabilities and large-scale flexible production capabilities integrating informationization and industrialization, the company’s overall revenue and profitability will increase.
The second phase of the company’s 19Q3 whole house custom smart home system project will be officially put into production, and it is expected to further drive the rapid growth of the whole house business income in the future.

The preliminary forecast EPS for 19-21 is 0.

55, 0.

65, 0.

76 yuan, corresponding to 19 years of PE, PB is 21, 2 respectively.

9. Maintain the “Highly Recommended-A” rating.

Risk warning: industry competition is intensifying, and real estate sales fall short of expectations.