Gujia Household (603816): Endogenous and Extensional Powers Lead Software Software to Steady Growth
Revenue continues to grow at a high rate, and is expected to break through hundreds of millions.The company completed revenue 91 in 2018.720,000 yuan, 37.6%, which is basically the same as in 2017, and the revenue in 2019Q1 was 24.60,000 yuan, 32 compared with the same period last year.79%, continued to maintain a high growth rate.It is estimated that the scale of revenue in 2019 can exceed 10 billion US dollars, further increase market share and consolidate the leading position of the software furniture industry.In terms of products, the home sofa business grew steadily with revenue of 51.4.4 billion, 3931% year-on-year, basically in line with overall revenue growth; mattress business revenue11.320,000 yuan, 27 compared with the same period last year.8%; revenue from supporting products 12.920,000 yuan, compared with 32.09%; dining chair business revenue 3.18 ‰, the proportion further decreased, YOY20.54%; custom furniture business performed well, with revenue of 2 in 2018.120,000 yuan, 145.77%.By region, mainland China’s revenue was 52.1 trillion, accounting for 56.8%, continued to decline, while foreign business has achieved rapid growth, accounting for an increase of nearly 5pc to 38.16%.In terms of brands, the revenue of independent brands was 73.610,000 yuan, an increase of 20.72%; revenue from other brands13.480,000 yuan, 683.75%.In general, the company’s revenue scale has grown rapidly after the implementation of the company’s strategy, and it is optimistic about the company’s future revenue growth. Gross Margin / Net Margin Temporary Margin.The rapid growth of revenue has brought a certain substitution to the overall gross profit margin. In 2018, the overall gross profit margin decreased by 0 compared with 2017.89pct, by product, sofa gross margin decreased by 1.59pct to 34.87%, the gross margin of information technology services fell 6.03pct to 87.At 31%, gross margins for supporting products, beds and mattresses, dining chairs, etc. remained stable, while custom furniture rose 3%.1 point to 29.96%.Net interest rate has decreased by 1 year by year.5 points to 10.97%, the expense ratio remained basically stable. Separately, the sales expense ratio decreased by 1.46pct, the overhead rate increased by 1.One point is mainly due to increased spending on training and management capacity improvement, and R & D expenses increased by 89.63%, reaching 1.37 ppm, mainly to gain a sustainable competitive advantage.The increase in the growth rate of net profit attributable to mothers is because the company has made certain concessions in order to rapidly expand the scale of revenue, and it is expected that there will be a certain rebound. In general, the company has achieved outstanding results in 2018. Nearly 40% of its revenue growth has rapidly expanded its market share, increased consumer awareness and accumulated brand advantages. Traditional businesses have maintained steady growth while new businesses have been actively growing.2019Q1 still maintained rapid growth.The expected future business will be further expanded and the revenue contribution will be even smaller, further consolidating the top of the company’s software furniture leader.The company 深圳桑拿网 released the 2018 and Q1 2019 reports, and we adjusted our profit forecast. It is estimated that the EPS for 2019/2020/2021 will be 2 respectively.75/3.33/4.07 yuan, corresponding to PE18 / 14.9/12.2 times (based on closing price on April 30, 2019). Risk warning: industry competition intensifies; new business development risks; policy risks