Tianfeng ** shares *** Sun Haiyang recently conducted research on gold medal kitchen cabinets and released a research report "multi-channel + category synergy, stable profitability", this report gives a ** rating to gold medal kitchen cabinets, and the current stock price is 19$15.
Gold Medal Kitchen Cabinet (603180).
The company released its 2023 annual performance report.
23Q4 company revenue 109.5 billion yuan, an increase of 29%；Net profit attributable to the parent company 12.8 billion yuan, an increase of 140%；Net profit not attributable to parent company is deducted 10.9 billion yuan, an increase of 142%；
In 23 years, the company's revenue was 364.2 billion yuan, an increase of 25%；Net profit attributable to the parent company 29.4 billion yuan, an increase of 63%；Net profit not attributable to parent company 21.8 billion yuan, an increase of 141%。
The big home furnishing is steadily advancing, and multi-channel + category synergy.
1) Retail: 23Q1-3 revenue 13900 million, an increase of 31%；As of the end of 23Q3, the gold medal kitchen cabinet, wardrobe, wooden door and balcony bathroom had a net increase of 39, 101, 105 and 22 stores respectively compared with the end of 22 years. In addition, the company attaches great importance to the expansion of front-end channels and fully empowers dealers, and we expect the contribution of new categories and new channels to continue to increase, and we are expected to grow steadily in 24 years.
2) Bulk: 23Q1-3 income 8700 million, -37%；The company has strengthened risk management and increased cooperation with high-quality customers, and we expect to maintain steady development in 24 years.
3) Overseas: 23Q1-3 revenue of 200 million, a year-on-year increase of 195%；The company has developed the markets of North America, Australia and Southeast Asia with a differentiated strategy, and plans to invest no more than 700 million yuan to establish a production base in Thailand. On the one hand, the existing factory in Thailand (Samut Prakan) can no longer meet the needs of overseas markets such as Southeast Asia, and on the other hand, the leasing of factories increases operating costs and affects the company's investment decisions in intelligent equipment. We believe that building our own base in Thailand can effectively reduce personnel dependence and operating costs. We expect overseas growth to continue in 24 years.
Deepening the management of the first chain, reducing costs and increasing efficiency have achieved remarkable results.
The company deepened the strategy of technological innovation and cost leadership, improved the level of intelligent and flexible manufacturing, and the results of cost reduction and efficiency improvement measures became increasingly apparent; In addition, the efficiency of first-class chain management has been continuously improved, and the cost of raw material procurement has been reduced. The company's net profit margin attributable to the parent company in 23Q4 was 117%, +1pct year-on-year, benefiting from inventory optimization and improved procurement management efficiency, 23-year operating cash flow of 61.9 billion yuan (up 150.0 billion year-on-year.)7%）。
Adjusted for earnings** and maintained the "**" rating.
The company is engaged in the overall services of customized home furnishing research and development, design, production, sales, installation and after-sales, with high user reputation and brand reputation, and steady expansion of multiple channels and categories. According to the company's performance report, we adjust the 23-year profit**, and we expect the company's net profit attributable to the parent company to be 2.2 in 23-25 years94/3.53/4.1.6 billion yuan (previous value was 3..)09/3.61/4.1.6 billion yuan), corresponding to PE of 10 8 7X.
Risk warning: real estate data is weak, domestic demand recovery is less than expected, overseas base construction is difficult, raw materials, etc.; The performance report is only a preliminary estimate, and the specific data is subject to the official announcement of the company.
*According to the calculation of the research report data released in the past three years, the research team of Minsheng Xu Haoliang has conducted in-depth research on the stock, and the average accuracy of the past three years is 797%, and its ** attributable net profit in 2023 is 30.7 billion, the **pe converted according to the current price is 951。
The latest profit** breakdown is as follows:
A total of 9 institutions have rated the stock in the last 90 days, ** 5 have rated and 4 have overweight ratings; The average institutional price target over the last 90 days is 3481。
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