Oupai Home (603833): Information capabilities have significantly improved the three-dimensional offensive system has been completed and maintained to maintain the buy level

Oupai Home (603833): Information capabilities have significantly improved the three-dimensional offensive system has been completed and maintained to maintain the buy level

2018 revenue increased by 18 in ten years.

5%, net profit increased by 20 in ten years.

9% of the companies released their 2018 annual report, which achieved 11.5 billion in revenue in 2018, a further increase of 18%.

5%; by product, the cabinet business is growing by 7 per year.

67% to 57.

600 million, the wardrobe business increased by 25 in ten years.

9% to 41.

500 million, bathroom and wooden doors increase by 49 each year.

5% and 47.

7% to 4.

500 million and 4.

700 million.

In terms of brands, Europa achieved revenue of 103.

900 million, an increase of 16 in ten years.

9%, Opal has achieved revenue of 4.

600 million, an increase of 26 previously.

9%, Opinni achieved revenue of 4.

700 million, an increase of 47 previously.


In terms of channels, offline stores have achieved a total revenue of 95.

5 billion, an increase of 15 in ten years.

1%; revenue from bulk business14.

100 million, an increase of 47% in ten years.

  In 2018, the company realized a net profit attributable to mothers of 15.

700 million, an annual increase of 20.

9%, equivalent to 3 EPS.

74 武汉夜网论坛 yuan.

  The 2018 dividend plan is a cash dividend of RMB 7 for every 10 shares.

5 yuan (including tax).

  The gross profit margin increased relatively in 20183.

Nine numbers, the cost rate during the period increases by 3 every year.

The company’s gross profit margin for the two years 2018 was 38.

4%, an increase of 3 per year.

9 single; by product, the gross profit margin of the cabinet business increases by 3 every year.

1 up to 39.

8%; the gross profit margin of the wardrobe business is 42%, which increases by 7 every year.

2 units; gross margins for bathrooms and wooden doors increased by 7, respectively.

2 and 2.3 up to 26.

5% and 13.


Regarding the improvement of the company’s profitability, we believe that it mainly comes from three aspects. One is that the sales price of the product has improved. The other is that the production efficiency of the company has improved after the overall informationization capability of Europa has been enhanced. The third is the accounting in 2018.The policy adjustment was that the R & D expenses that were originally grouped into the main business costs were separated from the main business costs and concentrated into the R & D expense items.

  Periodic expenses of the company in 201822.

2%, an increase of 3 over the same period last year.

2 units; of which, the sales expense ratio increases by 0 every year.

4 up to 10.

2%, mainly due to the increase in marketing expenses and employee compensation; the management expense ratio (including research and development expenses) increased by 3 to 12 each year.

2%, mainly due to the substantial increase in research and development expenses.

  We believe that through continuous adjustment, integration and upgrade in 2018, Europa has built a three-dimensional offensive system.

In response to changes in the traffic side (decentralization of retail-side traffic and initiation of engineering-side demand), while strengthening the advantages of traditional offline stores, the company is also strengthening the development of e-commerce and engineering businesses.

In 2018, e-commerce joint promotion of 490 games, internal e-commerce drainage sales accounted for 20% of sales; engineering business revenue grew 47% a year.

In response to the changes in home improvement needs, the company launched the self-assembly and big home business, which complements the traditional retail model. At present, the big home model has been extended to 22 cities, and two successful cases, Yibin and Changsha, have emerged.年 年整装接单业绩突破3。
5 billion.

We believe that the core logic behind the huge progress made by Europa in 2018 is that after the company’s continuous attention, the company’s information technology capabilities have been significantly improved.

  The leader is expected to bottom out and stabilize in the first half of the year. We maintain the Buy rating and we expect the company’s net profit for 2019-2020 to be 18 respectively.

800 million and 22.

300 million, corresponding to EPS 4.

48 yuan and 5.

3 yuan, the current sustainable corresponding PE for 2019-2020 is 26 times and 22 times respectively.

At present, we judge that the revenue growth rate of leading domestic companies is expected to stabilize in the first two quarters of this year, and gradually return to a higher level of growth in the second half of the year. From the current estimation level of Europai, we think that the company still needs to be longerThe investment value of the time is good, maintain the buy rating.