What happened: Hollack released its 2023 annual report and 2024 quarterly report. The company realized operating income in 2023Cryptogameslikeaxie. 6.5 billion yuanCryptogameslikeaxie, down 19.78% from the same period last year; the net profit returned to the mother was 217 million yuanCryptogameslikeaxie, down 49.60% from the same period last year; the net profit after deducting non-return was 158 million yuan, down 36.32% from the same period last year. Among them, the operating income of 2023Q4 in the current quarter was 638 million yuan, down 9.09% from the same period last year; the net profit was 39 million yuan, down 22.38% from the same period last year; and the net profit after deducting non-return was 26 million yuan, down 48.90% from the same period last year. In addition, in the first quarter of 2024, the company achieved operating income of 403 million yuan, an increase of 15.86% over the same period last year, a net profit of 13 million yuan, an increase of 5.35% over the same period last year, and a net profit of 5 million yuan, up 426.10% over the same period last year. On May 10, the company released the materials of the 2023 annual general meeting of shareholders. Adhere to the implementation of everyone living strategy, cabinet products stable growth company continues to focus on the "new original + everyone living" core strategy, actively expand product categories, all-channel expansion and optimization. Driven by the household strategy, the proportion of the company's household orders has increased steadily, the unit value of retail customers has also maintained a growth trend, and the proportion of cabinet products and wooden door products in the main business income continues to increase. According to the category, the revenue of the company's overall wardrobe, cabinets, wooden doors, finished products, doors and windows in the past 23 years was 16.73, 2.96, 0.90, 0.98 / 4 million yuan, respectively, compared with the same period last year,-12.31%, 2.85%, 2.92, 16.28, 16.28, 86.09, respectively. Among them, the decline in door and window business revenue is mainly due to the change of business model after the change of brand. The company will issue a 24-year work plan at the annual general meeting of shareholders in 2023: 1) the company will further enhance its brand strength and adhere to the middle and high-end brand positioning of "custom home master"; 2) it will further carry out omni-channel expansion and optimization, in order to achieve the goal of strengthening retail, expanding and assembling, and optimizing the project; 3) will continue to speed up the iterative upgrading of products 4) adjust the organizational structure, further optimize the company's resource allocation, and improve operational efficiency and management level. Deepening omni-channel management, high-speed growth of bulk business from a sub-channel point of view, in 2023, the company's direct stores, distributors and bulk businesses respectively achieved revenue of 0.75 million yuan, 1.876 billion yuan, compared with the same period last year-13.77% Universe 14.22% Universe 37.68%CryptogameslikeaxieAmong them, the increase in bulk business income over the same period last year was mainly due to the increase in the completion and acceptance of housing enterprise projects during the reporting period. Specifically, 1) the company increases investment in retail channels and brand construction, continues to promote the urban operation platform model, actively opens up the sinking market and expand new channels, improves the service level, accelerates the globalization strategy, and constantly expands overseas territory. The new layout is 9 cities in 7 countries. 2) the scale of the whole assembly business has increased by more than 70% compared with the same period last year. In the field of home decoration, we should strengthen the cooperation between head assembly enterprises and create a new environment of integration through the integration of resources and complementary advantages. In terms of art assembly, the company held the first National Dealers Summit of Holyker Art Assembly in 2023, which endowed the assembly channel. 23 years of profitability short-term pressure, stripping Qianchuan cash flow improved significantly 23 years of the company's comprehensive gross profit margin of 35.06%, a year-on-year decline in 0.09pct. 24Q1's comprehensive gross profit margin was 33.18%, down 2.36pct from the same period last year. It is expected to be related to changes in the business structure. In terms of period expenses, the 23-year company's period expense rate was 26.48%, an increase of 4.42pct over the same period last year, and the sales / management / R & D / financial expense rate was 12.89% 6.78% 5.32% 1.49% respectively, and + 2.78/+1.06/+0.32/+0.25pct respectively. The expense rate of 24Q1 during the period was 31.71%, a decrease of 4.36pct compared with the same period last year, and the sales / management / R & D / financial expense rate was 15.31%, 8.96%, 5.56% and 1.88%, respectively, compared with the same period last year-1.48/-1.71/-0.54/-0.63pct. Under the combined influence, the 23-year net interest rate of the company was 9.59%, down 6.49pct from the same period last year. 24Q1's net interest rate was 3.14%, down 0.31pct from the same period last year. The company's cash flow improved significantly, and the 23-year net operating cash flow increased by 35.26% to 463 million yuan over the same period last year, mainly due to the decrease in cash paid by the company for purchasing goods and receiving labor services. Investment advice: the company's housing strategy continues to advance, after stripping Qianchuan, Hubei, the company refocuses on retail channels, and the future performance is expected to continue to improve. We estimate that Hollake's operating income from 2024 to 2026 will be 24.76,27.31 and 2.988 billion yuan, an increase of 9.34%, 10.29% and 9.41% over the same period last year, and its net profit will be 2.46,2.75 and 304 million yuan respectively, an increase of 13.10%, 11.94% and 10.66% over the same period last year, corresponding to a PE of 11.4x, 10.2x and 9.2x, with a 24-year 14.52xPE with a target price of 11.46 yuan and maintaining the investment rating of Buy-A. Risk hints: raw material price fluctuation risk; product demand growth risk less than expected; industry competition intensification and potential price war risk; seasonal fluctuation risk; management risk; overcapacity risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.