尚品宅配(300616):京東戰投賦能數字化及供應鏈 看好整裝業務實現飛躍
投資要點事件:1)6 月25 日,公司股東達晨財信和達晨創富擬將其持有的993萬股股份轉讓給北京京東,本次協議轉讓完成後,達晨財信和達晨創富持股比例將由17.5%減少至12.48%。2)6 月25 日,公司公吿擬以64.56元/股價格向北京京東世紀貿易公司定向增發不超過827.8 萬股,募集資金5.3 億元。股份轉讓及定增完成後,京東持股比例將達到8.83%,並將公司提名1 名董事。引入京東戰略投資,數字化及供應鏈水平有望進入新階段。京東集團是中國領先的技術驅動型電商並致力於成為以供應鏈為基礎的技術與服務企業。京東在家居銷售方面具有線上流量、品牌、供應鏈、物流倉儲等方面優勢,而公司作為技術驅動型的頭部定製企業,在家居軟件、線下銷售網絡、智能製造方面具有優勢。引入京東作為戰略投資者後,雙方可釋放較強協同,打造創新的線上線下深度融合的全鏈路一體化消費場景和BIM 整裝服務模式。將展開多領域深度合作,藉助京東流量及供應鏈實現全面提升。雙方已擬定多領域深度合作的框架,具體合作方式包括:1)線上引流獲客及線下門店運營合作:京東將為尚品宅配旗下門店提供配套供應鏈輸出、營銷支持、品牌合作等資源支持;雙方將開展“京東品牌+尚品宅配旗下品牌”的雙品牌聯合市場營銷策略。2)中央廚房式供應鏈及物流合作,公司BIM 整裝數字化系統與京東的物流、倉配能力實現強強聯合。3)數字BIM 整裝業務擴張及搭建平台化基礎能力:京東將對公司聖誕鳥整裝業務進行運營扶持,助力聖誕鳥整裝數字化、信息化全鏈路能力升級;同時雙方將共建HOMKOO 整裝雲業務,對外共同拓展與服務更多的整裝雲會員。4)工裝項目合作:公司將承接京東內部及其他商業門店的裝修落地。其他業務合作方式包括金融合作及共建MCN 業務。看好京東賦能下整裝業務實現質的飛躍。公司在整裝業務方面以整裝雲+自營整裝雙輪驅動,在行業中具有較大差異化。截至2020 年,自營整裝渠道收入(全口徑,含傢俱配套)3.45 億元,同比增長約25%;HOMKOO 整裝雲收入(全口徑,含傢俱配套)4.67 億元,同比增長35%。整裝雲與自營整裝的核心壁壘在於供應鏈建設,由於家裝產品SKU 較多,定製企業依靠自身力量建設供應鏈難度較大。京東賦能後,公司供應鏈水平有望快速提升,整裝業務有望實現質的飛躍。盈利預測與投資評級:看好與京東達成深度合作後整裝業務及零售業務加速發展,我們預計公司21-23 年淨利潤分別為5.58/6.33/7.45 億元,EPS 分別為2.81/3.19/3.75 元,對應PE32.47/28.61/24.30X。首次覆蓋,給予“增持”評級。風險提示:行業競爭加劇,原材料價格大幅波動,整裝渠道拓展不及預期等。
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