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歐派家居(603833):預吿1H22收入同增18% 市場份額穩步提升
格隆匯 08-11 00:00
預吿1H22 收入同增18.2%,淨利潤同增0.6% 公司公佈1H22 業績快報:預計1H22 實現收入96.93 億元,同比增長18.2%,歸母淨利潤10.18 億元,同比增長0.6%,業績表現符合市場預期。公司大家居模式不斷迭代升級,完善品類佈局,深化全渠道發展戰略,我們堅定看好公司藉助領先的品牌、產品、渠道及供應鏈,在行業調整期把握整合機遇,持續提升市場份額,鞏固定制家居龍頭地位。 關注要點 1、收入保持快速增長,業績韌性顯現。根據預吿,公司2Q22 實現收入55.49 億元,同比增長13.2%,歸母淨利潤7.65 億元,同比微降0.5%,主要由於3 月下旬開始,部分地區疫情反覆影響家居線下消費,同時原材料價格持續位於高位,影響盈利能力。我們認為家居消費相對剛性,下半年隨着疫情影響逐步減弱,公司銷售有望逐步復甦,同時歐派櫥櫃、衣櫃自8月1 日起全線漲價,漲幅平均不到1%,我們預計產品價格調整將有助於緩解成本端壓力,帶動盈利能力逐步恢復。 2、積極賦能終端,大力拓展整裝新渠道。1)公司持續推動經銷商體系的精細化運營,全方位賦能全國經銷商,實現銷售模式轉變與獲客能力提升。 2)公司與頭部裝企展開深度合作,憑藉卓越的品牌力、成本領先的供應鏈體系、強大的終端交付能力賦能合作裝企,開啟“定製+裝企”整家拎包新模式,進一步鞏固整裝賽道的領先優勢。 3、廚櫃、衣櫃業務持續迭代升級,引領行業變革。1)2022 年歐派全屋定製(衣櫃)升級推出高顏整家定製2.0,提供一體化設計、一站式配齊、一攬子服務的全屋六大空間整體解決方案,精準切中消費痛點,帶動衣櫃業務持續保持快速增長,表現領先行業;2)2022 年6 月,公司發佈集成廚房品牌戰略及“1+1+N”全新商業模式(品牌+集成系統+全球廚房名品),“廚房專業化”品牌戰略再度升級,我們預計有望帶動廚櫃業務穩步復甦。 盈利預測與估值 考慮到二季度部分地區疫情影響家居線下消費,我們下調公司2022/2023年歸母淨利潤預測6%/6%至30.01/35.35 億元,當前股價對應2022/2023年23/20 倍市盈率。維持跑贏行業評級,下調目標價6%至150 元,對應2022/2023 年30/26 倍市盈率,有30%上行空間。 風險 疫情影響線下銷售,地產調控影響加大,行業競爭進一步加劇。
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