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研報掘金丨天風證券:居然之家受益於宏觀環境改善,存量房市場逐步釋放,首予“買入”評級
格隆匯7月12日丨天風證券11日研報指出,居然之家(000785.SZ)是泛家居行業龍頭企業,多年線下深耕佈局全國連鎖賣場,把握行業發展趨勢積極進行數字化轉型,打開線上流量入口,實現全產業鏈覆蓋。隨着行業政策向好,存量房市場逐步釋放,公司受益於宏觀環境改善,預計23-25年營業收入為155.9/171.5/189.2億元,歸母淨利潤為22.2/25.2/28.4億元,對應PE11/10/9,參考可比公司平均PE,給與公司23年14倍PE,目標價4.94元,首次覆蓋給予“買入”評級。
公司通過以租賃物業直營賣場及加盟賣場為主的“輕資產模式”進行市場擴張,更快速的建立全國連鎖零售網絡。22年公司直營店坪效為1497.9元/平方米/年,總資產週轉率為0.24次/年,運營能力優秀。公司通過加盟模式佈局下沉市場,同時通過兼收合併、數字化系統整合等多種方式擴大公司的市場佔比,增強公司影響力。
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