Sofia (002572): Actively adjust to the market

Sofia (002572): Actively adjust to the market
Sofia Third Quarterly Report: The company achieved revenue 53 in the first three quarters of 19.1 ‰, an increase of 4% in ten years, net profit attributed to the mother 7.2 ‰, an increase of 4% in ten years, the last digit is 4 after deduction.5%; revenue in the third quarter alone was 21.7 trillion, an annual increase of 2.4%, net profit attributable to mother 3.30,000 yuan, an annual increase of 1.9%, deducting non-interest rate 9.8%. Revenue fluctuates: the company’s single-quarter revenue increased in the third quarter2.4%, a quarter-on-quarter improvement, and the long-term impact of the high base of 18Q3 caused demand to remain weak.In the first three quarters, the income from wardrobes and furniture was 46 trillion US dollars, an annual increase of 2.1%, single third quarter income 18.70,000 yuan, an increase of 0 in ten years.1%; the impact of the decline in the growth rate of distribution channel revenue, the growth rate of the distributor channel in the first three quarters was 0.2%, single quarter quarter interval 2.7%; bulk channels still maintain a high level of growth, with annual growth of 24 in the first three quarters.9%, an increase of 28 in the third quarter.4%.From the perspective of volume and price, the company’s customer unit price for the first three quarters was 1.130,000 yuan, an increase of 5% in ten years, package activities have steadily increased the unit price of passengers.In terms of orders, restructuring, weak demand driven by the transfer of land, and diversification of traffic from multiple channels, the pressure 杭州桑拿网 of traditional offline channels increased, natural passenger flow decreased, and the company’s order volume also had a small span.The company has also begun to actively explore other channels of traffic sources. In the first three quarters, the e-commerce channel accounted for nearly 25%, an increase of 5 pct in the early 18 years; acquaintances recommended that the proportion of orders such as old customers adding orders has also steadily increased, and some offline traffic alternatives were hedgedImpact.In terms of channels, there were 2,451 wardrobe stores at the end of the third quarter, a decrease of 59 earlier. However, the opening of large home stores has progressed better. In the first three quarters, 93 stores opened, reaching 191, and 150 are expected to open.The overall transformation of big home stores’ products has gradually improved the customer unit price and conversion rate, which is expected to help the company further improve its one-stop service capability. New business: Cabinet revenue in the first three quarters5.50,000 yuan, an increase of 12 in ten years.1%, quarterly revenue in the third quarter alone2.400 million US dollars, a year-on-year growth of 12%, the overall growth rate of the cabinet has remained stable, and through the expansion of the scale and improvement of management, has achieved significant reductions in losses, gradually reduced by 30 in the first three quarters.710,000 yuan, a profit of about 12 million yuan in the third quarter.At the end of the third quarter, there were 840 Smi stores, 18 more than the end of the 18th.Wooden door revenue for the first three quarters1.30,000 yuan, an annual increase of 24.7%, the income of 53.87 million yuan in the third quarter alone, an annual increase of 12.9%.There were 160 Mumen stores at the end of the third quarter, and 32 profit forecasts and investment recommendations were added at the end of the late 18th year: We estimate that the company’s net profit attributable to shareholders of listed companies in the years 19-21 will be 10 respectively.800 million, 12.500 million, 14.7 trillion, an increase of 12.3%, 15.5%, 18.1%, given a 6-month target price of 24.66 yuan, maintaining the “Buy-A” level. Growth rate of gross profit margin: the company’s net profit growth rate in the third and third quarters1.9%, buckle the non-back diaphragm 9.8%.Gross profit margin for the first three quarters of 37.3%, zero for one year.6 points, single third quarter gross margin of 38.1%, zero for one year.1pct, of which the gross profit margin of the first three quarters of wardrobe, furniture, furniture, cabinets, and wooden doors rose -0.4, -2.2, 1, 3.8 points.The decrease in the gross profit margin of the wardrobe was mainly due to the increase in the proportion of low-margin engineering business and the proportion of Kangchun board, the scale effect of cabinets and wooden door products increased, and the gross profit margin swap increased.The company’s period expense ratio was 21 in the first three quarters.5%, with an annual increase of 1 pct, and an expense ratio of 20 during the third quarter.1%, rising by 1 every year.8 points.The company’s sales expense ratio was 10 in the first three quarters.6%, an annual increase of 0.8 points, the company’s sales rate in the third quarter is 9.9%, an annual increase of 0.5 points; management R & D expense rate for the first three quarters of 10.6%, which is basically the same every year, and the management R & D expense rate is 9 in the third quarter.9%, 1 point up a year; financial expenses in the first three quarters were 0.4pct, an increase of 0 every year.2pct, single third quarter financial rate 0.3pct, growing by 0 every year.2pct. Significant improvement in cash flow and warming up of advance receipts: The company’s operating cash flow in the first three quarters was US $ 600 million, an increase of more than 16%.7%, single third quarter cash flow3.7.5 billion, a 104% increase over the past ten years, and cash flow conditions have improved significantly.Accounts receivable and bills of the company at the end of the reporting period8.80,000 yuan, an increase of 0 from the end of the second quarter.600 million, mainly affected by bulk business.Accounts received in advance at the end of the third quarter 5.90,000 yuan, an increase of 0 from the end of the second quarter.80,000 yuan, an increase of 0 in ten years.80,000 yuan; accounts payable and notes 6.50,000 yuan, 0 compared with the end of the second quarter.500 million. Actively adjust in many aspects and wait for a better self: The company has responded to market changes this year, and has made positive adjustments in various aspects such as dealer management, multi-channel layout, products, and terminal performance evaluation, with initial results.In terms of dealer management, the company further strengthened the reform of weak dealers, eliminating / optimizing 62 dealers in the first three quarters, accounting for over 4%; at the same time, the supervision and management of dealers ensured the implementation of policies such as headquarters promotions in the terminal.In terms of multi-channels, the company actively promotes the layout of engineering, home improvement, and e-commerce channels. At present, the proportion of e-commerce drainage customers has increased to 25%, and the proportion of first-tier cities has exceeded 45%. The company has been trying to rectify without damaging the interests of dealers.The channel operation mode has been gradually implemented in some cities, and it is expected to show benefits next year.In terms of products, the company has steadily promoted light luxury products and Kangchun board. The number of customers of Kangchun board reached 25% in the first three quarters, an increase of over 10pcs over 18 years, and the revenue accounted for over 20%. The company began to absorb light luxury in 18 years.Category research and development, launched a variety of products that are in line with contemporary consumer fashion and other industrial styles. Since this year, light luxury products have gradually been introduced and sampled, which have been welcomed by consumers.In terms of terminals, the company further strengthened the customer service level and related assessments, and strived to increase the order conversion rate while increasing the number of orders. Risk warning: market competition continues to deteriorate, cabinet sales progress exceeds expectations

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