Oupai Household (603833) performance pre-increasing comment: performance or maintaining stable high growth continues to be optimistic about the company’s withdrawal

Event description The company issued an announcement of the 2019 annual results increase.

The company expects to achieve revenue of 126 in 2019.


11 trillion, an increase of 10%?
20%; net profit attributable to mothers is expected to be 18 in 2019.


65 ppm, a 15% increase?
25%; non-net profit is expected to be deducted in 201916.


9.6 billion, an increase of 10%?

Event commentary Multi-category omnichannel efforts, revenue may maintain steady and high growth.

According to the notice, the company’s 2019 single Q4 revenue growth rate is -5.


09%, and from the tracking of the company ‘s operating conditions, we expect that in the fourth quarter, with the support of multi-category omni-channels, we may maintain a better growth rate in the third quarter (Q3 2019 revenues will increase by 20).

10%), of which the bulk business in the fourth quarter may continue to grow rapidly, and the retail business may still have better revenue growth under the company ‘s omni-channel marketing strategy (package, packaged accommodation, etc.); 杭州夜网论坛 the Opole brand is under the channel and marketing, Performance against the trend.

Under the steady revenue and high-increasing profits, the non-net profit deduction may maintain a steady and earlier growth, and the large increase in government subsidies will promote the increase in net profit attributable to mothers higher than the non-net profit deduction.

According to forecast data, the growth rate of non-net profit in the fourth quarter of 2019 was zero.



While the company’s revenue has achieved relatively good growth, it has continued to promote informatization and lean production, reform and innovate the system, and continue to improve efficiency. We expect non-net profit to be deducted or have a fairly good growth.

According to the announcement, the growth rate of net profit attributable to mothers in Q4 2019 is 15.


At 85%, we expect the growth rate of net profit attributable to mothers to be higher than the rate of net profit deducted to non-mothers, initially for the year 2019 the company received government subsidies (received government subsidies)

11 ppm, a government benefit related to gains of approximately 1 was initially identified.

(About 28 million, 2461 million government subsidies in 2018).

We are optimistic that the company will continue to seize its share under the advantages of multi-category omnichannel.

Since August, the completion growth rate has continued to normalize, aiming to promote the recovery of the domestic domestic sales boom, and the project channel takes the lead to benefit. The impact of completion on the retail market has lagged, and the retail boom will gradually pick up.

At this stage, the company gradually expands its channel structure and further expands its product categories to achieve growth beyond the industry.

In the medium and long term, the company attaches importance to the continuous and high expansion of supply chain management. With the enhancement of refined operation capabilities, the compressed space for cost reduction can drive a new round of expansion and improvement.

The company’s EPS for 2019-2021 is expected to be 4.


45 yuan, corresponding to PE is 25/21/18 times, maintain “Buy” rating.

Risk Warning: 1.

Industry risks: Real estate growth is slower than expected; industry competition is further intensified; 2.

Corporate risk: The company’s new business model has expanded less than expected.