In the past year, the impact of real estate shocks on the home furnishing industry has been converted into more intuitive figures with the disclosure of corporate performance forecasts.
In the past few days, custom home furnishing companies have disclosed their 2021 performance forecasts, and seven listed companies including OPPEIN and Sophia have taken the lead in disclosing them. Judging from the disclosed performance, the revenue of OPPEIN (603833. SH) may exceed 20 billion yuan, firmly sitting on the top of the custom home furnishing list, and its net profit has increased by 578-784 million yuan over last year.
Although Gold Kitchen Cabinets (603180. SH) has a gap between its revenue and net profit, it is one of the few companies that has achieved double growth in revenue and net profit. In 2021, the operating income of Gold Medal Kitchen Cabinet will be 3.450 billion yuan, a year-on-year increase of 30.70%, and the net profit will be 341 million yuan, a year-on-year increase of 16.47%.
In addition, Sophia (002572. SZ), Wole Home (603326. SH), Hollywood (603898. SH), Dinggu Jichuang (300749. SZ), Piano (002853. SZ) net profit There have been various degrees of decline or even loss.
Among them, Piano has the largest net profit loss. In 2021, the net profit loss attributable to shareholders of listed companies is 710 million-955 million, a year-on-year decrease of 460.52%-584.92%; Wo Le Home is expected to achieve a net profit loss attributable to shareholders of listed companies of 1.2% 100 million to 150 million yuan; Dinggu Jichuang is expected to realize a net profit loss attributable to shareholders of the listed company of 56-83 million yuan,
"Positive and Negative" Double Heaven
Statistics show that there are currently 7 listed custom home furnishing companies that have released 2021 performance forecasts. Among them, Oppai Home Furnishing and Gold Medal Kitchen Cabinet achieved an increase in revenue and net profit, while Sophia, Dinggu Jichuang, Wole Home Furnishing, Piano, and Hollike all experienced a decline or even a loss in net profit.
In terms of revenue, OPPEIN ranks first. In 2021, OPPEI Home Furnishing is expected to achieve an increase of 5.159-6.633 billion yuan in operating income compared with 2020, an increase of 35%-45% over the same period, and the annual operating income in 2021 is 19.899-21.373 billion yuan, breaking the 20 billion mark.
In addition to revenue growth, net profit is also growing. In 2021, the net profit attributable to shareholders of listed companies will increase by 578-784 million yuan, a year-on-year increase of 28%-38%, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses will increase by 542-735 million yuan Yuan, a year-on-year increase of 28%-38%.
Another company that has achieved double growth in net profit and revenue is the golden kitchen cabinet. According to the performance forecast disclosed by Gold Medal Kitchen Cabinet, in 2021, the net profit of Gold Medal Kitchen Cabinet attributable to shareholders of listed companies is 341 million yuan, an increase of 16.47% year-on-year, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses is 262 million yuan, an increase of 10.46% year-on-year, and operating income was 3.450 billion yuan, an increase of 30.70% year-on-year.
Although Sofia achieved revenue growth, net profit fell. According to the performance forecast, in 2021, Sophia expects operating income to increase by 1.671-2.088 billion yuan compared with 2020, an increase of 20%-25% over the same period, and achieve operating income of 8.353 billion yuan in 2020; net profit attributable to shareholders of listed companies is 1-150 million yuan, a year-on-year decrease of 91.61%-87.42%, net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 20-70 million yuan, a year-on-year decrease of 98.09%-93.33%.
Similar to Sofia, Hollywood is also in the dilemma of increasing revenue without increasing profits. In 2021, Hollywood's operating income will increase by 1.092-1.419 billion yuan compared with the same period of the previous year, a year-on-year increase of 50%-65%; the net profit attributable to shareholders of listed companies is expected to decrease by 55.2276 million yuan-1.66 yuan compared with the same period last year. 100 million yuan, a year-on-year decrease of 20%-60%. The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses is expected to decrease by 48.4958 million yuan to 145 million yuan compared with the same period of the previous year, a decrease of 20%-60% year-on-year.
Although Piano's revenue has grown, its net profit has turned from profit to loss. In 2021, Piano's operating income will be 1.792-1.942 billion yuan, a year-on-year increase of 20%-30%; the net profit loss attributable to shareholders of listed companies is 710 million-955 million yuan, a year-on-year decrease of 460.52%-584.92%, compared with the same period in 2020. It was 197 million yuan; the net profit loss after deducting non-recurring gains and losses was 719-964 million yuan, a year-on-year decrease of 483.22%-613.87%, compared with 188 million yuan in the same period last year.
Wole Home Furnishing and Dinggu Jichuang also suffered net profit losses. Among them, in 2021, Wole Home Furnishing is expected to realize a net profit loss of 120-150 million yuan attributable to shareholders of listed companies, and 220 million yuan in 2020; net profit loss attributable to shareholders of listed companies after deducting non-recurring gains and losses is 1.5-1.8 100 million yuan and 198 million yuan in 2020.
In 2021, Dinggu Jichuang is expected to realize a net profit loss of 56-83 million yuan attributable to shareholders of the listed company, and a net profit of 21.741 million yuan in 2020; the net profit loss attributable to shareholders of the listed company after deducting non-recurring gains and losses is 6010 yuan. -87.1 million yuan, compared with 14.8012 million yuan in 2020.
Large customers become a big hidden danger
For the sharp decline in net profit, the company also explained the reasons in the performance forecast, which were mostly affected by bulk business and raw materials.
Sophia said that in the second half of 2021, the company's major customers of bulk business and its member companies encountered large-scale defaults on due commercial acceptance bills, and the bills that were prompted to pay were refused to pay, and the customer could not promise a specific payment time. . The big customer mentioned by Sofia is Evergrande.
The data shows that as of December 31, 2021, Sophia had a total balance of 1.185 billion yuan in receivables and issued goods, of which the balance of accounts receivable was 463 million yuan, and the balance of unexpired commercial acceptance bills was 341 million yuan. , the prepaid house purchase payment (purchasing the customer's real estate with notes receivable) was 352 million yuan, and the balance of the goods issued was 30,163,200 yuan.
In addition to the impact of bulk business, rising raw material prices also affected Sofia's performance. Sophia said that in the second half of 2021, affected by the rise in raw material prices, the company's production costs rose, and product sales prices were not adjusted simultaneously; on the other hand, the company also gave greater support to dealers, which led to the company's gross profit margin.
Of course, it is not only Sofia who is affected by the big customers, but Piano is also affected by this. Piano said that the main reason for the change in the company's performance was the impact of the provision for impairment of major customers. It is understood that since 2021, due to the capital turnover difficulties of major customers and their members, the company has gradually experienced a large number of overdue non-payment of its commercial acceptance bills.
As of December 31, 2021, Piano held a total of 916 million yuan of notes receivable issued by the customer and its member companies, including 569 million yuan of overdue notes, 348 million yuan of outstanding notes, and accounts receivable. 76,451,300 yuan for other receivables, goods issued and goods in stock, etc. totaling 229 million yuan, and the above-mentioned related payments totaling 1.222 billion yuan.
Hollick said that the company has made provision for bad debts for Evergrande Group and its member companies’ notes receivable and accounts receivable: As of December 31, 2021, Hollick held Evergrande Group’s notes receivable of 394 million yuan, Accounts receivable is 70.2319 million yuan. "Based on the current analysis and assessment of the recoverability of Evergrande Group's bills receivable and accounts receivable, the management of the company believes that there are signs of impairment. The provision for bad debts was withdrawn, resulting in an increase in the company's credit impairment losses in the current period compared with the same period of the previous year."
Wole Home Furnishings stated that in 2021, the company will make credit impairment provisions for the receivables of Evergrande Real Estate Group and its member companies, China Fortune Land Development Group, and its member companies. As of December 31, 2021, the company has receivables of 403 million yuan from Evergrande Real Estate Group and its member companies, and 95.97 million receivables from China Fortune Land Development Group and its member companies due to the collection, supply, and installation of kitchen cabinets. Yuan. Based on the principle of prudence, the management of the company analyzed and assessed the recoverability of the above-mentioned funds, and believed that there were signs of impairment, resulting in an increase of approximately 377 million yuan in credit impairment losses in the current period compared with the same period of the previous year.
Is the whole package a new growth point?
In fact, in recent years, custom home furnishing companies are also actively looking for new growth points, and self-assembly is a good example. In 2018, Oupai, Boloni, Sineman, Sophia, Shangpin Home Delivery, Gold Cabinet, and other customized enterprises have set foot in the whole decoration.
In September last year, Oppai Wardrobe, a subsidiary of Oppai Home Furnishings, released the strategy of “Gaoyan Whole Home Customization”, that is, from a single cabinet category to multi-category integration, iterating from the traditional “whole house customization” to “whole home customization”.
Regarding the significant increase in performance, OPPEIN also said that in 2021, the company will give full play to its unique advantages in marketing, manufacturing, channels, supply chain, etc. Advantages, further consolidate the terminal competitive advantage, deepen the gradual transformation of channel operations and agents, pioneered the new model of "customization for the whole home" in the industry, opened up a new sales path in the industry, and continued to develop and expand the large-scale home furnishing business, with rapid iterations, continuous Enrich the new connotation of the company's large home furnishing strategy, thereby driving the overall steady growth of the company's performance.
Sophia also made a breakthrough on the full track. In 2021, the promotion of Sophia's channel reform has achieved remarkable results, among which the whole outfit channel and the new brand Milana have performed well.
According to the data, from January to September 2021, Sofia's whole assembly channel achieved revenue of 313 million yuan, of which the revenue in the third quarter of 2021 was about 180 million yuan. Milana will independently attract investment in 2021. As of the end of September 2021, Milana has developed 297 franchisees and operates 109 stores (excluding renovated stores), achieving a breakthrough of 0 to 100 million yuan.
Gold Medal Kitchen Cabinets also stated that in order to promote the strategic layout of all categories and all channels and provide customers with the one-stop whole house and complete installation solutions, the company continues to increase overseas, wooden doors, kitchen appliances, smart home, Weiyang, home products, Investment in personnel and resources for businesses such as refurbishment.
