Oupai Home (603833): The first quarter of 2019 ushered in a beautiful start to maintain the buying level

Oupai Home (603833): The first quarter of 2019 ushered in a beautiful start to maintain the buying level

Revenue in the first quarter increased by 15 per year.

6%, 杭州夜网 the first quarter net profit increased by 25 in ten years.

1% of the companies released the first quarter report for 2019, which achieved revenue of 2.2 billion in the first quarter and an increase of 15 in ten years.

6%; we judge that the reason for the rapid growth of revenue in the first quarter is consistent with 2018. The rapid growth of the custom wardrobe business, bathroom and wooden doors drives the overall revenue to continue to rise.

In 2019, the company achieved a net profit of 92.05 million, an annual increase of 25.

1%, equivalent to 0 EPS.

22 yuan.

Net cash flow from operations in the first quarter of 2019 was -1.

4.5 billion, -3 from the same period last year.

The 7.6 billion improvement is obvious.

We believe that the size of Euro-European revenues continues to grow, and its ability to occupy funds in the upstream supply chain will continue to increase, which can effectively resist the company’s engineering business and increase the loss of receivables’ cash flow.

The gross profit margin in the first quarter was relatively increased by zero.

3 units, the period expense rate is flat every year, the company’s gross profit margin is 34.

2%, an increase of 0 compared with the same period last year.

We believe that the improvement of profitability is mainly due to the improvement of the company’s production efficiency and the adjustment of accounting policies.

In the first quarter, the company’s period expenses decreased by 29%, which was more than flat; by item, the sales expense ratio decreased by 0.

3 up to 13.

8%; the management expense ratio (including research and development expenses) is reduced by 0 every year.

1 up to 15%.

Continue to deepen the layout and show the ability to cross the land cycle from 2018.
Enhancement of capabilities, improvement of production efficiency and strengthening of supply chain management capabilities, responding to the ever-expanding home furnishing category and providing support for large home furnishings and assembly business.

It is through the continuous strategic layout that the company’s competitive advantages become more 杭州夜生活网 obvious, and its ability to cross the real estate cycle is more and more obvious on the performance side.

Slightly raised the 2019-2020 performance and maintain the BUY rating. We raised the company’s EPS for 2019-2020 slightly to 4.

56 yuan and 5.

48 yuan, the current expected corresponding PE is 25 times and 21 times, respectively, the conversion of European competition strength has gradually increased, it has shown more and more stable growth, the company’s current estimated level has formed a better support,Maintain BUY rating.

Risk warning: Real estate sales are lower than expected, and the company’s expense control is less than expected.