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Gold Medal Kitchen Cabinet (603180): Kitchen Cabinet Benefits Warmth Wardrobes and Tooling for New Real Estate

Gold Medal Kitchen Cabinet (603180): Kitchen Cabinet Benefits Warmth Wardrobes and Tooling for New Real Estate
In the evening of March 27, the company announced the 2018 annual report.The company achieved revenue of 17 in 2018.2.0 billion, an increase of 18 in ten years.01%, achieving net profit attributable to mother 2.1 billion, an increase of 26 previously.05%; quarterly, the company achieved revenue of 5 in 2018Q4.7.2 billion, an increase of 20 previously.43%, achieving net profit attributable to mother 0.9.1 billion, an increase of 19 previously.53%. At the same time, the company issued the “Public Issuance of Convertible Corporate Bonds Plan”, which is intended to be issued on a scale not exceeding RMB3.US $ 9.2 billion for the construction of Xiamen Gold Medal Kitchen Cabinet Co., Ltd. Tongan Phase IV Project and Jiangsu Gold Medal Kitchen Cabinet Co., Ltd. Phase II Project. Our analysis and judgment of category expansion have accelerated linkage, and Q4 revenue has been steadily increasing. By expanding product categories, strengthening joint sales, accelerating the development of major business channels, and promoting innovation in marketing mechanisms, we achieved revenue 17 in 2018.2.0 billion, an increase of 18 in ten years.01%, 2018Q4 achieved revenue 5.7.2 billion, an increase of 20 previously.43%. Among them, the overall growth of kitchen cabinets has been steadily increasing, with reported operating income of 15%.3.6 billion, an increase of 10 in ten years.77%; Orange Home Wardrobe relies on the rapid development of cabinet resources and reports a series of realized operating income1.3.8 billion, an increase of 480 in ten years.20%; wooden door water test effect is good, in the first half of 2018 the company set up the orange home wooden door division began preparations, in September Xiyingmen Xiamen water test the first store, market feedback is good, products and channels can speed up the improvement period. The layout of retail stores continues to accelerate. In terms of bulk, overseas channels have become new growth points. In terms of retail channels, the company accelerated the establishment of stores in 2018. Until the end of 2018, there were 1,413 gold kitchen cabinet stores (including under construction), and orange wardrobe storesThere are over 337 (including under construction), 9 orange door stores (including under construction), and a total of 1,759 stores.At the beginning of 2018, direct sales + distribution realized revenue14.20 ppm, an increase of 14 in ten years.40%.In 2019, the company will continue to accelerate the coverage of blank markets and encourage franchisees to strengthen regional cultivation and the layout of new channels such as Gome and B & Q. The company has strong strength for 20 years and has deeply cultivated the advantages of the kitchen cabinet industry, vigorously developed the bulk engineering business, and 31 strategic partnership agreements with the top 50 real estate companies. The company actively cultivated core agents to enhance the agent’s regional market competitiveness and service capabilities.The report announces the realization of sales revenue of bulk business2.3.0 billion, an increase of 63 in ten years.68%. Overseas channels achieved sales revenue of 5048.590,000 yuan, an annual increase of 13.86%.It is expected that further contributions will be made against the background of accelerated layout in the future. Profitability and expense ratio are generally stable. In 2018, the company’s gross profit margin was 39.00%, 0 per year.14pct; net sales margin is 12.35%, increasing by 0 every year.79 points.In terms of quarters, the gross profit margin of the company in 2018Q4 was 39.33%, a decrease of 2 per year.87pct, net sales margin is 15.91%, a reduction of 0 per year.13pct. In terms of 北京夜网 period expenses, the company’s selling expenses in 2018 were 18.43%, a decrease of 0 per year.37 points.Company management expenses 9.04% (including R & D expenses), increasing by 0 every year.08pct, mainly due to the company’s increased investment in research and development and the sale of stock funds in the first half of 2018 expenses.Finance costs expense -0.18%, a decline of 0 per year.03pct. Proposed issue of convertible bonds 3.US $ 9.2 billion to increase production capacity and guarantee capacity The company intends to raise public funds through convertible bonds not exceeding RMB3.US $ 9.2 billion for the construction of Xiamen Jinpai Kitchen Cabinet Co., Ltd. Tongan Phase IV project 1 #, 2 #, 4 #, 5 # factory construction project, Jiangsu Jinpai Kitchen Cabinet Co., Ltd. Phase II project 3 #, 5 # factory 杭州夜网论坛 constructionproject. The former project plans to build new press-fitting workshops, retail kitchen cabinet workshops, wooden door workshops and other supporting facilities, with a construction period of about 18 months. After the project is in production, it is expected to add an annual sales income of 74,955.One million yuan and a net profit of 8,616.950,000 yuan.The latter project intends to build new press-fitting workshops, steel baking workshops, engineering kitchen cabinets, wooden door workshops and other supporting facilities. The construction period is about 12 months. After the project is in production, it is expected to add 41,515 annual sales income.One million yuan and a net profit of 3,584.70,000 yuan.The public issuance of convertible corporate bonds will supplement the company’s existing overall kitchen cabinet and overall closet production capacity, and expand the company’s customized wooden door product line to enhance the company’s capacity guarantee capabilities. Investment suggestion: We expect the company’s operating income from 2019 to 2020 to be 20.14,23.4.4 billion, an annual increase of 18.35%, 16.40%; net profit is 2.46, 2.830,000 yuan, an increase of 16 in ten years.85%, 15.23%, corresponding to the current PE of 21.6x, 18.7x, maintain “Buy” rating. Risk factors: major adjustments in land and increased competition.