Ta Ya Shengxiang (000910) Quarterly Comment: Channel + Capacity Driven Performance Meets Expectations

Ta Ya Shengxiang (000910) Quarterly Comment: Channel + Capacity Driven Performance Meets Expectations

Ta Ya Shengxiang (000910) Quarterly Comment: Channel + Capacity Driven Performance Meets Expectations

The net profit attributable to mothers increased by 9 per year in Q1 2019.

7% Daya Icon achieved revenue in the first quarter of 201914.

13 ppm, an increase of ten years.

1%; net profit attributable to mother is 0.

63 ppm, an increase of 9 in ten years.

7%, net profit after deduction is 0.

61 ppm, an increase of 9 in ten years.

7%, in line with our democratic expectations.

As a leading company in the flooring and wood-based panel industry, the company uses its brand and scale advantages to continuously 佛山桑拿网 innovate and expand marketing channels, expand production capacity and develop new products.

We expect the company’s EPS for 2019-2021 to be 1.

55, 1.

72, 2.

00 yuan, maintain “Buy” rating.

Every time the gross profit margin increases by 0.

6pct, the expense ratio increased slightly during the period, the company’s product structure continued to upgrade, the high gross profit ratio of solid wood composite and three-layer composite floor revenue continued to increase, the company’s gross profit decreased in the first quarter to 0.

6 points to 34.


The rate of expenses during the period increases by 0 every year.

5pct to 28.

5%, of which the sales / management + R & D / financial expense ratio changes 0 each year.

2pct / 0.

6pct / -0.

3 points to 16.

6% / 11.

4% / 0.

5%, the decrease in the financial expense ratio was mainly due to the decrease in index expenditures and exchange losses, and the corresponding net sales margin4.

3%, basically flat for one year.

1Q1 investment income is reduced by 87 per year.

8% to 0.

140,000 yuan, mainly due to the decrease in profit of the joint venture Fujian Juyi Bamboo Wood Co., Ltd.

Bulk channels continue to make efforts, increase advertising and strengthen brand building. In terms of bulk channels, the company continues to strengthen cooperation with major real estate customers such as Vanke and Country Garden to comply with the trend of hardcover real estate. In 2019, the volume of bulk channels continues to drive the company’s long-term stable growth.
In terms of retail, the 3,000 offline offline store of Shengxiang and the online distribution franchise stores such as Tmall established a nationwide marketing network; continuously strengthened brand building and promotion, increased advertising placement in mainstream new media, and enhanced targeted accuracy.The launch of various types of terminal marketing activities continued to support the company’s stable growth of wooden flooring business.

The release of production capacity breaks the development limit, and continues to develop new products to improve product competitiveness. The company currently has an annual production capacity of 53 million square meters of flooring, and an annual output of 1.85 million cubic meters of medium and high density board and particleboard.

At present, the company’s 500,000-cubic-meter particleboard production line in Suqian has been completed and put into operation, with an annual output of 17 million square meters of veneer chipboard and an annual output of 600,000 sets of furniture components. The project has been carried out in an orderly manner, and the development progress brought about by the elimination of the previous production capacity restrictions.

In addition, the company evaluates new product development, newly develops high-moisture, low-absorption rise particleboard, antibacterial and anti-mildew artificial board, and continues to enrich product lines to enhance product competitiveness.

Channel + production capacity continued to develop, maintaining a “buy” rating company as a leading company in the flooring and wood-based panel industry, using its brand and scale advantages, constantly innovating and expanding marketing channels, expanding production capacity to develop new products.

What do we expect the company 2019?
Net profit attributable to mother in 2021 8.
6, 11.

1 trillion, corresponding to EPS.

55, 1.

72, 2.

00 yuan.

With reference to 19 times the PE value of comparable companies in 2019, taking into account that corporate governance standards will take time to straighten out, give companies 11
12 times PE estimate, corresponding to a reasonable price range of 17.


60 yuan, maintain “Buy” rating.

Risk warning: The capacity construction and release are less than expected, and real estate sales exceed expectations.