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Fussenmei (002818) Annual Report Comments: Sales of Office Driven the Growth of Performance and Continued Promotion of the Pan-Home Furnishing Strategy

Fussenmei (002818) Annual Report Comments: Sales of Office Driven the Growth of Performance and Continued Promotion of the Pan-Home Furnishing Strategy

Driven by the sale of office buildings, revenue increased by 12 in 2018.

97%, profit increased by 12.

89% of companies disclosed their 2018 annual reports and achieved operating income in 201814.

2.1 billion, (+12.

97%); realized net profit attributable to mother 7.

350,000 yuan (+12.


Among them, 4Q18 single-quarter operating 杭州桑拿网 income3.

460,000 yuan (+14.

76%), realizing net profit attributable to mothers1.

710,000 yuan, a year-on-year increase (+18.


The acceleration of the company’s performance growth was partly affected by the sale of office buildings: in 18 years, wholly-owned subsidiaries sold office buildings to realize sales income of 8,920.

300,000 yuan, achieving a net profit of 2640.

740,000 yuan, after excluding the company’s 18-year operating income will increase by 5 per year.

8%, net profit grows by 8 per year.


Gross profit margin steadily increased, and the management expense ratio improved due to the impact of distribution incentives. Overall gross profit margin increased by 1 in 2018.

12pp to 70.


In terms of business, the gross profit margin of market leasing and services has been extended by 0.

98% to 70.

86%, mainly due to lower wage costs; gross profit margin for office sales was 59.


The company’s sales rate interest rate was temporarily cancelled in 2018.

03PP to 0.

13%, continuing the downward trend since 2015.

The management fee rate increases by 0 every year.

34PP to 3.

79%, mainly due to the report that a maximum of 144 equity incentive objects were granted to allocate shares, and the increase in equity incentive expenses.

The financial rate drops by 0 every year.

31PP to -0.

38%, mainly because the group reached a consensus agreement with the bank that opened the account, and the interest rate on demand deposits rose.

The company’s overall net margin was basically the same as last year.

Strengthen supply chain management, launch “bag-in-check-in”, continue to push the pan-home strategy to penetrate the industry upstream, and strengthen the management of the supply chain and value chain.

In 2018, the company’s multi-furniture companies concluded strategic cooperative relationships to further consolidate the company’s market structure and increase industry influence.

Relying on the pan-household goods supply chain system, in response to changes in market demand, the business model continues to innovate.

In 2018, the company launched the “bag-in check-in” service to meet consumers’ one-stop home improvement needs from Qingshuifang-Finished House-Hardcover House-Bag-to-housing.Pay attention to the changing trend of consumer groups, professional marketing, digitalization and youth.

The first level planned and organized 16 large-scale special marketing activities such as the “10,000 People’s Fair”, “Fussenmei Famous Street Autumn Home Fair”, and planned and organized “FUN price period, tide fun”, “Youth Home Life Festival”And other activities to achieve younger marketing.

It is estimated that the net profit attributable to mothers in 19-21 will be 8 respectively.

22, 8.

22 and 8.

9 billion.

The company has entered the stage of mature development. With reference to the company’s PE in the last 12 months, the estimated center is 15-20X, and the company’s 19-year PE is estimated to be 16X, with a reasonable value of 29.

6 yuan / share, maintain “Buy” rating.

Risks suggest that the store ‘s light asset expansion is less than expected; the scale of real estate affects the aftermarket of building materials and homes; the market is declining and rents are down; national home furnishing channels are sinking and competition is intensifying.