Vantage Holdings (002035) Company Tracking Research Report： Long-term space can be expected in the short-term inflection point
Vantage Holdings (002035) Company Tracking Research Report: Long-term space can be expected 深圳spa会所 in the short-term inflection point
The industry still has room for growth for a long time. As one of the industry leaders, the company is expected to continue to benefit. The kitchen appliance industry is still one of the subdivided industries with a definitive alternative for growth space in the home appliance sector.
Demand for renewal of stock in primary and secondary markets, more demand from structural expansion of the secondary market, and more supporting needs brought by new categories will drive the industry to continue to grow; replacing new retail channels will also integrate the market for leading companies in the industryIt also brings new opportunities.
As one of the industry leaders, the company strives to continue to enjoy the dividends brought by the stable growth of the industry.
After the real estate cycle, the kitchen appliance industry is under pressure, but the bottom to the industry terminal sales are expected to be higher than the data from the Central Olympic Cloud Network. The 2019Q3 range hoods are 16 offline and online respectively.
10,000 yuan (YoY-10.
3% / + 20.
7%), the overall pressure is still under pressure, but the growth rate has improved by 3 from the first half.
9 pieces / 17.
According to the National Bureau of Statistics, commercial housing was completed in the first three quarters of 20193.
3.1 billion square meters (YoY-8.
5%), of which the third quarter was completed in a single quarter1.
01 billion square meters (YoY-0.
5%), the single-month growth rate in September turned positive, and the improvement trend was obvious.
According to the calculation of kitchen appliances lagging about half a year, it is expected to start a significant drive for kitchen appliances next year, and the improvement of completion will gradually improve the market’s pessimistic expectations of the company’s short-term performance.
The channel inventory level is becoming reasonable. It is expected that the company’s operation will enter a benign trajectory. In 2018, the company’s channel inventory is relatively high. Under the influence of de-channel inventory, revenue has been alternating for four consecutive quarters.
At present, the channel inventory level has gradually become reasonable, and it is expected that the follow-up operation will enter a healthy track.
Sohu News reports that in September 2019, the company reached a strategic cooperation with JD.com and will enter JD.com stores in the future to better expand the sinking market.
We believe that richer channels and markets will also provide new increments for the company.
The profit forecast predicts that the company’s net profit attributable to its mother for 2019-2021 will be 7.
7 ppm, an increase of 16 in ten years.
4% / 18.
4% / 14
The latest closing price corresponds to an estimated PE of 2020 at 11.
35x, considering the company’s profit growth rate and the situation of comparable companies, give a target PE valuation of 202013.
0x, corresponding to a reasonable value of 13.
91 yuan / share.
Due to the improvement in the demand for kitchen appliances from the completion of the chain, the company’s improvement was upgraded to “Buy” rating.
Risks indicate that raw material prices are rising; new product development exceeds expectations; the actual continued downturn; efficiency improvements are less than expected.