Bunny (002043): Traditional business transformation intends to acquire Yufeng Hantang Engineering business to help grow

Bunny (002043): Traditional business transformation intends to acquire Yufeng Hantang Engineering business to help grow

Bunny’s 2019Q1-Q3 company revenue / net profit 32.


50,000 yuan, a year-on-year increase of +3.

2% /-4.


Among them, the third quarter saw significant growth and realized revenue / net profit.


300 million, a year-on-year increase of +6.

9% / + 71.


Since 2010, the company has benefited from the OEM asset-light model, and began to increase the dealer network layout and channel construction, and its performance has rapidly improved to usher in an inflection point.

Custom home is the future development trend of the industry, and the potential of tooling channels is huge.

Customized furniture solves the problems of unmatched expansion space in the home and the finished home. It also overcomes the need to become the main consumer of the home market after the 80s and 90s, and has a higher demand for personalization.

From the perspective of sales channels, the previous penetration ratio of hardcover houses totaled (about 80%), and there was still room to increase.

Affected by policies and the promotion of real estate companies, the penetration rate of hardcover houses has increased year by year.

The OEM asset-light model guarantees 北京夜网 the company’s growth.

The expansion of asset-light OEM operations in different locations is more convenient.

Business development does not need to build a local factory, but only to strengthen local channel construction.

The core and focus of the company’s Q1-Q3 2019, the growth rate of the external market is 7%, 9%, 42%.

We expect the company to open stores mainly in peripheral markets in the future. After structural adjustment, the company is expected to usher in a second round of growth.

The company has the advantage of environmental protection sheet, and actively expand product categories downward.

The company continues to introduce cabinets and children’s furniture on the basis of the bottom floor, wardrobes and wooden doors. The company’s custom-made furniture industry chain layout has been basically 深圳桑拿网 perfected.

In line with the development trend of customization, the easy installation mode set sail.

According to the needs of consumers, Yizhuang provides a variety of processing services to consumers, which slenderly enhances the added value and profitability of traditional sheet materials.

Acquired Yufeng Hantang to improve B-side channels.

In September 19, the company announced that it planned to purchase 70% of the equity of Qingdao Yufeng Hantang Wood Industry Co., Ltd. for 7 trillion in cash. Yufeng Hantang adopted an asset-light model and expanded rapidly.

Revenue / net attributable net profit in 2018 reached 5.


490,000 yuan, +83.

0% / + 238.


Yufeng Hantang promised to achieve a net profit of no less than 0 in 19/20/21.




Yufeng Hantang is a Class A supplier of Vanke cabinets.

The forthcoming acquisition of a wide range of company product categories will help further strengthen the company’s business expansion capabilities in the field of complete renovation projects and improve large B-end channels.

Earnings forecast and rating: We expect the company’s EPS in 19-21 to be 0 respectively.46, 0.

59, 0.

62 yuan / share, the corresponding PE is 14.

8x, 11.

6x, 11.

0x (based on the closing price on November 27).

Risk warning: Real estate sales increase sharply; easy-to-install promotion is less than expected