Oupai Home (603833): Adjusting the organizational structure to improve business efficiency Multi-channel & big home help sustainable growth

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Oupai Home (603833): Adjusting the organizational structure to improve business efficiency Multi-channel & big home help sustainable growth

Recently, we 北京夜网 researched Oupai Home and had in-depth exchanges with the company’s marketing president, Dong Mi and other executives. The main points are as follows.

  1. Adjust internal organizational structure to provide support for long-term business development.

Recently, the company adjusted its internal organizational structure. First of all, the company’s major product business lines such as cabinets, wardrobes, wooden doors, and sanitary wares were combined for production and marketing, and performance was jointly evaluated. At the same time, two vice presidents of production and marketing were established to manage each category.Production and marketing.

We believe that the company’s establishment of a matrix organization structure is conducive to the internal marketing and production synergy of each product category, and enhances the gradual operation matching before the replacement, which is conducive to the integration of production and marketing of various categories, and promotes the pre-integration of all categories of large homes.

  2. A variety of channel models have been promoted, and the high growth rate of large homes is worth looking forward to.

From the perspective of channels, the company plans to further improve the diversified channel model in 2020. Among them: 1) The packaged home furnishing channel plans to improve product competitiveness, balance and constitute the interests of retail distributors. We expect that in 2020Achieved doubling growth; 2) The 2B engineering channel was further strengthened, and customer expansion was based on controllable collection risks, and existing strengths were maintained in projects such as bagging and check-in. We expect to achieve no reduction in 2019 by 2020.Growth; 3) The traditional home furnishing channel company plans to maintain package marketing efforts and use online channels, community promotion and other effective drainage methods.

  3. The large home product line continues to develop. Wardrobes and wooden doors are expected to maintain steady and rapid growth.

  From the perspective of product positioning, the company further sorts out different positioning series of high-end, mid-range, and drainage products, reorganizes the company’s product matrix, and covers more consumer groups. From the perspective of new products, we expect the company to be in traditional retail and home furnishing in 2020.Other channels will increase their efforts to promote new products to meet consumer needs. In terms of categories, the company plans to gradually promote standardized design based on the optimization of the organizational structure, and use the advantages of the “closet +” model to enhance single value and terminal dealers.We expect that the closet products will achieve rapid growth in 2020, and the wooden door products are expected to be driven by terminal channels and promoted by package marketing in 2020.

  Estimates suggest that we maintain the company 4 in 2019/2020.

46/5.

The profit forecast of RMB 35 remains unchanged, corresponding to 25/21 times P / E; re-performs the industry rating and maintains the company’s target price of 136 yuan, corresponding to 2019 / 2020e 30/25 times P / E. At present, there may be 23% growth space.

  The price of risky raw materials fluctuated sharply, and the real estate scale policy exceeded expectations.