Jiangshan Oupai (603208) in-depth research report: The rise of the wooden door faucet of good wind accompanying power engineering

Jiangshan Oupai is the first listed wooden door company in China, with obvious advantages in production scale.

It is a professional wooden door manufacturing enterprise integrating R & D, production, sales and service.

The main products include plywood molded doors, solid wood composite doors.

The company has many large-scale manufacturing bases, has world-class equipment, instruments and workshops, and establishes a three-dimensional marketing network in all channels to provide high-quality products and services for domestic and foreign consumers.

The company has been cultivating the wooden door industry for more than ten years, and has obvious advantages in scale at the production end.

The company currently has 4 large-scale production bases, with a capacity of 1 million sets of solid wood composite doors, 1.8 million sets of plywood molded doors, and currently has 1.2 million sets of wooden door projects under construction.

Large-scale production has improved the supply capacity and quality, and has become the core advantage of the company’s service engineering customers.

In addition, the company vigorously promotes brand marketing and R & D design capabilities, and uses an information-based operating system to improve the company’s brand image and operation management capabilities, and improve production efficiency.

The wooden door industry has a space of more than 150 billion yuan and the market is extremely fragmented, leading companies are expected to benefit.

The domestic wooden door industry has maintained a trend of continuous growth from 2004 to 2017. Both the output value of the enterprise side and the average value of the mid-range market have expanded simultaneously.

The annual output value in 2017 was approximately 13.7 million yuan, an increase of 7% year-on-year, and an increase of 3 compared with 2007.

4 times; the market size in 2017 reached 1,325.

82 ppm, a ten-year increase of 7.

2%, an increase of 3.

Seven times, the output value of the wooden door industry and the market scale have expanded simultaneously.

With the trend of urbanization and hardcover houses, in the future brand wooden door enterprises will enjoy 150 billion market competitive advantages.

The domestic wooden door industry has a low concentration, and the size of the company has increased. The wooden door industry alone increased its output value by about 137 billion US dollars in 2017. The listed company Jiangshan Oupai’s wooden door revenue reached nearly 1 billion, accounting for only 0 of the market share.

73%, other brands of wooden door companies Oupai Home, Sophia and other market shares are also at a level.

The regional competition of enterprises is obvious: the growth of the six major industries has mainly formed. In 2015, the distribution of the Pearl River Delta, Yangtze River Delta, and Bohai Rim regions accounted for more than 75%.

The company’s engineering business volume has increased, and the “one-stop shop for wooden doors” in hardcover rooms is promising.

Tier 2 and Tier 3 cities are expected to usher in a period of dividends for hardcover homes, with increased penetration and promotion of the expansion of wooden door business to engineering channels.

As the proportion of hardcover homes continues to increase, competing for real estate developers’ strategic partnerships, the development of engineering business will become the key channel for catalytic wooden door brands to seize market share.

The company joined hands with leading real estate developers, and the volume of engineering business increased.

The company has the characteristics of “large-scale production + service output + capital pressure”. In 2018, the company’s engineering income reached 9.

4.5 billion, an increase of +27 per year.

1%, accounting for 73 of total revenue.

At 7%, ToB’s business volume is heavy, driving high revenue growth has become the company’s biggest concern at present.

Jiangshan Oupai’s senior core customers are “Hengda + Vanke Real Estate”, and have established long-term strategic partnerships with real estate developers such as Shimao, China Shipping, Gemdale, etc. Currently, the top five customers account for 80% of the revenue of engineering customers, and the company is also strengtheningWork with more real estate developers.

Looking forward to the further development of various real estate clients.

Earnings forecast and estimation: We expect the company to achieve operating income of USD 18/25 / 3.2 billion in 2019-2021, surpassing the growth rate of 40% / 39% / 27% and achieving net profit attributable to 武汉夜网论坛 mothers2.



1.7 billion, a ten-year growth rate of 32% / 30% / 21%, corresponding to PE 12/9/7 times.

With reference to the estimates of other sub-sectors of furniture, the company was given 18 times PE, corresponding to a target price of 45 yuan, and was given a “strong push” rating for the first time.

Risk reminder: The development of customers at the engineering end falls short of expectations, interest rates in the real estate market fluctuate, and the industry structure changes significantly.