The stock price plummeted by 37%within a month, and the darkest moment of the custom home "Sophia" 丨 home observation

Sophia, a customized home company, has gone through the "ups and downs" in the past two months. As of July 29, the closing price was 17.79 yuan/share, which was 28.39 yuan per share at the highest stock price at the end of June, a total of 37%.

Why the stock price fluctuates in a short period of time? Some people in the industry analyzed that one is that the overall market performance of the entire custom home industry has been sluggish, and "market value reduction" has become the characteristics of the industry; the second is that the recent important personnel changes in Sofia have been issued. Yang Xin, deputy general manager of the company, resigned, and Sofia ushered in two consecutive days of daily limit.

1

"Reducing market value" has become an obvious trend in the home furnishing industry

It can be said that due to the internal and external environment, Sophia is ushered in a rare difficult time since its listing.

On the one hand, since 2018, Sofia's revenue and profit growth have slowed down. Sophia, which was originally a "closet" in China, was first surpassed by the Oupai Home Furnishing in 2021.

On the other hand, Sophia's business was affected by the default of the commercial acceptance bill of the real estate enterprise when the real estate company matched the commercial acceptance bill. Yuan.

At the same time, due to the impact of the epidemic in the first half of this year and the problem of real estate liquidity, the demand for firing and repair from real estate customers was much less. The cumulative decline of corporate stock prices exceeded 30%.

The sense of smell of the capital market is keen, and the impact of real estate policy on the valuation of home companies is often reflected before performance disclosure. From the perspective of Sofia's historical valuation performance, it has a strong correlation with real estate sales changes.

In early April 2021, the total market value of Ou Pai Home Furnishing, Gujia Home, and Sophia was 96.8 billion yuan, 51.9 billion yuan, and 31.1 billion yuan, respectively. By the end of July 2022, the total market value fell to 73.3 billion yuan, 37.9 billion yuan, and 37.9 billion yuan, and 37.9 billion yuan and 37.9 billion yuan. 16.2 billion yuan, fell 24%, 27%, and 48%, respectively. Even in the header companies, Sophia has a relatively serious market value.

2

Disposal of executives, or becoming a fuse of stock price shock

Just in July, two important incidents in Sofia, one is that Yang Xin, deputy general manager who jumped from opponent Oupai Home Furnishing, led the two consecutive daily limit.

According to statistics, Sofia's stock price has continued to fall since entering July. As of July 22, Sophia's stock price closed at 17.55 yuan/share, with a total market value of about 16 billion. Compared with the highest point on July 1st, only 16 trading days have passed. It fell sharply by 37.32%, and the market value evaporated more than 9.5 billion.

What caused the sudden "collapse" of Sophia's stock price? The reasons behind this point to the previous announcement.

On July 8th, Sofia announced that the company's executive Yang Xin applied to the company's board of directors to resign from the company's deputy general manager due to personal reasons, and then no longer held any position of the company. Sophia opened directly with the "limit".

Who is this Yang Xin? Why is there such a "power"? It turned out that Yang Xin was the general manager of the Ou Pai Home Furnishing of the "Old opponent". After taking over the Opai Wardrobe in 2015, the overall wardrobe business of the European faction was growing rapidly, and the industry's elder brother Sofia. In 2021, the European wardrobe of the Oupai wardrobe was Business revenue reached 10.172 billion yuan, which directly surpassed Sophia and became the new "wardrobe brother".

It was such a "big coffee" in the industry that was dug from Sofia from Europe in May 2021 and was responsible for Sofia's "whole -family customization" business. Not long after, the real estate industry began to mine, and Sophia was also implicated, especially the debt crisis in Evergrande, as the main customers, directly led to Sophia's asset impairment of 900 million yuan, and its 2021 The annual net profit was only 154 million, a significant decrease of 87.43%year -on -year.

In addition, the effect of Sofia's "big customer dependence" has gradually appeared. According to data statistics, from the perspective of the proportion of the top five customers, the proportion of Sofia's large customer income is at a high level in the same industry -2016 to 2021 to 2021 This ratio hovered between 14.5%and 21.19%, while the European faction was kept within 9%in the same period, and the mate of Shangpin house was basically controlled below 5%.

When the real estate industry is good, big customers account for a relatively high advantage, but once the real estate industry has deteriorated, Sophia has to bear the disadvantages of high customers. For example It is the anti -baying brought by big customers.

Cover Journalist

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