To the Ou Home Furnishing IPO, I have a few happy homes

Huang Lei, a reporter from the Economic Observation Network on July 20, the results of the 41st review meeting of the GEM of the Shenzhen Stock Exchange's GEM in 2022 show that the start of Ou Ou Home Furnishing Technology Co., Ltd. (hereinafter referred to as "to the European Furnishing") will be passed.

It is worth noting that, according to the latest financial data announced by European Home Furnishing, although its operating income recorded nearly 6 billion in 2021, the year -on -year increased by more than 50%, but the net profit after deduction in 2021 did not increase, but instead appeared, but instead occurred. Nearly 55 % decline.

In this IPO, Ou Ou Home Furnishing plans to raise about 1.486 billion yuan, of which 318 million yuan is used for research and development design centers construction projects, 517 million yuan for expansion projects for warehousing and logistics system, 351 million yuan for the construction management center construction management center construction of Zhengzhou Headquarters Headquarters Headquarters Project, 300 million yuan is used to supplement mobile funds.

Since the beginning of this year, the popularity of home companies has not decreased. It can be described as a few happy family and sadness. On the one hand, there are fluorite networks, arrow home furnishings, and Ou Home Furnishing. , Three IPOs such as home and Pan -Asian bathrooms were pressed for the "termination key".

Response deduction of non -net profit decline

Established in 2010, the Ou Home Furnishing, engaged in the research and development, design and sales of its own brand home products. The products mainly include furniture series, home series, courtyard series, pet series and other categories. The three major brands of SONGMICS, Vasagle, and Feandrea mainly sell products to Europe, North America and Japan and other countries or regions through e -commerce platforms such as Amazon.

Earlier, on June 23, to the third round of the Shenzhen Stock Exchange's inquiry letter to the Shenzhen Stock Exchange.

According to the third round of inquiry letters of the Shenzhen Stock Exchange, in the inquiry of the GEM, the Shenzhen Stock Exchange mainly focused on five issues such as core competitiveness, fundraising projects and listing necessity, decline in performance, tax risk and equity payment.

In terms of financial data, from 2018 to 2020, the operating income of Ou Home Furnishing was 1.594 billion yuan, 2.325 billion yuan, and 3.971 billion yuan, respectively, with a compound annual growth rate of 57.80%. The net profit of home mother was 40.638 million yuan and 107.994 million yuan, respectively. And 380.2461 million yuan, the annual compound growth rate was 205.89%.

In the 2021, the expected revenue of Oujia Home increased by 50%year -on -year, and the net profit after deduction fell by 55%year -on -year.

According to Oujia Furnishing, since 2021, there have been cross -border e -commerce models or furniture home companies, furniture home retail enterprises or other cross -border e -commerce companies that are mainly exported by traditional foreign trade exports. The impact, there is a decline in performance or narrowing profit growth.

Among the company in the same industry, Anke Innovation (consumer electronics products such as mobile equipment peripheral products, intelligent hardware products, etc.) in 2021 revenue increased significantly in 2021, but the net profit after deduction fell slightly; Consumer electronics such as battery energy storage products mainly sells through cross -border e -commerce platforms) in 2021 income increased significantly year -on -year, and net profit increased year -on -year. Level below 2020.

To Ou Home Furnishing said that due to the main use of the container transportation mode, the marine freight measurement is closely related to the size of the transportation products, while the furniture home products are generally large and heavy, and they are affected by rising shipping costs. In contrast, cross -border e -commerce companies that are mainly engaged in 3C digital and other products, the cost end is relatively small due to the fluctuation of maritime price fluctuations. Therefore, the company's performance changes in 2021 are different from Anke Innovation and Huabao Xin. Except for Anke Innovation and Huabao New Energy, the net profit of other companies in the same industry has declined to varying degrees due to factors such as significant increase in maritime prices, rising exchange rate fluctuations, rising raw material prices, or increased expenses. There is no significant difference between the degree of the changes in such enterprises. At this meeting, the main problem of asking for inquiries on the Municipal Party Committee's meeting was still the decline in the performance of Oujia Home since 2021. It was required to explain whether it would have a significant adverse effect on the company's continuous operation capabilities.

At the same time, the low R & D expenses of Ou Home Furnishing have attracted attention. During the reporting period, the proportion of revenue generated by the independent design of Ou Home Furnishing accounted for 17.35%, 26.19%, and 28.37%of operating income, and the R & D cost rate was 0.45%, 0.32%and 0.41%. Wait.

Several happy and more sorrows

According to incomplete statistics from the Economic Observation Network, since this year, the information about the listing of A shares in home companies is quite dense. Among them, Jianzai Home and the Ou Home Furnishing have passed, and some companies have presented new progress in listing. The specific figure below is as follows:

Not long ago, on July 18, Tuba Rabbit took the initiative to apply for the withdrawal of the listing application documents, announcing the suspension of the launch of the listing in the past four years. After publishing the information of the Shenzhen Stock Exchange, Wang Guochun, the co -founder of Tuba Rabbit, responded on his personal Weibo, saying that the company's initiative to withdraw the IPO is mainly based on comprehensive considerations such as the current overall environment of the market. Non -other factors.

Judging from the 2022 semi -annual performance preview disclosed by the currently listed home companies, the home industry may not look as beautiful as it looks.

Del Future (002631.SZ), which mainly owns wooden flooring, custom furniture and density boards, stated that in the first half of 2022, due to the impact of the real estate industry and the new crown epidemic, the company's operating income was compared to the same period last year compared to the same period last year. Decreased, the cost of procurement and logistics transportation of raw materials rose to a certain extent. It is expected that the mother-in-law profit of 2 million yuan to 3 million yuan was expected to return to the mother in the first half of 2022, a year-on-year decrease of 91%-94%year-on-year from 34.72 million yuan in the same period last year.

Mona Lisa (300033.SZ), which is mainly engaged in high-quality building ceramic products, stated that in the first half of 2022, net profit returned to mother-in-law lost 400 million yuan to 550 million yuan, a decrease of 242.01%-295.26%over the same period last year, 2021, 2021 In the year, Mona Lisa realized a net profit of 315 million yuan in her mother, which was equivalent to losing a year of profit in the first half of 2022. Mona Lisa attributed the decline in operating performance in the first half of 2022 to reduce the number of real estate companies, accrued impairment, and rising raw material costs.

However, there are also good performance in home companies, such as Meng Lily (603313.SH) of the main memory mattresses, pillows and other home products. Compared with the same period of the year, it will increase by 6118 million yuan to 91.18 million yuan, an increase of 694%to 1034%year -on -year.

On the main reason for the pre -increased performance, Meng Lily said that during the reporting period, the company fully implemented lean management, cost reduction and efficiency, and reasonable allocation of global production capacity. In addition, the European epidemic situation and the company's European factory Operation management has improved year -on -year, promoting the effective improvement of the company's performance; most of the company's sales business settled in the US dollar, and the US dollar appreciation generated exchange income during the reporting period; during the reporting period, the company's Investment income.

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