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Zhejiang Youpon Integrated Ceiling:Company Operations See Inflection Point

发布时间:2016-09-01    研究机构:兴业证券

Earnings Forecast and Investment Grading:

The company’s revenue has returned to the fast growth track after undergoing internal adjustment.In the first half of 2015, more new stores opened, the existing stores registered rapid growth, and theexpansion of sales channels progressed steadily. In view of the gradual increase in sales of its newproducts for guest bedrooms, we expect the company’s revenue growth to accelerate.

The company has established a number of JVs to facilitate the development of smart home, ceilingplaster board and integrated wall surface businesses.

We believe the company will have a betterposition in expanding into the customized home furnishing market with extensive product lines.We made our EPS forecast for the company at CNY 1.96in 2016, CNY 2.83in 2017and CNY 3.93in2018

Potential Risk: Faster drop in real estate sales, slower-than-expected progress in M&A

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