Wen/Leju Finance Zhang Dan

Matthew effect is obvious in upholstered furniture.

In the past few years, the weak economic environment has led to the liquidation of small and micro enterprises. China's mattress industry is entering the stage of integrated development. The head brand has advantages in resources, technology, channels, etc., while small and medium-sized enterprises are accelerating their reshuffle in the competition.

This can also be seen from the comparison of various data disclosed by five listed soft furniture enterprises in 2023.

Gu Jia Jia In terms of revenue and net profit, it is a fault type leader. The revenue scale of more than 19 billion yuan is in sharp contrast to the revenue of the other four companies, which is less than 10 billion yuan. The overall business environment is weak, and other categories of household building materials will be affected to some extent. Soft furniture enterprises will be slightly less affected. Mattresses account for a large share in the consumption of soft furniture. According to Statista's prediction, the compound annual growth rate of China's mattress market revenue is expected to be 6.57% from 2020 to 2025, and will reach 12.79 billion dollars by 2025.

In 2023, Gu Jia Joy befalls the door 、 Dream lily 、 Moose 、 Qisheng Technology Five listed upholstered furniture enterprises, although their revenue growth is differentiated, their net profits attributable to their parent companies are growing year on year, and their overall gross profit margins are also rising.

Gujia's revenue fault leads, and Qisheng's technology growth is still "the bottom"

In 2023, the revenue growth of these five listed soft furniture enterprises will be significantly differentiated. Some enterprises will grow by more than 16%, while others will decline.

The growth rate of Gujia Home Appliances is not the highest, but its revenue exceeds 19 billion yuan, leading the other four with a revenue of 19.212 billion yuan; Xilinmen ranked second with a revenue of 8.678 billion yuan, up 10.71% year on year. In 2023, Qisheng Technology will have the highest revenue growth, with a year-on-year growth of 16.50%. However, driven by such year-on-year growth, the revenue level of Qisheng Technology will still rank the last among the five companies. According to the data, Qisheng Technology will achieve an operating revenue of 3.103 billion yuan in 2023.

Dream Lily and admire and miss or long for sb. The year-on-year growth rate of the revenue of the shares is declining, but the decline is small, which is a single digit decline. The year-on-year growth rate of Dream Lily is less than 1%. The revenue of Dream Lily is 7.976 billion yuan, ranking behind the Happy Gate; Moose followed with a revenue of 5.579 billion yuan.

Different from the increase and decrease of operating revenue, the net profits of the five companies are increasing year on year, and the growth rate is above double digits. The net profits of Dream Lily and Qisheng Technology are more doubled. Data shows that in 2023, the net profit attributable to the parent company of Dream Lily will be 107 million yuan, up 157.74% year on year; The net profit attributable to the parent company of Qisheng Technology was 206 million yuan, up 625.17% year on year. However, with such a substantial growth, the net profit level of Dream Lily and Qisheng Technology is still relatively low among the five companies, with Dream Lily at the bottom and Qisheng Technology at the bottom.

Similar to the revenue situation, Gujia's net profit is also a fault type leader. In 2023, the net profit attributable to the parent company will be 2.006 billion yuan, more than the total net profit of the other four companies. Moose shares do not rank high in revenue, but the net profit rate is the highest among the five enterprises. Data shows that in 2023, the net profit attributable to the parent company of Moose will be 802 million yuan, with a net interest rate of 14.38%; Gujiajia ranked second with a net interest rate of 10.44%. Dream Lily ranked fifth with a net interest rate of 1.34%.

Gross profit margin rose across the board, and Mousse exceeded 50% Top

The net profit of the five upholstered furniture enterprises can maintain double-digit or even triple digit growth, which has a certain relationship with the increase of gross profit margin. In 2023, the gross profit rate of upholstered furniture enterprises will be in the range of 30% - 40% as a whole, and the difference between them will be about 2% - 6%. However, among the five enterprises, the gross profit rate of Moose is a little high, with the overall gross profit rate of 50.29%, 11.94 percentage points higher than the second place Dream Lily.

Mattresses and bedsteads account for more than 75% of the total revenue of Moose, especially mattress products, which contribute nearly 50% to the revenue of Moose. The high gross profit rate of Moose is also related to these two businesses. The financial report shows that the gross profit rate of mattresses in 2023 will be 62.33%, up 3.41% year on year; The gross profit rate of bedstead was 46.64%, up 6.88% year on year.

In terms of the growth rate of the overall gross profit rate, Dream Lily is the highest, with a year-on-year growth rate of 23.56%. Leju Finance learned that in 2023, the gross profit rates of the five main products of Dream Lily are rising, and the growth rate is not small. Data shows that in 2023, the gross profit rate of Dream Lily mattress, pillow, sofa, electric bed and bedding will be 36.32%, 34.87%, 39.76%, 36.54% and 53.32% respectively, with year-on-year growth of 8.95%, 9.65%, 4.75%, 5.63% and 6.20% respectively. It can be seen from the annual report that Dream Lily has managed and controlled its costs well, and the revenue of some products is falling, while the corresponding operating costs are falling more than the revenue.

The overall gross profit rate of Qisheng Technology also increased significantly, ranking the second among the five enterprises in terms of year-on-year growth and the third in terms of gross profit rate. In the financial report, Qisheng Technology mentioned: "At present, the company's main sales are still concentrated in the North American market, and the sales revenue of overseas markets has increased. At the same time, thanks to the optimization of product structure, the decline of exchange rate, sea freight and other impacts, the gross profit margin has increased year on year." Data shows that the gross profit margin of Qisheng Technology's overseas business will be 35.75% in 2023, an increase of 5.49 percentage points year on year; The gross profit rate of domestic business was 54.51%, up 11.52 percentage points year on year.

Gu Jia has plenty of cash in his hands, and the capital gap of Dream Lily exceeds ten Billion

In 2023, the liability ratio of soft furniture is basically not high. In comparison, among the five enterprises, Dream Lily has the highest asset liability ratio of 60.78%, but this is the lowest level in recent three years. The debt ratio of Moose and Qisheng Technology is below 40%, of which the debt ratio of Qisheng Technology is the lowest, 33.62%.

In fact, from 2021 to 2023, the debt ratio of Dream Lily has been above 60%. Its asset liability ratio will be 67.45% in 2021, and this indicator will drop to 60.78% in 2023. Data shows that by the end of 2023, the total liabilities of Dream Lily will be about 6.118 billion yuan, of which current liabilities will be about 4.321 billion yuan. Among the current liabilities, the short-term borrowings of Dream Lily are about 1.621 billion yuan, and the non current liabilities due within one year are about 829 million yuan, while its monetary funds in hand during the same period are about 1.095 billion yuan, and the fund gap is about 1.355 billion yuan. Compared with the short-term borrowing indicators alone, the monetary funds of Dream Lily are not fully covered, and the fund gap exceeds 500 million yuan.

Except for Dream Lily, the other four companies can cover short-term borrowings with cash. From the perspective of cash in hand, Gujiajia has the largest cash bag. By the end of 2023, its cash and cash equivalents were 3.532 billion yuan; The second is Moose, whose cash and cash equivalents were 2.144 billion yuan in the same period.

The main observation indicator of short-term debt is short-term borrowing. Among the five enterprises, Qisheng Technology has the smallest amount. By the end of 2023, short-term borrowing is 400 million yuan, while its cash and cash equivalents in the same period are about 1.543 billion yuan, which can fully cover short-term borrowing. The smaller amount of short-term borrowings is Moose Shares, whose short-term borrowings are 442 million yuan by the end of 2023.