Macalline (601828): Self-employed committee manages and drives the strategic upgrade to set sail again

Macalline (601828): Self-employed committee manages and drives the strategic upgrade to set sail again
This report reads: Macalline is a national leader in the home furnishing chain industry, with its self-employed committees running in parallel, stable growth, future expansion of the sinking market and omni-channel upgrades will bring continuous growth momentum to the company. Investment highlights: Investment recommendations: The domestic home market is huge, real estate is picking up and refurbishment, and replacement needs will bring continuous growth to the home market.Home sales are expected to experience offline, and the core competitiveness of the platform lies in the brand. Macalline is the leader of the national home furnishing chain with strong brand strength. The first- and second-line self-operated rental income is stable, and the third- and fourth-line commissions are expanding rapidly.At the same time, the company began to expand the Internet flooded home business, upgraded sales channels and marketing methods, and the company’s continued growth was full of momentum.The company’s EPS is expected to be 1 in 2019-21.48/1.72/1.97 yuan, combined with PE and PS estimates, give the company a target price of 17.5 yuan.Covered for the first time, giving “overweight” rating. The leading home furnishing chain has grown steadily on its own, and its management has fallen rapidly.After nineteen years, the company has crossed the three stages of self-employment-commissioning-pan home furnishing, and has grown into a domestic home furnishing chain leader.The self-employed + commissioned dual model goes hand in hand. The self-employed covers first-tier and second-tier cities, steadily growing, the commissioned management sinks to the third-tier and fourth-tier, rapid expansion, and revenue and profit growth rebound. The scale of the home furnishing industry is huge, the concentration of channel changes still needs to be improved, and brand and operation are the core competitiveness.The domestic home furnishing market is huge, real estate is picking up and refurbishment, and the need for replacement will bring continuous growth to the home furnishing market.At present, the offline purchase of domestic household products is still mainstream, and the concentration of household chains needs to be improved. Macalline’s brand and operating advantages are obvious. Continuously upgrade to omni-channel universal home business platform service providers.The company joined hands with Ali to create new home retail, and cooperated with Tencent and Xinchao Media to achieve precise marketing; provide home improvement services offline, and online APP to achieve online retail of home appliances, with significant synergies; household consumer loans, warehousing and logistics scale expansion, full-serviceCustomers, promote product sales, and increase customer stickiness. Risk reminder:武汉夜网论坛 Changes in real estate industry policy, household consumption growth is less than expected, etc.