【研究報告內容摘要】

　　公(gong)司(si)公(gong)告大(da)股(gu)東增(zeng)持(chi)公(gong)告:7月(yue)4日,公(gong)司(si)公(gong)告控股(gu)股(gu)東大(da)亞集團增(zeng)持(chi)公(gong)司(si)股(gu)份200萬股(gu),占公(gong)司(si)總股(gu)本0.36%,成交均價(jia)為(wei)15.51元/股(gu),合計交易金額為(wei)3120萬元。增(zeng)持(chi)后(hou),大(da)亞集團持(chi)股(gu)占比由45.4%提升至45.8%(合計持(chi)股(gu)2.54億股(gu))。

　　公(gong)司近期(qi)主(zhu)要情況:1)大(da)股(gu)東此次使用(yong)自有(you)資金增持,彰顯(xian)公(gong)司發展信心和(he)價(jia)值認可,為(wei)(wei)長期(qi)穩健發展夯實基礎(chu)。2)公(gong)司大(da)股(gu)東質押基本以銀行質押為(wei)(wei)主(zhu),安全系(xi)數(shu)較高,質押均價(jia)大(da)約(yue)為(wei)(wei)11-12元(yuan),目前股(gu)價(jia)15.32元(yuan)/股(gu)具備安全邊際。3)公(gong)司作為(wei)(wei)地板(ban)和(he)人造(zao)板(ban)行業龍頭(tou),管理持續改善,地板(ban)產品結構(gou)不斷優化(hua)、人造(zao)板(ban)受益于行業需求提升(sheng),子行業龍頭(tou)價(jia)值凸顯(xian)。

　　地(di)(di)板(ban)(ban):品(pin)牌和(he)渠(qu)(qu)道優勢(shi)顯著,產品(pin)結(jie)構升(sheng)級,工(gong)裝迅速(su)(su)拓(tuo)展。1)地(di)(di)板(ban)(ban)業(ye)(ye)務(wu)(wu)(wu)發(fa)展穩(wen)(wen)健:截止目前,公司(si)地(di)(di)板(ban)(ban)業(ye)(ye)務(wu)(wu)(wu)收入穩(wen)(wen)健增(zeng)長(chang),其中三層(ceng)和(he)多(duo)層(ceng)實木復合地(di)(di)板(ban)(ban)收入增(zeng)速(su)(su)較快,強(qiang)化地(di)(di)板(ban)(ban)增(zeng)速(su)(su)平穩(wen)(wen),產品(pin)結(jie)構持續(xu)升(sheng)級。圣象(xiang)在(zai)國內擁有(you)近3000家線下門店(dian),并(bing)結(jie)合多(duo)方(fang)位電(dian)商渠(qu)(qu)道,持續(xu)受(shou)益行業(ye)(ye)集中度(du)提(ti)(ti)(ti)升(sheng)和(he)產業(ye)(ye)鏈擴張,零售端市(shi)占率進一步擴大。公司(si)在(zai)加(jia)強(qiang)渠(qu)(qu)道建(jian)設基(ji)礎上(shang),不斷(duan)提(ti)(ti)(ti)升(sheng)產品(pin)設計(ji),加(jia)強(qiang)頂端的(de)研發(fa)設計(ji)及氣(qi)氛美學的(de)提(ti)(ti)(ti)升(sheng),并(bing)結(jie)合高效自動化的(de)生產制造技(ji)術,從渠(qu)(qu)道端和(he)產品(pin)端提(ti)(ti)(ti)供(gong)給消費者優質(zhi)的(de)地(di)(di)板(ban)(ban)和(he)服(fu)務(wu)(wu)(wu),打(da)造“圣象(xiang)”品(pin)牌作(zuo)為消費品(pin)的(de)強(qiang)有(you)力(li)價值(zhi)。2)工(gong)裝業(ye)(ye)務(wu)(wu)(wu)持續(xu)發(fa)力(li):2018年上(shang)半(ban)年,公司(si)工(gong)程類(lei)地(di)(di)板(ban)(ban)收入同比增(zeng)長(chang)較好,我們預計(ji)增(zeng)速(su)(su)約為30%,工(gong)裝業(ye)(ye)務(wu)(wu)(wu)板(ban)(ban)塊持續(xu)發(fa)力(li)。圣象(xiang)在(zai)前端制造具備穩(wen)(wen)定性,中后(hou)端具備完善的(de)供(gong)應鏈和(he)服(fu)務(wu)(wu)(wu)體(ti)系,工(gong)裝業(ye)(ye)務(wu)(wu)(wu)后(hou)續(xu)有(you)望持續(xu)提(ti)(ti)(ti)升(sheng)并(bing)貢(gong)獻(xian)業(ye)(ye)績。目前擁有(you)萬科、保(bao)(bao)利等超過60家工(gong)裝大客戶,有(you)望持續(xu)受(shou)益于精裝房(fang)(fang)和(he)長(chang)租房(fang)(fang)政策驅動,保(bao)(bao)持成(cheng)長(chang)趨勢(shi)。工(gong)裝客戶選擇(ze)方(fang)面,公司(si)也更加(jia)注重(zhong)設立標(biao)準、擇(ze)優客戶,提(ti)(ti)(ti)升(sheng)應收賬(zhang)款和(he)財務(wu)(wu)(wu)指標(biao)的(de)質(zhi)量。

　　人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban):受益于定制(zhi)家(jia)居(ju)行業(ye)(ye)需求(qiu)端快(kuai)速釋放,人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban)銷售旺盛(sheng);產(chan)能(neng)瓶(ping)頸(jing)(jing)逐步緩解(jie)。大(da)(da)亞人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban)2018年(nian)上半年(nian)保(bao)持收(shou)入(ru)增長態(tai)勢,年(nian)初人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban)提(ti)價策略(lve)貢(gong)獻業(ye)(ye)績增量。1)下游定制(zhi)家(jia)居(ju)需求(qiu)旺盛(sheng):隨下游定制(zhi)行業(ye)(ye)規模擴大(da)(da)促使(shi)對于人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban)的(de)需求(qiu)逐漸提(ti)升,以及無(wu)醛板(ban)(ban)(ban)(ban)等新(xin)(xin)型材料(liao)新(xin)(xin)增需求(qiu),公司人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban)規模持續增大(da)(da)。2)產(chan)能(neng)瓶(ping)頸(jing)(jing)緩解(jie):17年(nian)人(ren)(ren)(ren)(ren)造板(ban)(ban)(ban)(ban)的(de)產(chan)能(neng)達到瓶(ping)頸(jing)(jing)(115萬(wan)(wan)立(li)(li)方(fang)密度板(ban)(ban)(ban)(ban)+25萬(wan)(wan)立(li)(li)方(fang)刨花(hua)板(ban)(ban)(ban)(ban)),18年(nian)初公司宿遷50萬(wan)(wan)立(li)(li)方(fang)刨花(hua)板(ban)(ban)(ban)(ban)項目(mu)投(tou)產(chan),緩解(jie)刨花(hua)板(ban)(ban)(ban)(ban)產(chan)能(neng)受限問題(ti)。

　　持(chi)續激(ji)勵(li)自上而下(xia)提升凝聚(ju),渠道(dao)端加強治理。公(gong)司(si)費用管控和(he)公(gong)司(si)治理能力持(chi)續加強,主(zhu)要系:1)持(chi)續激(ji)勵(li)充分:公(gong)司(si)16-17年實行兩次(ci)股權激(ji)勵(li),激(ji)勵(li)規模和(he)覆蓋人(ren)數(shu)持(chi)續增加,有(you)效提升員(yuan)工凝聚(ju)力,未來(lai)繼續對(dui)經銷(xiao)商等群(qun)體激(ji)勵(li)可期。2)渠道(dao)端股權回歸:公(gong)司(si)16年收購了上海、深圳圣象木業(ye)的少數(shu)股權成為全(quan)資子公(gong)司(si),渠道(dao)端利潤持(chi)續回歸;3)經銷(xiao)商梳理:公(gong)司(si)這兩年進行經銷(xiao)商梳理,從規章(zhang)條(tiao)文、處理措施(shi)等方面進行管理治理和(he)優化(hua)。

　　地(di)(di)板(ban)(ban)和人造板(ban)(ban)雙輪驅動,業績持(chi)(chi)續提升(sheng)潛(qian)力大(da)(da),消費品牌(pai)征程(cheng)開啟,大(da)(da)家居戰略值得期待。剝離非木業資產、圣(sheng)象(xiang)體現出(chu)符合品牌(pai)地(di)(di)位(wei)的盈(ying)(ying)利水平(ping)、人造板(ban)(ban)市場需求逐漸提升(sheng)。隨著兩輪股票激勵計(ji)劃落地(di)(di),公司治理結構持(chi)(chi)續完善(shan)(shan),地(di)(di)板(ban)(ban)和人造板(ban)(ban)業務盈(ying)(ying)利水平(ping)持(chi)(chi)續提升(sheng),工裝業務提供新增長(chang)點。此次控(kong)股股東大(da)(da)亞集團增持(chi)(chi)200萬股,充(chong)分彰顯(xian)對公司未來(lai)可持(chi)(chi)續發展信心(xin),我(wo)們維(wei)持(chi)(chi)公司18-20年盈(ying)(ying)利預測至1.51元、1.81元、2.08元(YOY27%、20%、15%),目前股價(15.32元/股)對應PE分別為10倍、8倍、7倍,公司盈(ying)(ying)利改善(shan)(shan)邏輯持(chi)(chi)續兌現,前期由于市場波動因素回調(diao)呈現一定回調(diao)幅度,現在(zai)估值較其他品牌(pai)家居折價明顯(xian),維(wei)持(chi)(chi)買入!