The company always adheres to the needs of enterprise-level customers japan property agency, adheres to the development strategy of “consolidating the main business, builds a platform, and lays out the ecology”, and builds a “hardware + software + service” enterprise-level comprehensive office service platform japan property agency. Leading company, rich customer resources, high industry reputation, one-stop service, good customer experience japan property agency, advanced patent technology, marketing network and logistics distribution system covering the whole country, five core competitiveness to consolidate a deep moat, meanwhile, the company horizontally established local subsidiaries japan property agency , Enhance the ability of order service for major customers, vigorously develop government and enterprise customers vertically japan property agency, strengthen cooperation with regional quality service providers, and improve the horizontal and vertical integration of a national major customer service network japan property agency. Gross margin assumption: The company has a strong supply chain management and control system, and its internal operating efficiency continues to improve. The proportion of its own product sales has steadily increased and optimized its sales efficiency. The revenue share of high-profit cloud video services still has room for growth; we expect the company The 2019-2021 EPS are 0.39 yuan, 0.55 yuan, and 0.77 yuan, respectively. The current stock price corresponding PE is 32X, 23X, 17X. We believe that it is also relatively innovative in terms of products and channels, and is a leader in industry change. We believe that the company can enjoy a higher valuation premium than other stationery companies; therefore, we give the company 37 times PE in 2019, corresponding to the target price 14.43 yuan, is a comprehensive sanitary ware brand that produces high-end acrylic and ceramic products. In 2016, it became the first comprehensive sanitary bathroom brand listed in China’s A-share market. The synergy effect appeared, and the consolidation brought rapid growth. From the perspective of revenue structure, business accounts for 70% and 30%, respectively. In the first half of 2019, the growth rate of the B-end maintained at more than 30%, with a market share of 30%. The C-end growth was stable, and the growth rate remained stable at more than 20% during the downturn of the industry. The B-side has become the market leader with prominent channel advantages. In addition, the C-side has accelerated channel sinking and the store has grown rapidly. It already has more than 2,400 stores. It is expected to open about 600 new ones this year and reach the scale of 4,000 to 5,000 in the next few years. . We have strong R & D design, and our product line covers all categories. The sales model mainly focuses on tooling customers and dealer customers. The company maintains rapid growth in channel expansion and also conducts external sales, which is an effective supplement to its main business. Under the pressure of sales in the first half of 19, there is still room for growth in the later period. We expect the company’s acrylic board product revenue growth to be 2.00% in 2019-2021.Unified production arrangements effectively reduce the cost of intermediate links. The retail side implements a differentiated strategy, product research and development leads the consumer direction, and there is room for gross profit.
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