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Company Profile　　ZBOM HOME COLLECTION CO., LTD, formerly ZBOM CABINETS CO., LTD. is a China-based company principally engaged in the design, research and development, manufacturing and sales of integrated kitchen cabinets and custom wardrobes. The Company is also engaged in the provision of cabinet installation services. The Company’s sales model mainly includes the direct sales model, dealer sales model and bulk buying sales model. The Company mainly sales its products under the brand of ZBOM. The Company mainly operates its businesses in domestic market with Eastern China region as its main market. (Source: Reuters).　　Event　　The company released its preliminary financial results for 2022. (1) For 2022, the company reported CNY5.389 billion in revenue, up 4.58% year-on-year, CNY536 million in net profit attributable to shareholders, up 6.07% year-on-year, and CNY497 million in net profit attributable to shareholders and excluding gains and losses from non-recurring items, up 8.03% year-on-year. (2) For 4Q22, the company reported CNY1.872 billion in revenue, up 2.25% year-on-year, CNY221 million in net profit attributable to parents, up 7.70% year-on-year, and CNY200 million in net profit attributable to shareholders and excluding gains and losses from non-recurring items, up 17.55% year-on-year.　　Comments　　The company’s profitability continues to grow.　　In 2022, the company’s net profit margin attributable to shareholders was 9.95%, up 0.14pps year-on-year.　　Specifically, the net profit margin attributable to shareholders in 4Q22 was 11.82%, up 0.60pps year-on-year. This is likely due to the cost savings as a result of the scale effect of the wardrobe business and the internal cost reduction of the kitchen cabinet and wardrobe business.　　The gross profit margin of the wardrobe and kitchen cabinet business in the first three quarters of 2022 was 37.02% and 40.76%, respectively, up 1.73pps and 0.95pps year-on-year.　　Earnings forecast and investment recommendation　　As the company continues to cut costs, and as it is replicating the successful cost reduction experience of its retail business to its engineering business, the company is still expected to benefit from the cost savings in the first half of 2023.　　All things considered, we revise our earnings forecast for the company and estimate its revenue at CNY6.321 billion and CNY7.286 billion for 2023 and 2024 respectively, a year-on-year increase of 17.3% and 15.3%.　　We also estimate its net profit attributable to shareholders at CNY632 million and CNY732 million, a year-on-year growth of 17.9% and 15.8% respectively, implying a PE ratio of 16.0x and 13.8x, respectively, based on the closing price on March 10, 2023.　　We maintain the rating of “Outperform”.　　Potential risks　　Poorer-than-expected consumption recovery; slower-than-expected progress of real estate delivery; sharp rise in raw material prices.【免責聲明】本文僅代表第三方觀點，不代表和訊網立場。投資者據此操作，風險請自擔。

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