On the evening of February 23, Qumei Home Furnishing released a non-public offering plan, intending to offer no more than 35 Well-known specific investors, the fixed increase of funds raised shall not exceed 800 million yuan, which will be used for the second phase project of Henan Qumei Home Furnishing Industry, Ekornes Norwegian factory capacity upgrade construction project and loan repayment. The company stated that this fixed increase will help optimize the global production capacity layout, enhance the large-scale production capacity of potential categories, and at the same time build a D2C business model, seize new opportunities from online channels, and enhance the ability to resist risks.
According to the plan, the total investment of the second-phase project of Henan Qumei Home Furnishing Industry is 366 million yuan, and it is planned to use the raised funds to invest 350 million yuan. On the basis of the existing first-phase project in Lankao County, Henan, the construction of the 3# factory building and the 4# factory building in the park will be completed , the products are mainly upholstered furniture such as mattresses, soft beds, and sofas. The after-tax internal rate of return of the project is 20.14%, and the payback period is 6.47 years. Qumei Home Furnishing said that the above-mentioned categories of standard products have strong attributes and are suitable for sales through e-commerce channels. The self-built production line can form a supply chain support for expanding online channels.
The total investment of Ekornes Norwegian factory production capacity upgrade construction project is 245 million yuan, and it is planned to invest no more than 210 million yuan from the raised funds. The equipment will be updated and upgraded, the after-tax internal rate of return of the project will be 22.70%, and the investment recovery period will be 5.96 years.
Qumei Home Furnishing is mainly engaged in the R&D, design, production and sales of mid-to-high-end civil furniture and supporting household products. It has three major production bases and eight production factories in China, distributed in Shunyi District, Beijing, and Lankao County, Henan Province. In terms of overseas market layout, Qumei Home Furnishing and Huatai Zijin spent a total of more than 4 billion yuan in 2018 to complete the acquisition of Ekornes, a well-known furniture manufacturer in Norway. ASA’s tender offer, in which the listed company paid a consideration of 3.677 billion yuan and acquired a 90.5% stake in Ekornes AS; in July 2021, Qumei Home Furnishing acquired Ekornes The remaining 9.5% stake in AS becomes its wholly-owned controlling shareholder. According to reports, Ekornes AS is known for its comfortable chairs, sofas and mattresses, and its brands include Stressless, IMG, Svane and Ekornes Contract, etc., has more than 7,000 stores and 9 factories around the world, of which 5 are located in Norway, 2 are located in Thailand and Vietnam; 1 is located in Lithuania, and 1 is located in the United States.
In recent years, although affected by multiple factors such as repeated epidemics, rising raw material prices, and sluggish consumer demand, Ekornes AS revenue still maintains steady growth, with year-on-year revenue growth rates of 24.02% and 14.13% in 2021 and 2022, respectively. Stressless brand as the main product, accounting for Ekornes The overall revenue of AS revenue exceeds 70%, and the bottleneck of production capacity is becoming increasingly prominent. In 2021 and 2022, the capacity utilization rate of the Stressless production line of Qumei Home Furnishing Norway will reach 100.73% and 99.43% respectively.
It is worth mentioning that due to the acquisition of Ekornes AS, Qumei Home Furnishing has formed a large-scale debt, and the asset-liability ratio is at a high level, which is 71.13% as of the third quarter of 2022. The resulting interest expenses have affected the performance to a certain extent. In 2020, 2021 and the first three quarters of 2022, the company's interest expenses will be 260 million yuan, 220 million yuan, and 180 million yuan.
According to the performance forecast, the net profit of Qumei Home Furnishing in 2022 will be 35 million yuan to 52.5 million yuan, a year-on-year decrease of 70.49%-80.33%; after deducting non-existing net profits, the net profit will turn from positive to negative, specifically from -22.5 million yuan to -15 million yuan . The company stated that the sharp decline in net profit was mainly affected by four aspects: first, domestic business revenue and profits have declined due to the impact of the epidemic; second, the prices of raw materials such as wood, leather, and chemical products are at historically high levels, resulting in a decline in gross profit margin; third, Europe and the United States The rise in the national base interest rate led to an increase in the interest rate level of the company's interest-bearing liabilities in Norway, which dragged down the performance of net profit; fourth, the high freight rate affected the level of gross profit.
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