\u3000\u3000 Zhejiang Semir Garment Co.Ltd(002563) (002563)
The net profit attributable to the parent company increased by 79.97% ~ 92.38% in 21 years, mainly due to the low base caused by the loss of K group in 20 years and the continuous improvement of the company’s operation quality.
In 2021, the net profit attributable to the parent company was 1.45 ~ 1.55 billion yuan, with a year-on-year increase of 79.97% ~ 92.38%; Deduct non net profit of RMB 1.3 ~ 1.4 billion, with a year-on-year increase of 71.79% ~ 85%. Among them, the net profit attributable to the parent company of 21q4 was 510 ~ 610 million yuan, with a year-on-year increase of – 14% ~ 2.96%; Deduct non net profit of 430 ~ 530 million yuan, with a year-on-year increase of – 32.76% ~ – 16.94%. Performance changes mainly include:
1) the operating performance of the company in the past 20 years was affected by the epidemic situation and the loss of French kidiliz group, with a low base. The company completed the transfer of French kidiliz group in early September of 20 years. Excluding the consolidated statement loss of French kidiliz group in the same period of 20 years, the net profit attributable to the parent company in 20 years is about 1.3 billion yuan. Calculated according to comparable standards, the net profit attributable to the parent company in 21 years is expected to increase by about 11.33% ~ 19.01% year-on-year;
2) in the past 21 years, the company continued to adhere to the principle of “taking consumers as the center” and continued to promote the construction of core competencies such as brand operation, product innovation, retail experience and supply chain management; Strive to improve the company’s product strength, brand strength and channel strength; Accelerate the digital transformation of enterprises, promote the online business of stores, and launch the operation mode of physical stores + online cloud stores; Expand the live broadcast coverage platform, optimize the channel structure and capture emerging channel opportunities. The quality of the company’s existing business operation has been continuously improved, and the company’s operating revenue and gross profit margin have shown double growth in 21 years.
E-commerce has grown rapidly in all channels, and its business efficiency and health have been continuously improved
During the 2021 double 11 period (from 0:00 on November 1 to 24:00 on November 11), SEMA e-commerce realized omni-channel gmv22 RMB 9.8 billion, a year-on-year increase of 33.76%, an increase of 66.52% over the same period in 2019. Among them, in terms of casual wear, Senma brand ranks among the top 10 in tmall shuang11 clothing, shoes and bags industry; In terms of children’s wear, barabarabara brand has been the first in tmall’s double 11 mother, baby and parent-child category for seven consecutive years, and baby and child brand minibala has maintained rapid growth. The business performance, operation efficiency and health of SEMA e-commerce have been continuously improved.
Brand strength, product strength, channel strength, digital construction and service quality
The company pays more attention to moving consumers through internal elements such as goods, operations and services, starting from consumers, understanding consumer demand and seizing industry opportunities. Global linkage to realize brand upgrading; Insight into consumer demand and enhance product competitiveness; Rely on digital construction to improve service quality; Deeply cultivate traditional e-commerce and develop live content e-commerce.
Maintain profit forecast and buy rating. The company continued to promote digital construction, focusing on promoting new retail business and further improving business quality. We estimate that the company’s revenue in 2021-23 will be 16.8 billion yuan, 19.2 billion yuan and 22.1 billion yuan respectively, the net profit attributable to the parent company will be 1.5 billion yuan, 1.8 billion yuan and 2.1 billion yuan respectively, the corresponding EPS will be 0.6, 0.7 and 0.8 yuan respectively, and the PE will be 13, 10 and 9x respectively.
Risk tip: the epidemic situation fluctuates repeatedly, the improvement of offline channel store efficiency is less than expected, and the growth rate of online channel slows down. The performance forecast is only the preliminary calculation results, and the details are subject to the annual report.
