\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 916 China National Gold Group Gold Jewellery Co.Ltd(600916) )
Event:
China National Gold Group Gold Jewellery Co.Ltd(600916) issued the announcement of performance increase in 2021: in 2021, it is expected to achieve an operating revenue of 50.758 billion yuan, yoy + 50.23%; The net profit attributable to the parent company is 801 million yuan, yoy + 60.08%; Deduct the net profit not attributable to the parent company of 764 million yuan, yoy + 72.11%. The fourth quarter of 2021: it is expected to realize an operating revenue of 13.838 billion yuan, yoy + 32.29%; The net profit attributable to the parent company was 242 million yuan, yoy + 41.84%; Deduct the net profit not attributable to the parent company of 209 million yuan, yoy + 44.79%.
Key investment points:
The industry maintained a high boom, and gold sales increased significantly compared with the same period. According to the National Bureau of statistics, the retail sales of gold, silver and jewelry in 2021 was 304.1 billion yuan, yoy + 29.80%, of which the retail sales in the fourth quarter was 80.710 billion yuan, yoy + 4.95%, and the high trend of the industry continued. The company's gold products contributed about 99% of its operating revenue, deeply benefited from the high prosperity of gold, and the increase in sales of gold products led to a significant year-on-year increase in operating performance.
The fermentation of the conflict between Russia and Ukraine pushed the gold price upward and stimulated the demand for gold investment. At present, the situation in Russia and Ukraine is tense, the market risk aversion is heating up, the safe haven asset attribute of gold is prominent, and the gold price continues to rise. As a leader in China's gold bar investment field, the company will fully benefit from the outbreak of investment demand.
It was selected into the list of "double hundred actions" for the reform of state-owned enterprises, and its business vitality was further released. The company was selected into the "double hundred action" list of SASAC in August 2021. The policy has been continuously relaxed, and the employee stock ownership and market-oriented operation have been implemented. The business vitality has been further released, and the business efficiency of the company is expected to be improved.
The brand and product strength have been upgraded again. Since its listing, the company has a high position, clear planning and multiple measures to promote the construction of channels, products, brands and the whole industrial chain. At present, the offline channels have covered the whole country, taking the lead in establishing a complete gold repurchase chain in the industry. The multi brand strategic layout with " China National Gold Group Gold Jewellery Co.Ltd(600916) " as the parent brand has been promoted smoothly, and the sub brands "Zhen · Rujin" and "Zhen · Shangyin" are widely popular.
Investment suggestion: the company is the only retail sector of China National Gold Group Gold Jewellery Co.Ltd(600916) group's gold and jewelry. The shareholding ratio of SASAC is concentrated, the strength of shareholders is strong, and the performance is basically stable. As a leader in the gold industry, with the promotion of the "double hundred action" and the construction of all sales channels, the company's market competitiveness will be further improved. With the continuous high prosperity of the gold industry, the company's performance is expected to accelerate growth. We expect that from 2021 to 2023, the company will realize an operating revenue of 50.758/60.169/74.062 billion yuan and a net profit attributable to the parent of 801/10.05/1.304 billion yuan, corresponding to 31.55/25.13/19.38xpe. For the first time, give a "overweight" rating.
Risk tip: repeated outbreaks lead to weak offline optional consumption; Store development is less than expected; Gold price fluctuations affect performance; Industry competition intensifies; The macroeconomic downturn has led to a decline in purchasing power.
