\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 612 Lao Feng Xiang Co.Ltd(600612) )
Event: the company released the 2021 annual performance express. In 2021, the company realized an operating revenue of 58.691 billion yuan, an increase of 13.47% at the same time; The net profit attributable to the parent company was 1.876 billion yuan, an increase of 18.30% at the same time; The net profit deducted from non parent company was 1.589 billion yuan, an increase of 5.01% at the same time.
In the past 21 years, the company has achieved steady growth in revenue performance, overcome the impact of the epidemic and further refine the market. Among them, 21q1 / Q2 / Q3 / Q4 company achieved operating revenue of RMB 171.98/143.92181968904 billion respectively, with an increase of 18.70% / 19.95% / 4.70% / 13.36%, and realized net profit attributable to parent company of RMB 6.48/3.93/4.56/378 million respectively, with a year-on-year change of + 74.46% / + 6.56% / – 7.2% / + 6.99 respectively, and net interest attributable to parent company of RMB 3.77% / 2.73% / 2.51% / 4.25%, with a year-on-year change of + 1.21pct / – 0.34pct / – 0.32pct / – 0.25pct respectively. The steady growth of the company’s business performance is mainly due to the company’s efforts to overcome the impact of the epidemic, deepen the comprehensive reform of the “double hundred action”, accurately implement policies, strengthen market development, continuously refine the market, and continuously improve the market coverage and share.
In the past 21 years, the speed of store expansion has been maintained, and the industry leading effect has significantly accelerated the concentration. By the end of 2021, the company had 4945 marketing outlets (including 16 overseas silver buildings), with a net increase of 495 marketing outlets. In 2021, the company continued to maintain the expansion speed of stores. In 2019 / 2020 / 2021, the company increased 372 / 557 / 495 marketing outlets respectively. Relying on the high-quality dealer resources and channel management ability accumulated over the years, the company seized the development opportunities of the industry in the post epidemic era, maintained the expansion momentum, continued to promote the sinking of channels and improve the market share.
Investment suggestion: at the beginning of 22 years, many factors led to the rise of gold price, which significantly detonated the market demand. According to the data of China National Gold Group Gold Jewellery Co.Ltd(600916) Association, during the Spring Festival holiday, the national gold consumption demand was strong, with a year-on-year increase of 13%. As a leader in the gold industry, the company has a long brand history, built high barriers and laid fast and effective channels. It is expected to seize the development opportunity in the post epidemic era and further improve the market share. Gold consumption demand is considerable. We adjusted the company’s profit forecast from 2021 to 2022 to 18.8/20.4 (the previous value was 1.73/2.03 billion yuan), corresponding to 14x / 13xpe respectively, maintaining the “buy” rating.
Risk tip: the effect of channel expansion is less than expected, the business expansion is less than expected, the company’s business risk and performance express are the preliminary calculation results, and the specific financial data are subject to the annual report data disclosed by the company
