\u3000\u3 Shengda Resources Co.Ltd(000603) 908 Comefly Outdoor Co.Ltd(603908) )
In 2021, the revenue was 900 million yuan, an increase of 44% at the same time, and the net profit attributable to the parent increased by 70%
The company released the performance express. In 2021, the revenue was 923 million yuan, with an increase of 43.6%. The total revenue and growth rate of 21q1-4 were 210 million (+ 25.7%), 330 million (+ 58.4%), 190 million (+ 36.4%) and 200 million (+ 51.1%) respectively. The growth was mainly due to the growth of demand in China’s exposed businesses and surrounding markets, driving the growth of the company’s ODM, OEM business and independent brand revenue.
The net profit attributable to the parent company in 21 years was 78 million yuan, an increase of 69.9% at the same time, of which 21q1-4 were 20 million (+ 70.3%), 30 million (+ 27.8%), 20 million (+ 51.8%) and 07 million (turnaround), respectively. The profit growth rate exceeded the revenue growth rate mainly because: 1) the company’s operation and management efficiency was improved, the cost management was effective, and the profit margin of its main business was improved; 2) The subsidiary was rated as a high-tech enterprise and benefited from the corresponding preferential tax policies.
The camping heat continues, the OEM orders are sufficient, and the brand promotion feedback is good
In terms of OEM business, over the years, the company has accumulated a good reputation by virtue of process design, material quality, production efficiency and additional services, established stable business relations with overseas customers, formed intangible brand advantages, and is expected to undertake the increase of industrial orders under the growth of demand.
In terms of independent brands, the company continued to invest in research and development to improve product power. In early February, the company launched Lansheng series light luxury tents with a price of more than 3000 yuan. More than 200 tents have been sold on tmall platform since they were launched. The market feedback is good, driving the price to continue to rise in the future; Damu has launched mountain functional clothing mobilla, which has opened a separate store online. Combined with the city and camping style, it has broadened the application scenarios and improved the consumer guidance chain from clothing to equipment. At present, tmall flagship store has been launched online and is waiting for the force increment.
Cross border joint branding to improve brand voice, multi-channel joint efforts to reach end consumers
The company continues to interact with brands from all walks of life, such as cross-border cooperation with Rolls Royce, Xiaopeng and other auto brands to hold exhibitions, in-depth cooperation with camps or camping platforms such as hot wilderness, Yelin and Meifan, so as to increase brand exposure and influence; Participate in the display layout of Japanese artist Nara Meizhi’s first international tour exhibition, guide the brand style upward and improve the brand premium.
The channel management system is mature, and the company’s marketing network covers shopping center stores, comprehensive street stores, e-commerce and other forms to achieve online and offline proximity to the target consumer groups from different levels; At the same time, strengthen the interconnection of all links of distribution, strengthen the complementary advantages between the company and channel customers, quickly respond to the adjustment of the company’s latest policies and ideas from top-level design to channel implementation, realize resource integration and optimization, and form a win-win situation of cooperation between dealers and the company.
Maintain profit forecast and buy rating.
The company is deeply engaged in the outdoor track with high prosperity. The camping heat continues to drive the demand growth of camping and surrounding products. The supply chain share of OEM end is expected to increase, and the sales of brand end new products are gratifying and the increment can be expected. We estimate that the company’s revenue in 21-23 years will be 920 million, 1.19 billion and 1.44 billion yuan respectively, the net profit attributable to the parent company will be 80 million, 120 million and 160 million yuan respectively, the corresponding EPS will be 1.2 million, 1.8 million and 2.4 yuan respectively, and the PE will be 29x, 19x and 14x respectively.
Risk tip: the growth of outdoor industry slows down, the price fluctuation risk of raw materials, the risk of backward products and technology, etc. The performance express is only the preliminary accounting result, and the specific financial data shall be subject to the annual report.
