\u3000\u3 China Vanke Co.Ltd(000002) 419 Rainbow Digital Commercial Co.Ltd(002419) )
In 2021, the company's revenue increased by 3.97% year-on-year, and the net profit attributable to the parent decreased by 8.41% year-on-year
On March 10, the company released its annual report for 2021: in 2021, it achieved an operating revenue of 12.268 billion yuan, a year-on-year increase of 3.97%, a net profit attributable to the parent of 232 million yuan, equivalent to a fully diluted EPS of 0.19 yuan, a year-on-year decrease of 8.41%, a deduction of non attributable net profit of - 88 million yuan, and the performance was lower than expected. In terms of splitting in a single quarter, 4q2021 achieved an operating revenue of 3.071 billion yuan, a year-on-year increase of 4.15%, a net profit attributable to parent company of -24 million yuan, converted into fully diluted EPS of -0.02 yuan, and a net profit deducted from non attributable to parent company of -77 million yuan.
In 2021, the company's comprehensive gross profit margin decreased by 3.64 percentage points and the period expense rate decreased by 1.68 percentage points. In 2021, the company's comprehensive gross profit margin was 39.24%, a year-on-year decrease of 3.64 percentage points. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 40.14%, down 9.78 percentage points year-on-year.
In 2021, the company's expense rate was 39.02%, a year-on-year decrease of 1.68 percentage points, of which the sales / management / Finance / R & D expense rate was 32.71% / 3.17% / 2.59% / 0.56% respectively, with a year-on-year change of - 4.24 / - 0.22 / + 2.67 / + 0.10 percentage points respectively. 4q2021's expense rate during the period was 40.54%, a year-on-year decrease of 3.74 percentage points, of which the sales / management / Finance / R & D expense rate was 33.88% / 3.42% / 2.32% / 0.93% respectively, a year-on-year change of - 5.41 / - 1.10 / + 2.21 / + 0.56 percentage points respectively.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) go hand in hand, and the performance is greatly affected by the impact of the epidemic
In 2021, the company opened 8 shopping centers and 18 supermarkets (including 12) sp@ce Independent supermarket), and the offline channels maintain orderly expansion. In 2021, the company's online sales continued to grow, and the online commodity sales and digital service revenue Gmv exceeded 5.1 billion yuan, of which the platform service revenue increased by 72% year-on-year. Tianhong has over 36 million digital members. More than 60% of the company's revenue in 2021 came from South China. In the first quarter and the fourth quarter of 2021, the epidemic situation occurred repeatedly in Guangzhou and Shenzhen, which had a certain impact on the company's revenue and profits.
Cut the profit forecast and maintain the "buy" rating
The company's performance was lower than expected, mainly due to the repeated impact of the epidemic. In view of the serious epidemic situation in Shenzhen from January to February 2022 and the uncertain recovery process of the epidemic in the future, we lowered the prediction of the company's EPS in 2022 / 2023 by 23% / 21% to 0.20/0.23 yuan and added 0.26 yuan to the prediction of the company's EPS in 2024. The company's offline stores have expanded in an orderly manner, the degree of digitization has been continuously improved, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration construction has been continuously improved, and the "buy" rating has been maintained.
Risk tip: some store leases cannot be renewed when they expire, and the expansion speed of new business formats and new stores does not meet expectations.
