\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 315 Shanghai Jahwa United Co.Ltd(600315) )
Performance review
3.16 the company announced that the revenue of 21 years was 7.646 billion yuan, an increase of 8.73%, the net profit attributable to the parent was 649 million yuan, an increase of 50.92%, and the non net profit deducted was 676 million yuan, an increase of 70.76%. It is proposed to distribute a cash dividend of 2.9 yuan (including tax) for every 10 shares. In the past 21 years, under the multiple pressures of overseas epidemic, the impact of life insurance reform on Tequ business, and the suspension of Q4 e-commerce, the revenue side still achieved high single digit growth.
Quarterly, 1q21 ~ 4q21 revenue increased by 27.04% / 3.73% / – 3.41% / 8.71% respectively, net profit attributable to parent increased by 41.92% / 81.69% / 4.60% / 93.75% respectively, and net interest rate was 8.00% / 5.57% / 8.31% / 12.60% respectively.
Business analysis
By category / brand, high gross margin skin care category drives the growth: 1) skin care: in the 21st year, the revenue increased by 22.22%, accounting for 35.31% (+ 4pct), becoming the largest category, among which baicaoji increased by 30% +, Yuze increased by 20% +, Diancui increased by 35% +, goufu increased by 15% +, meijiajing increased by nearly 10% and Shuangmei increased by 15% +. 2) Gehu and Jiaqing: increased by 0.42% at the same time, of which the high single digits of six gods increased, and Jiaan was affected by the special canal, with a decrease of about 13%. 3) Mother and baby: increased by 4.18% at the same time, including 20% at the beginning of Qichu and 1.7% at mayborn. 4) Cooperative brands increased by 6.48%, accounting for 4.89%.
Sub channels, e-commerce is growing rapidly, and the short-term pressure on the special channel is expected to be adjusted to 22q2:1). Offline: the single digit growth of super high commerce, department stores and CS are increasing by 40% and 35% respectively; 2) Online: e-commerce increased by 20% and multi platform layout; The special canal decreased by 15% at the same time, accelerating the transformation to retail, and 22h2 is expected to stabilize.
The effect of product structure adjustment is remarkable. Under the rise of raw material prices, the gross profit margin still increases, and the profit and operating indicators improve significantly: the gross profit margin in 21 years is 58.73%, + 2.84pct (after retroactive adjustment, the same below), mainly due to the increase in the proportion of high gross profit skin care products and head SKU. The sales expense rate is 38.54% (+ 1.02pct), the management expense rate is 10.34% (+ 0.09pct), the R & D expense rate is 2.13% (+ 0.08pct), the financial expense rate is 0.16% (-0.45pct), and the net interest rate is 8.49% (+ 2.37pct). The inventory turnover days are 99 days (- 15 days), and the accounts receivable turnover days are 52 days (- 8 days) under the good collection of department stores / CS channels.
Investment advice
The leading products / brands / channels of local multi brand cosmetics have been continuously optimized. The profitability has been greatly improved, the reform has been effective, and the net profit forecast for 22-23 years has been raised by 10.9% and 15.7%. It is estimated that the EPS in 22-24 years will be 1.23/1.71/2.16 yuan respectively, corresponding to 29 times of pe29 in 22 years, maintaining the “buy” rating.
Risk tips
Channel / brand / product / organizational structure optimization is less than expected; Weak terminal retail, etc.
