\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 315 Shanghai Jahwa United Co.Ltd(600315) )
The company disclosed in the annual report of 2021 that the revenue of 21 years was 7.646 billion yuan, yoy + 8.73%, the net profit attributable to the parent was 649 million yuan, yoy + 50.92%, and the net profit attributable to the parent after deduction was 676 million yuan, yoy + 70.76%; 21q4 operating income is 1.816 billion yuan, yoy + 8.71%, net profit attributable to parent is 229 million yuan, yoy + 93.75%, net profit attributable to parent after deduction is 202 million yuan, yoy + 68.26%.
On the revenue side, 1) by category, ① the revenue of skin care products reached 2.697 billion yuan in 2021, yoy + 22.22%, accounting for 35.31%, with a year-on-year increase of 3.91 PCT, of which the repurchase rates of baicaoji and Yuze increased by 7.9 PCT and 6.2 PCT to 41.6% and 42.6% respectively; ② The revenue of gehujiaqing category was 2.41 billion yuan, yoy + 0.42%, accounting for 31.55%,; ③ The revenue of maternal and infant categories was 2.158 billion yuan, yoy + 4.18%, accounting for 28.25%; ④ The revenue of cooperative brands was 373 million yuan, yoy + 6.48%, accounting for 4.89%.
2) by channel, the online revenue in 2021 was 3.211 billion yuan, yoy + 7.87%, accounting for 42.04%; Offline revenue was 4.427 billion yuan, yoy + 9.26%. China tiktok, China’s online revenue, 1 billion 936 million yuan, accounting for 25.35% of the company’s overall proportion, Herborist opened in the live broadcast of content driven marketing, special canal revenue of 565 million yuan, accounting for 7.4%; ② Offline in China, the revenue of supermarkets is 2.541 billion yuan, accounting for 33.27%, the revenue of department stores is 473 million yuan, yoy40% +, and the revenue of CS is 330 million yuan. The profitability is improved through the reconstruction of traditional CS and Watson’s profit increase; The company accelerated the promotion of new retail business, yoy100% +, and slowed down the impact of the decline of offline traffic.
On the cost side, the company changed its accounting policy and reclassified the transportation cost in 2021 from selling expenses to operating costs. In 2021, the company’s gross profit margin was 58.73%, up 2.84pct, and continued to focus on high gross profit skin care products and head SKUs in various categories. The aggregation degree of whole brand head products increased from 56% in 19 years to 71% in 21 years. Quarterly, the gross profit margin of 2021q4 was 45.74%, down 5.17pct; By category, the gross profit margins of skin care, gehujiaqing, mother and baby and cooperative brand categories were 71.23%, 55.14%, 51.09% and 36.55% respectively, with an increase of 3.03pct, 1.7pct, 2.19pct and a decrease of 0.09pct respectively. On the cost side, the cost rate during 2021 is 51.18%, up 0.75pct; The sales expense ratio was 38.54%, up 1.02pct; The management expense rate is 10.34%, the R & D expense rate is 2.13%, and the financial expense rate is 0.16%.
In the past 21 years, the company has realized scientific and technological empowerment from the three dimensions of basic research, application innovation and product value shaping, and will strengthen the promotion of the brand-R & D PMO one-to-one communication service mode, with common goals and responsibilities to people, which has greatly improved the communication efficiency.
On the profit side, the net profit attributable to the parent company in 2021 was 649 million yuan, yoy + 50.92%. The increase of gross profit margin and the effective control of expense rate during the period ensured the net profit, and the net profit attributable to the parent company was 8.49%, up 2.37 PCT; The net interest rate attributable to the parent company after deducting non profits was 8.84%, an increase of 3.21pct. Quarterly, the net interest rate attributable to the parent company in 2021q4 was 12.6%, up 5.53pct; The net interest rate attributable to the parent company after deducting non profits was 11.1%, up 3.93pct.
Investment suggestion: the company always adheres to the 123 policy, and the strategic planning is implemented item by item, and the effect continues to appear. In 2022, we will continue iterative optimization around the policy, focus on promoting ten major projects, create maximum value for employees, consumers, shareholders and society, practice the slogan of 100 years of ingenuity, perfection and beauty, and strive to bring Chinese beauty to the world. It is estimated that the net profit of 22-24 years will be RMB 8 / 10.7/1.29 billion, maintaining the “buy” rating.
Risk warning: the performance of new products on the market is lower than the expected risk; Brand development is less than expected risk; Industry competition intensifies risks
