\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
Event: Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) released the annual report of 2021, and the company achieved an operating revenue of 51.063 billion yuan, a year-on-year increase of + 12.15%; The net profit attributable to the parent company was 3.861 billion yuan, a year-on-year increase of + 6.92%.
The proportion of revenue in the consumer sector continued to increase, and the pulling effect on performance was further apparent. (1) The main industry of gold jewelry continued to broaden the brand matrix, the product strength was verified by the market, and the industry-leading exhibition speed was superimposed. Under the background of the correction of gold price shock, the sector achieved a revenue of 27.45 billion yuan, a year-on-year increase of + 23.82%. Among them, the annual sales of Laomiao ancient rhyme gold series is nearly 4 billion yuan, about four times that of 20 years; A total of 602 jewelry brands have opened net stores, Salvini has opened offline stores, and djula and Damiani have steadily rolled out offline channels after 20 years of acquisition. (2) In terms of catering, 60 new songhelou noodle restaurants were opened throughout the year, bringing the total number of stores to 81. The accelerated pace of exhibition stores brought the annual revenue of + 231% to 230 million yuan year-on-year. (3) In terms of fashion watch industry, under the guidance of the three pillar strategy, the brand operation team was initially formed, with a year-on-year revenue of + 92% to 860 million yuan. (4) In terms of liquor industry, Shede Spirits Co.Ltd(600702) and Jinhui Liquor Co.Ltd(603919) held by the company realized a net profit of 1.25 billion yuan and 325 million yuan respectively, with a year-on-year increase of + 114.35% and - 1.95%. They were greatly affected by the rebound of the epidemic in the second half of the year. The company's consumer industry achieved a total revenue of 33.06 billion yuan, a year-on-year increase of + 30%, the proportion further increased to 64.8%, and the gross profit margin increased by 2.33 PCT To 13.71%. The company has achieved preliminary results in entering the consumer multi industry, and the pulling effect on the performance is obvious. However, dragged down by the real estate business, the overall gross profit margin decreased by 0.38pct To 24.12%, and affected by Jinhui Liquor Co.Ltd(603919) consolidation, the sales expense rate increased by 1.23pct, The net profit attributable to the parent company was + 6.9% year-on-year.
The commercial operation sector has a large space for recovery, and the capacity of consumption tracks is expanded to strengthen the operation capacity and drive the industrial growth. Affected by the epidemic, the revenue of the commercial operation sector in 21 years was - 13.57% year-on-year, but the company's business management platform has been integrated and upgraded, with a member stock of about 3.35 million, year-on-year + about 90%. The ability of resource aggregation has been enhanced, and there is a huge recovery space under the mitigation of the epidemic. Jewelry, cosmetics, catering, wine and other consumption tracks have a wide space, the company's high exhibition speed, the improvement of the product power of the original brand, the incubation of new brands such as diamond lusant, the introduction of talents and the provision of management support. The company's consumption sector is expected to achieve long-term growth under the strategic guidance of "global first-class family happy consumption industry group".
Profit forecast: long term optimistic about the sustainable development of the company's main jewelry industry, relying on "endogenous new product series creation + extension M & A integration", while paying attention to the diversified business layout of the company in the field of consumption, forming new business increment highlights. It is estimated that the net profit attributable to the parent company in 22-24 years will be 4.27 billion yuan, 4.82 billion yuan and 5.18 billion yuan respectively, EPS will be 1.1, 1.24 and 1.33 yuan, and the corresponding PE will be 8, 7 and 7 times, maintaining the "recommended" rating.
Risk tip: gold price fluctuates and new business expansion is less than expected.
