\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
The company issued the 2021 annual report:
In 2021, the company achieved an operating revenue of 51.063 billion yuan, a year-on-year increase (after adjustment) of 12.15%; The net profit attributable to the parent company was 3.861 billion yuan, with a year-on-year increase (after adjustment) of 6.92%. In 2021, the company’s comprehensive gross profit margin was 19.21%, with a year-on-year increase of -0.43pct; The expense rate during the period was 14.07%, with a year-on-year increase of + 2.35pct. The slight decline in gross profit margin was mainly due to the increase in the proportion of sales revenue of jewelry fashion business.
In the post epidemic era, the offline layout is accelerated, and the growth of jewelry and catering business is bright:
1) jewelry business: in 2021, it contributed 27.448 billion yuan of operating revenue, with a year-on-year increase of 23.82%. In 2021, the company will have a net increase of 602 offline stores and continue to optimize the brand matrix. Djula and other light luxury jewelry brands have 22 offline Direct stores, and the diamond brand lusant has successfully entered the market.
2) catering business: in 2021, it contributed 761 million yuan of operating revenue, with a year-on-year increase of 56.77%. Songhelou noodle restaurant opened more than 80 in 2021 and signed more than 100 contracts. The chain mode has entered the “fast lane”.
3) cosmetics business: in 2021, it contributed 487 million yuan of operating revenue, with a year-on-year increase of 13.05%. Its brand Ahava has created a number of tens of millions of single products, and Wei Qinlian Yingrun is also listed in Sephora all channels.
Promotion of high-quality projects and sound development of real estate business:
In 2021, the company’s property development and sales realized an operating revenue of 16.634 billion yuan. Under the severe environment of the real estate market, the company has obtained high-quality projects in core cities such as Shanghai, and strengthened equity cooperative development to realize the steady development of real estate business.
Investment suggestion: the company’s performance has improved steadily. We expect the company to realize a net profit attributable to the parent company of RMB 4.381/48.44/5.428 billion from 2021 to 2023, corresponding to PE of 8.24/7.45/6.65x respectively, which is rated as “overweight”.
Risk tip: repeated outbreaks have led to lower consumption than expected, sharp fluctuations in gold prices, and lower store development than expected.
