\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
Key points
The company’s revenue in 2021 increased by 12.15% year-on-year, and the net profit attributable to the parent company increased by 6.92% year-on-year. On March 21, the company announced its annual report for 2021: the operating revenue in 2021 was 51.063 billion yuan, a year-on-year increase (after adjustment, the same below) of 12.15%, and the net profit attributable to the parent company was 3.861 billion yuan, equivalent to 0.99 yuan of fully diluted EPS, a year-on-year increase of 6.92%, and the net profit not attributable to the parent company was 2.799 billion yuan, a year-on-year increase of 13.39%.
In terms of single quarter split, 4q2021 achieved an operating revenue of 18.832 billion yuan, a year-on-year increase of 14.40%, a net profit attributable to the parent of 2.06 billion yuan, equivalent to a fully diluted EPS of 0.53 yuan, a year-on-year increase of 2.08%, and a deduction of non attributable net profit of 1.556 billion yuan, a year-on-year increase of 44.95%.
In 2021, the company’s comprehensive gross profit margin decreased by 0.06 percentage points, and the period expense rate increased by 2.45 percentage points. In 2021, the company’s comprehensive gross profit margin was 24.12%, a year-on-year decrease of 0.06 percentage points. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 32.11%, up 6.99 percentage points year-on-year.
In 2021, the company’s expense ratio was 14.24%, with a year-on-year increase of 2.45 percentage points. Among them, the sales / management / Finance / R & D expense ratio was 5.22% / 6.29% / 2.56% / 0.17% respectively, with a year-on-year change of + 1.19 / + 0.32 / + 0.83 / + 0.10 percentage points respectively. 4q2021’s expense rate during the period was 12.35%, with a year-on-year increase of 1.30 percentage points, of which the sales / management / Finance / R & D expense rate was 4.74% / 5.62% / 1.80% / 0.19% respectively, with a year-on-year change of + 1.08 / – 0.48 / + 0.63 / + 0.08 percentage points respectively.
The offline channels of jewelry business have been expanded in an orderly manner, and the catering chain has entered the fast lane
Jewelry business: in 2021, the company’s jewelry fashion group had a net increase of 602 terminal outlets. As of December 31, 2021, the total number of stores had reached 3981. The jewelry brand matrix has been continuously improved. Djula and Salvini have opened offline stores and incubated the laboratory to cultivate the diamond brand lusant. Catering business: songhelou noodle restaurant opened more than 80 in 2021 and signed more than 100 contracts. The brand of “zhentastejia” was bred, and the sound volume of zhentastejia press conference was about 12 million + person times. Old town god temple restaurant industry rankings increased 15, China’s top sixty restaurants. Cosmetics business: Wei Qinlian Yingrun is listed in Sephora through all channels, Ahava has created a number of tens of millions of single products, and xway has begun to take shape.
Maintain profit forecast and “buy” rating
The company’s performance is in line with expectations. We maintain the prediction of the company’s EPS of 1.05/1.12 yuan in 2022 / 2023 and add the prediction of the company’s EPS of 1.19 yuan in 2024. The healthy development of the company’s consumer industry and the continuous increase in the proportion of consumer industry income are conducive to the company’s promotion of the C-end top strategy and maintaining the “buy” rating.
Risk tip: the effect of business coordinated development is less than expected, market competition intensifies, and real estate policy regulation is less than expected.
