\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
The company issued the annual report of 2021. In 2021, the company achieved revenue of 51.063 billion yuan, yoy + 12.15%; Deduct the net profit not attributable to the parent company of RMB 2.799 billion, yoy + 13.39%; The net profit attributable to the parent company was 3.861 billion yuan, yoy + 6.92%.
Key points supporting rating
The consumption industry has driven the overall performance to grow rapidly. In 2021, the company achieved a revenue of 51.063 billion yuan, a year-on-year increase of 12.15%; Among them, the revenue of consumer industry was 33.06 billion yuan, with a year-on-year increase of 30.71%, the gross profit margin was 13.71%, with a year-on-year increase of 2.33%, and the proportion of revenue and profitability continued to improve.
Jewelry fashion sector: the network continues to expand and the brand matrix continues to improve. Under the shock correction of gold price, the jewelry fashion sector achieved a total revenue of 27.448 billion yuan in 2021, a year-on-year increase of 23.82%. Throughout the year, the group had a net increase of 602 outlets and a total of 3981 stores. The speed of expanding stores was at the leading level in the industry. The performance of popular products is brilliant, and the annual sales of Laomiao ancient rhyme gold series reach nearly 4 billion yuan. The brands djula and Salvini acquired by extension have opened offline stores, and the incubated diamond brand lusant has opened online sales on Taobao. It is expected that the first offline store will be opened in 2022.
Other consumption sectors: catering chain has entered the fast lane and actively carried out diversified business. Under the condition of low base of catering sector in 2020, it recovered well in 2021, with annual revenue of 761 million yuan, an increase of 56.77% year-on-year. The exploration results of catering chain are beginning to show. The single store model of songhelou noodle restaurant is highly reproducible. There are 60 new stores and 81 stores in total. The national layout continues. The annual revenue of this year has increased significantly year-on-year, reaching 231%. The company acquired Jinhui Liquor Co.Ltd(603919) of liquor making enterprises, which made a substantial increase in performance. In 2021, Baijiu Baijiu realized 1 billion 798 million yuan in revenue, up 190.79% from the same period last year.
Real estate sector: the business management platform has been integrated and upgraded, and the composite real estate business has developed steadily. In 2021, the company established a business management group to be responsible for the operation of its commercial assets. Under the background that the overall situation of the real estate industry is not optimistic, the company still obtains high-quality projects, and the real estate business has achieved steady and sound development.
Valuation
According to the company’s 2021 annual report, we adjusted the company’s EPS from 2022 to 2024 to 1.13/1.25/1.43 yuan, corresponding to 8.2/7.4/6.5 times of P / E. The company continues to cultivate the happy consumption industry and realize business expansion through internal extension and external generation. It is expected to blossom at many points in the future and maintain the buy rating.
Main risks of rating
Repeated covid-19 epidemic, fluctuation of international gold price, difficulty of multi business collaborative management and other risks
