\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
The company issued the annual report for 2021: 1) in 2021, the company achieved a revenue of 51.063 billion yuan / yoy + 12.15%; Net profit attributable to parent company: RMB 3.86 billion / yoy + 6.92%; Deduct the net profit not attributable to the parent company of RMB 2.799 billion / yoy + 13.39%, which is basically in line with the expectation. The net operating cash flow of the company in 2020 was -6.877 billion yuan (2020 was -1.135 billion yuan), mainly due to the increase in the payment for purchasing goods and acquiring development property projects during the reporting period compared with the same period of last year. 2) 2021q4: realize revenue of 18.832 billion yuan / + 14.4%, net profit attributable to parent company of 2.06 billion yuan / + 2.08%, deduct non attributable net profit of 1.556 billion yuan / + 44.95%. 3) Outlook for 2022: it is expected to achieve revenue of 60 billion yuan / + 17.5%, operating cost of 46 billion yuan and three expenses of 9 billion yuan.
In 2021, the expense rate increased and the net interest rate decreased slightly year-on-year: 1) in 2021, the expense rate during the period was 14.24% / + 2.26pct. Split: the sales expense rate is 5.22% / + 1.23pct,; The rate of administrative expenses is 6.46% / + 0.28pct, which is mainly caused by the increase of employee salary expenditure; The financial expense rate is 2.56% / + 0.75pct, which is mainly caused by the increase of interest expenditure; R & D expense rate: 0.17% / + 0.1pct; The net interest rate is 7.69% / -1.44pct. 2) 21q4: sales expense rate 4.74% / + 1.21pct; The management fee rate is 5.81% / -0.86pct; The financial expense rate is 1.80% / + 0.45pct. 21q4 net interest rate 11.0% / - 3.4pct..
The jewelry business maintained a rapid store exhibition, continued to promote the chain of catering sectors, and achieved sound development in many businesses. According to the company's annual report: ① continuous and rapid Jewelry Exhibition + upgrading and Optimization: Laomiao Yayi store has increased by 602, maintaining the momentum of rapid expansion; The sales of Guyun gold is nearly 4 billion yuan (1 billion yuan in the same period of 20 years); In addition, through investment acquisition and endogenous cultivation of djula, Damiani, Salvini and lusant, djula and Salvini brands open offline stores. ③ The chain of catering sector continues to be promoted. Songhelou noodle restaurant opened more than 80 and signed more than 100 contracts in 2021. ③ In addition, cosmetics and watch businesses are also developing healthily: Ahava has created a number of tens of millions of single products, and xway has begun to take shape; The sales revenue of Shanghai watches exceeded 100 million yuan.
Investment suggestion: "Buy-A" rating, 6-month target price of 12 yuan. The company's jewelry core business expansion and upgrading + extension layout, high-quality track + various incentive mechanisms will promote the good growth of medium and long-term performance. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 4.499 billion yuan / 5.082 billion yuan / 5.228 billion yuan, with a growth rate of + 16.5% / + 13.0% / + 2.9%. Give a 6-month target price of 12 yuan.
Risk tip: there is a risk that the scene of jewelry market is declining, the price of gold fluctuates sharply, the industry competition intensifies, and the expansion progress of franchise channels is less than expected. The epidemic situation leads to the weakening of residents' consumption ability.
