\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
In 2021, the company’s revenue was 51.063 billion yuan (+ 12.2%), and the net profit attributable to the parent company was 3.861 billion yuan (+ 6.9%)
The company issued an annual report: in 2021, it achieved a revenue of 51.063 billion yuan (+ 12.2%), a net profit attributable to the parent company of 3.861 billion yuan (+ 6.9%), a stable operating performance, and plans to distribute a cash dividend of 3.5 yuan for every 10 shares. We believe that the company’s jewelry sector continues to grow steadily, “industrial operation + industrial investment” two wheel drive superimposed with “Oriental life aesthetics” at the top, which is expected to promote the deepening layout of the company’s emerging consumer track. Considering the impact of the epidemic, we lowered the company’s profit forecast for 20222023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 4.321 (- 6.67) / 4.852 (- 9.29) / 5.438 billion yuan, the corresponding EPS will be 1.11 (- 0.17) / 1.25 (- 0.24) / 1.40 yuan, and the corresponding PE of the current stock price is 9.2/8.2/7.3 times. The valuation is reasonable and the “buy” rating will be maintained.
Gold jewelry stores continue to expand, ancient charm gold leads the national trend, reveals the bright brand layout, and cultivates the diamond track
In 2021, the company’s jewelry fashion business achieved a revenue of 27.448 billion yuan (+ 23.8%), with a good growth; The gross profit margin was 8.69%, with a year-on-year increase of 0.86pct. During the reporting period, the company added 602 jewelry stores, achieved the goal of opening 600 + stores, continued the rapid pace of exhibition stores, and reached 3981 stores at the end of the period. In terms of products, the sales volume of the company’s flagship brand Laomiao ancient rhyme Gold Series in 2021 was nearly 4 billion yuan, significantly higher than that of 1 billion yuan in 2020; Djula, Damiani, Salvini and other brand offline stores have successively landed in Shanghai core business district; In addition, the company’s Innovation Incubation laboratory has cultivated the diamond brand “lusant Lucan”, which has also opened its first offline store in Shanghai.
Driven by industrial investment and operation, the construction of family happy consumption industry group has made steady progress
The company continues to promote the layout of emerging tracks in the consumer industry. (1) The cultural catering sector achieved a revenue of 761 million yuan (+ 56.8%), and songhelou noodle restaurant opened more than 80 stores and signed more than 100 contracts in 2021. The development of chain mode has embarked on a fast track. (2) the food and beverage sector achieved a revenue of 1 billion 798 million yuan (+190.8%), and invested in holding the famous northwest Baijiu brand ” Jinhui Liquor Co.Ltd(603919) ” and holding 70% stake in the group. (3) the beautiful health (cosmetic) sector achieves a revenue of 487 million yuan (+57.2%): WEI Qinlian Ying run on the whole market of SEF, AHAVA creates tens of millions of single products such as dead sea mud cleaning mask, etc., and the science and technology center is out of the complete machine system that integrates self-development and consumer insight. In the future, the company will practice the two wheel drive of “industrial operation + industrial investment”, superimpose the Oriental life aesthetics, and pay close attention to the national tide outlet, which is expected to build a moat of high brand value in the field of consumption.
Risk tip: repeated epidemic, intensified competition, acquisition and integration effect is less than expected, etc.
