\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 814 Hangzhou Jiebai Group Co.Limited(600814) )
Main points:
Events
The company released its 2021 annual report, realizing a revenue of 2.129 billion yuan, a year-on-year increase of 18.98%; The net profit attributable to the parent company was 351 million yuan, with a year-on-year increase of 31.36%, and the basic earnings per share was 0.49 yuan / share.
The adjustment and reform improved the floor efficiency, and the main retail industry grew steadily
In 2021, the company’s retail business achieved a revenue of 1.773 billion yuan, with a year-on-year increase of 18.36%, accounting for 83.27% (- 0.44pct) of the main business, of which the associated business accounted for 61.48% (+ 1.88pct) and the self operated business accounted for 21.79% (- 2.32pct). The revenue of the main retail business increased steadily, mainly because the epidemic catalyzed the return of high-end consumption and superimposed consumption upgrading. Under the background of consumption upgrading, Hangzhou building completed three-year adjustment and improvement, and the floor efficiency was improved: (1) the luxury sector completed the upgrading and transformation of 54 key brands such as LV, Dior and Celine; (2) Introduce 19 new brands such as Lanvin, valextra and moynat (14 first stores in Zhejiang) to further improve the coverage of luxury brands, meet the freshness of customers and improve customer stickiness. In 2021, the flat efficiency of the company’s shopping center in Hangzhou (including Jiebai) was 519373 million yuan / square meter (business area) / year, with a year-on-year increase of 16.72%.
Fine operation superposition, deep excavation of member economy and improvement of profitability
In 2021, the gross profit margin was 80.48%, with a year-on-year increase of 1.71 PCT; The net interest rate was 28.70%, with a year-on-year increase of 2.43pct and improved profitability. In terms of expense rate, (1) the sales expense rate decreased by 0.99pct to 19.55%, mainly due to: ① refined operation: strengthen brand interaction, carry out precision marketing at nodes and improve marketing efficiency; ② Dig deep into the member economy: improve the members’ sense of consumption experience, increase the stickiness of high net worth customers, reduce the cost of getting customers and improve the customer unit price. In 2021, the company had 826900 member customers (+ 29.75%), and the annual member sales reached 7.208 billion yuan (+ 36.85%). Among them, 7505 members of V5 and above (accounting for 0.91%) contributed 2.445 billion yuan in sales (accounting for 33.92%). (2) The organizational structure was optimized, the human resource center was established, digital operation was implemented, and the management efficiency was improved. The management expense rate decreased from 4.01pct to 18.34%. (3) The accounting standards were adjusted, the unrecognized financing expenses were amortized, and the financial expense ratio increased by 4.37pct to 1.39%.
The cultivation of emerging sectors has been accelerated and the business has made a breakthrough
In order to meet the diversified needs of customers, the company has arranged the whole process medical treatment, Yuesheng sports and baiqiu network, an online agent operator, and cooperated with its main business to create a “retail + service ecosystem”. (1) Performance and expansion of the whole process medical treatment: ① performance: with the characteristics of high-end membership health service, the whole process medical treatment effectively undertakes the return bonus of overseas medical examination and medical demand, enriches the product matrix, increases customer stickiness, and steadily improves the passenger flow. In 2021, the revenue was 897985 million yuan (+ 22.74%), and the net profit was 6.0986 million yuan, making a profit for the first time; ② Expansion: two medical institutions in medical mall phase I have completed store expansion, and the investment and rental rate of medical mall phase II has reached 100%. (2) Yuesheng sports opened a new situation: Yuesheng sports lost -3.7387 million yuan in 2021, which is still in the cultivation period. By taking advantage of the “double reduction” policy, Yuesheng sports reached strategic cooperation with New Oriental, improved the market recognition of vision brand, and the follow-up development model is clear. (3) Focus on long-term cooperation with luxury brands and international fashion lines, and focus on long-term operation of luxury brands. In 2021, the company received 4.5 million yuan of baiqiu network dividend and confirmed 135.5 million yuan of fair value change.
Investment advice
The short-term epidemic has catalyzed the return of China’s luxury consumption, driving the performance growth of Hangzhou building. In the medium and long term, the company has entered a new round of adjustment and reform, superimposed consumption upgrading, and the main retail industry is expected to achieve steady growth. In terms of multi business development, the company arranges the medical and health industry and sports industry to meet the diversified needs of consumers, increase customer stickiness and coordinate the main business. The current share prices of PE and PE are expected to remain at 10.62 times of 2020 and 2022 respectively.
Risk tips
Consumption upgrading is less than expected; The impact of the epidemic has weakened, outbound tourism has been liberalized, and some return demand has flowed out again; Market competition intensifies, and the growth rate of revenue is lower than expected
