\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 729 Chongqing Department Store Co.Ltd(600729) )
In 2021, the company’s revenue increased by 0.22% year-on-year, and the net profit attributable to the parent decreased by 6.68% year-on-year
On March 25, the company released the annual report of 2021: in 2021, the operating revenue was RMB 21.124 billion, with a year-on-year increase of 0.22%, and the net profit attributable to the parent was RMB 980 million, which was converted into fully diluted EPS of RMB 241, with a year-on-year decrease of 6.68%, and the net profit deducted from non attributable to the parent was RMB 923 million.
In terms of single quarter split, 4q2021 achieved an operating revenue of 4.768 billion yuan, a year-on-year decrease of 15.22%, a net profit attributable to the parent of 138 million yuan, equivalent to a fully diluted EPS of 0.34 yuan, a year-on-year increase of 52.28%, and a deduction of non attributable net profit of 129 million yuan.
In 2021, the company’s comprehensive gross profit margin increased by 0.90 percentage points, and the period expense rate increased by 0.75 percentage points
In 2021, the company’s comprehensive gross profit margin was 25.81%, an increase of 0.90 percentage points year-on-year. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 27.52%, up 4.94 percentage points year-on-year. In 2021, the company’s expense ratio was 20.40%, with a year-on-year increase of 0.75 percentage points, of which the sales / management / Finance / R & D expense ratio was 14.34% / 5.21% / 0.68% / 0.18% respectively, with a year-on-year change of -0.24 / + 0.06 / + 0.77 / + 0.16 percentage points respectively. 4q2021’s expense rate during the period was 22.07%, with a year-on-year increase of 4.62 percentage points, of which the sales / management / Finance / R & D expense rate was 13.04% / 7.50% / 0.80% / 0.72% respectively, with a year-on-year change of + 0.94 / + 1.37 / + 1.57 / + 0.74 percentage points respectively.
Multiple business forms go hand in hand, and the company will increase dividends in 2021
Department store format: the sales of strategic brands of department stores increased by 11.7% in 2021; The non purchase business area increased by 8.6%; The brand introduction rate was 13.1%. Supermarket format: in 2021, the proportion of imported goods of the company increased by 0.15 percentage points; The proportion of direct harvest to fresh harvest base increased by 2 percentage points; Private brand sales increased by 5%; Inventory turnover days decreased by 14 days. Electrical business: in 2021, the company’s strategic brand sales increased by 17%; Sales of exclusive sales and customization increased by 51%; The Commission of communication operators increased by 105%. Auto trade business: the sales volume of the company’s complete vehicle exhibition hall increased by 7% in 2021; The number of new insurance units increased by 6% and the number of renewal insurance units increased by 20%; The purchase of used cars increased by 24%. Dividend: the company plans to distribute cash dividend of 37.90 yuan (including tax) for every 10 shares to all shareholders in 2021.
Raise the profit forecast and maintain the “buy” rating
The company’s performance slightly exceeded expectations, mainly due to the increase of the company’s net profit margin and the improvement of the company’s profitability. With the increase of the proportion of department store business with large profit margin, the company’s net profit margin is expected to improve. We raised the forecast of the company’s EPS in 2022 / 2023 by 7% / 6% to 2.63/2.82 yuan, and increased the forecast of the company’s EPS in 2024 by 2.99 yuan. The company has certain regional competitive advantages in Chongqing, which is conducive to the company’s continuous thickening of revenue and profit and maintaining the “buy” rating.
Risk tip: the development of Internet financial business does not meet expectations, regional competition intensifies, and the business form of community group purchase has an impact
