\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
Event: the company released the annual report of 2021. In 2021, the company realized an operating revenue of 51.063 billion yuan, an increase of 12.15% at the same time; The net profit attributable to the parent company was 3.861 billion yuan, an increase of 6.92%. In 2021, Q1-Q4 achieved operating revenue of RMB 10.858 billion, RMB 11.866 billion, RMB 9.506 billion and RMB 18.832 billion respectively, with an increase of 4.52%, 21.36%, 6.77% and 14.40% respectively. Q1-Q4 achieved net profit attributable to parent company of RMB 578 million, RMB 832 million, RMB 391 million and RMB 2.060 billion respectively, with year-on-year changes of + 77.88%, + 10.85%, – 24.45% and + 2.08% respectively.
Revenue side: the acquisition brought revenue growth in jewelry, wine and other industries, and the epidemic had an impact on overseas related businesses such as resorts. In terms of industrial operation, the revenue of jewelry business was 27.448 billion yuan, an increase of 23.82%, mainly due to the active expansion of stores and the completion of the acquisition of djula project in the second half of 2020; The revenue of fashion watch industry was 861 million yuan, an increase of 92.02% at the same time, mainly due to the company’s acquisition of seagull watch industry and Shanghai watch industry in April 2020; The revenue of the liquor industry was 1.798 billion yuan, an increase of 190.79%, mainly due to the company’s acquisition of Jinhui Liquor Co.Ltd(603919) in the second half of 2020.
Expense side: during 2021, the expense rate of the company was 14.24%, with an increase of 0.56pct, mainly due to the acquisition and consolidation. ① The sales expense ratio was 5.22%, an increase of 1.23pct, mainly due to the company’s acquisition of Jinhui Liquor Co.Ltd(603919) consolidated statements in the second half of 2020; ② The management expense rate was 6.29%, with an increase of 0.17pct; ③ The financial expense rate was 2.56%, an increase of 0.76pct, mainly due to the increase of interest expense and exchange loss in the reporting period compared with the same period of last year; ④ The R & D expense rate was 0.17%, with a decrease of 0.1pct, mainly due to the acquisition of Jinhui Liquor Co.Ltd(603919) consolidated statements in the second half of 2020.
Net profit: the company realized a net profit attributable to the parent company of 3.861 billion yuan in 2021, an increase of 6.92% at the same time; The net interest rate attributable to the parent company is 7.56%, with a decrease of 0.63 PCT. By quarter, Q1-Q4 in 2021 achieved net profit attributable to parent company of RMB 578 million, RMB 832 million, RMB 391 million and RMB 2.06 billion respectively, with year-on-year changes of + 77.88%, + 10.85%, – 24.45% and + 2.08% respectively.
Business indicators: excluding djula17 direct sales outlets, Damiani 3 direct sales outlets and Salvini 2 direct sales outlets, there were 3959 gold jewelry outlets in “Laomiao” and “Yayi” at the end of 2021, an increase of 592 over last year. Among them, there are 3736 franchise stores and 223 Direct stores. There are 116 cultural catering outlets, including 91 Songhe tower (10 Soviet style dinners and 81 Soviet style noodle restaurants).
Investment suggestion: in the past 21 years, the company has achieved strategic upgrading in many aspects, overcome the adverse impact of repeated epidemics, and the overall performance has increased steadily. The company firmly adheres to the strategic goal of the world’s first-class family happy consumption industry group, continues to cultivate the consumption industry, the industrial development is in line with expectations, and the income proportion and profitability of the consumption industry are continuously improved. We expect the net profit of the company in 22 / 23 years to be 4.4 billion yuan / 4.9 billion yuan respectively, and the current market value corresponds to 9 / 8xpe. Maintain buy rating.
Risk tip: the macroeconomic growth rate does not meet expectations, the recovery of the jewelry industry is less than expected, the consumption of residents is less than expected, the fluctuation risk of gold price, and the operation of the company is less than expected.
