\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 59 Zhongbai Holdings Group Co.Ltd(000759) )
The company's revenue in 2021 decreased by 6.08% year-on-year and realized a net profit attributable to the parent company of -22 million yuan. On March 25, the company announced its annual report for 2021: the operating revenue in 2021 was 12.331 billion yuan, a year-on-year decrease of 6.08%, and the net profit attributable to the parent company was -22 million yuan, equivalent to -0.03 yuan of fully diluted EPS, and the net profit deducted from non attributable to the parent company was -104 million yuan.
In terms of single quarter split, 4q2021 achieved an operating revenue of 2.993 billion yuan, a year-on-year increase of 3.14%, a net profit attributable to the parent of 02 million yuan and a net profit deducted from non attributable to the parent of - 27 million yuan.
In 2021, the company's comprehensive gross profit margin increased by 1.19 percentage points, and the period expense rate increased by 1.23 percentage points. In 2021, the company's comprehensive gross profit margin was 25.09%, a year-on-year increase of 1.19 percentage points. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 25.38%, up 2.33 percentage points year-on-year.
In 2021, the company's expense ratio was 24.78%, with a year-on-year increase of 1.23 percentage points. Among them, the sales / management / Finance / R & D expense ratio was 19.59% / 3.95% / 1.10% / 0.13% respectively, with a year-on-year change of -0.17 / + 0.34 / + 0.94 / + 0.12 percentage points respectively. 4q2021's expense rate during the period was 25.54%, with a year-on-year increase of 3.79 percentage points, of which the sales / management / Finance / R & D expense rate was 18.66% / 4.96% / 1.69% / 0.24% respectively, with a year-on-year change of + 1.71 / + 0.08 / + 1.77 / + 0.22 percentage points respectively.
Orderly expansion of offline channels and continuous strengthening of logistics and supply chain construction
In terms of offline channel expansion, as of December 31, 2021, the company has 1539 stores, including 198 Zhongbai warehouses, 682 Zhongbai supermarkets, 633 Zhongbai convenience stores, 9 Zhongbai department stores and 17 Zhongbai industrial and trade appliances. The total business area of the company's stores is about 1.8 million square meters. In terms of logistics, in 2021, the company's Jiangxia intelligent logistics central warehouse was completed and put into operation, and the logistics Changsha sub warehouse was put into operation. In terms of supply chain, the supply chain of fresh food products in China's top 100 kitchens has been further strengthened. The products include five categories: fresh food group meal, Chinese pastry, Western bread, bean products and salad clean vegetables, with nearly 400 varieties.
Raise the profit forecast to the "overweight" rating
The company's performance slightly exceeded expectations, indicating that the business recovery progress of the company's stores exceeded our expectations. We slightly raised our forecast for the company's EPS in 2022 / 2023 to 0.01/0.03 yuan (the original forecast value was -0.02/0.01 yuan), and added a new forecast for the company's EPS in 2024 of 0.07 yuan. The company has a strong monopoly position in supermarkets in Wuhan and has a certain regional competitive advantage. The operation of the company has improved and is expected to make a profit as soon as possible, which is raised to the "overweight" rating.
Risk tip: the effect of cooperation with Yonghui is not up to expectations, and the effect of store upgrading is not up to expectations.
