\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 754 Shanghai Jin Jiang International Hotels Co.Ltd(600754) )
Event comments
The company released the financial report for 2021, and achieved a revenue of 11.339 billion yuan (+ 14.56%) during the period, returning to 75% in 2019; The net profit attributable to the parent company was 100 million yuan (- 8.7%), returning to 9.21% in 2019; Deduction of non parent performance loss of 121 million yuan, eps0 09 yuan, 0.53 for 10. Q1 / Q2 / Q3 / Q4 achieved revenue of 2.299 billion yuan / 2.963 billion yuan / 3.086 billion yuan / 2.989 billion yuan respectively, with a year-on-year increase of + 5.06% / + 55.86% / + 6% / + 3.26%; The net profit attributable to the parent company was -183 million yuan / 187 million yuan / 92 million yuan / 04 million yuan, a year-on-year increase of – 207.12% / + 63.27% / + 491.49% / + 385.19%.
The situation of epidemic prevention and control in China directly affects the business performance of hotels. The limited service hotel achieved a revenue of 11.089 billion yuan (+ 14.94%), an operating profit of 634 million yuan (+ 67.92%), and a net loss of 900000 yuan (- 102.49%), which was due to the investment income obtained from the sale of equity of subsidiaries in the same period of last year. In terms of regions, the revenue in mainland China was 8.8 billion yuan (+ 12.66%), accounting for 79.35%; Overseas revenue was 2.289 billion yuan (+ 24.63%), accounting for 20.6%. In terms of form, the revenue from early joining service was 812 million yuan (+ 9.71%), and the revenue from continuous joining and labor dispatch was 3.548 billion yuan (+ 25.71%).
The gross profit margin is 34.23% (+ 8.49pct), and the overall cost rate is 33.06% (-0.59pct). Among them, the sales expense rate is 7.82% (+ 1PCT), which is the increase of commission and publicity expenses during the year; The rate of administrative expenses is 20.47% (- 2.73 PCT); The R & D expense ratio of 0.16% (- 0.1pct) and the financial expense ratio of 4.77% (+ 1.14pct) were the completion of non-public issuance of A-Shares during the year. The investment income of 224 million yuan (- 72.46%) is due to the transfer of equity of subsidiaries in the same period in 2020, with a large year-on-year base. The net cash flow generated from operating activities was 2.068 billion yuan (+ 126442%), which was caused by the gradual return to normal operation of the company’s domestic and foreign hotel business.
Investment suggestion: continue China’s dynamic clearing and epidemic prevention policy in the short term, and be optimistic about the recovery trend of hotels after the epidemic; Pay attention to the expansion process of hotel groups in the medium and long term and the possibility of accelerating the opening of new stores. We expect the company’s EPS from 2022 to 2024 to be 0.95 1.36 2.28 respectively, corresponding to the company’s closing price of 48.14 yuan on March 28, and PE from 2022 to 2024 to be 50.42 35.53 21.07 respectively, maintaining the “overweight” rating. There are risks
Risk of rising operating costs; The risk of residents’ consumption is less than expected; The risk of continued spread of the epidemic.
