\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 828 Red Star Macalline Group Corporation Ltd(601828) )
In 2021, the company’s revenue increased by 8.97% year-on-year, and the net profit attributable to the parent company increased by 18.31% year-on-year
On March 30, the company released its annual report for 2021: in 2021, the operating revenue was 15.513 billion yuan, a year-on-year increase of 8.97%, the net profit attributable to the parent was 2.047 billion yuan, equivalent to 0.47 yuan of fully diluted EPS, a year-on-year increase of 18.31%, and the net profit deducted from non attributable to the parent was 1.658 billion yuan, a year-on-year increase of 42.62%.
In terms of single quarter split, 4q2021 achieved an operating revenue of 4.159 billion yuan, a year-on-year decrease of 11.70%, a net profit attributable to parent company of – 240 million yuan, equivalent to a fully diluted EPS of -0.06 yuan, and a net profit deducted from non attributable to parent company of 263 million yuan, a year-on-year increase of 1622514%.
In 2021, the company’s comprehensive gross profit margin increased by 0.16 percentage points and the period expense rate increased by 1.21 percentage points
In 2021, the company’s comprehensive gross profit margin was 61.67%, an increase of 0.16 percentage points year-on-year. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 57.78%, up 5.08 percentage points year-on-year.
In 2021, the company’s expense ratio was 42.48%, with a year-on-year increase of 1.21 percentage points. Among them, the sales / management / Finance / R & D expense ratio was 13.30% / 12.92% / 15.86% / 0.39% respectively, with a year-on-year change of + 1.40 / + 1.11 / – 1.45 / + 0.14 percentage points respectively. 4q2021’s expense rate during the period was 46.52%, with a year-on-year increase of 10.12 percentage points. Among them, the sales / management / Finance / R & D expense rate was 16.65% / 15.63% / 13.80% / 0.45% respectively, with a year-on-year change of + 2.24 / + 4.68 / + 3.04 / + 0.16 percentage points respectively.
The business area of shopping malls has increased steadily, and the rental rate has gradually recovered
By the end of 2021, the company had 95 self operated shopping malls, 278 entrusted shopping malls, 10 strategic cooperation shopping malls and 69 franchised home building materials projects, including 485 home building materials stores / industrial streets, with a total operating area of 223035 million square meters, including 8.4555 million square meters of self operated shopping malls and an average rental rate of 94.1%; The total operating area of the entrusted shopping mall is 138481 million square meters, with an average rental rate of 91.4%.
Cut the profit forecast and maintain the original rating
The low performance expectation of the company is mainly due to 1) the impairment of intangible assets of Jisheng Weibang brand of the company is RMB 220 million; 2) The pressure of the real estate industry has led to the continuous decline of the company’s income from changes in fair value. As there is still some pressure on house prices in low-level cities in the future, we lowered the forecast of EPS of the company by 16% / 15% to 0.58/0.64 yuan in 2022 / 2023, and increased the forecast of EPS of the company in 2024 by 0.69 yuan. The company is a leader in home retail. Continuous asset light transformation is conducive to improving the liquidity of the company, maintaining the “buy” rating of the company’s A-Shares and the “overweight” rating of the company’s H shares.
Risk tip: the range of store expansion and rent increase does not meet the expectations, the effect of digital transformation does not meet the expectations, and the profit and loss fluctuation of fair value change is greater than the expectations.
