\u3000\u3 China Vanke Co.Ltd(000002) 416 Shenzhen Aisidi Co.Ltd(002416) )
Event: the company released its annual report for 2021. During the reporting period, the company achieved an operating revenue of 95.166 billion yuan, a year-on-year increase of 48.26%; The net profit attributable to listed shareholders was 922 million yuan, a year-on-year increase of 31.64%.
Continue to enhance the depth of multi brand channel cooperation and service capacity, and the company’s performance reached a new high
In terms of sectors, during the reporting period, 3C’s digital distribution business achieved a revenue of 66.481 billion yuan, a year-on-year increase of 26.7% and a gross profit margin of 2.96%, which was mainly benefited from the company’s continuous increase in channel sinking, cooperation depth and channel service capacity as a national first-class distributor of apple, glory and Samsung during the reporting period; During the reporting period, 3C’s digital retail business realized a revenue of 28.532 billion yuan, a year-on-year increase of 145.68% and a gross profit margin of 3.41%, mainly benefiting from the company’s continuous development of coodoo online retail business during the reporting period and the deepening of omni-channel cooperation and service ability with glory brand. In a single quarter, Q4 achieved a revenue of 29.843 billion yuan, a year-on-year increase of 48.33%; Q4 realized a net profit attributable to the parent company of 174 million yuan, a year-on-year decrease of 21.16%; The gross profit margin of sales was 3.22%, a year-on-year decrease of 0.59pct; The net profit margin of Q4 sales was 0.61%, down 0.61pct year-on-year. Overall, as a leading digital distribution and digital retail service provider in China, the company has strengthened its channel advantages and comprehensive competitiveness in recent years by continuously increasing the coverage and depth of its sales network and accelerating the expansion of the cooperation scope of online market, overseas market and multiple FMCG brands.
Strong sales service network, build competitive barriers and enhance the service capacity of new retail 2C
At present, the company has more than 30 branches and offices across the country, serving 31 provincial regions, covering T1-T6 Omni channels and 100000 mobile phone stores, and controlling 5 distribution centers and more than 30 regional warehouses. At the same time, the company’s 3C digital distribution and retail business has rapidly expanded to cover the online market, expanded and operated more than 1000 Apple authorized stores and more than 5000 FMCG Brand stores, and has formed a new sales service network of offline integration and mutual promotion at home and abroad. In addition, the company established its own brand by relying on the advantages of channel scene during the reporting period: the subsidiary No. 1 machine technology formed strategic cooperation with professional tea making factories to create a new Chinese tea brand of “tea Xiaokai”; The company has built its own brands in the field of intelligent health, such as grapefruit printing and rongzun, and continued to help the company enhance brand value.
Profit and investment forecast
We believe that as the company continues to expand its coverage of categories and customers, and build an online and offline full coverage digital network, the company’s mobile phone and new retail business are expected to usher in rapid growth. According to the latest annual report, we adjusted the company’s revenue for 22-24 years to 1132.0/1321.5/1511.9 (the value before 22 / 23 was 91.706104.788) billion yuan, and the net profit was 12.2/15.7/20.2 (the value before 22 / 23 was 1.281/16.05) billion yuan. Considering the company’s positioning as a leading digital distribution and retailer in China, its competitive advantage is relatively prominent, maintaining the “buy” rating.
Risk tips: sales are less than expected, customer expansion is less than expected, new product sales are less than expected, and policy risks
