\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 828 Red Star Macalline Group Corporation Ltd(601828) )
The company disclosed in the annual report of 2021 that the revenue of 21 years was 15.513 billion yuan, yoy + 8.97%, the net profit attributable to the parent was 2.047 billion yuan, yoy + 18.31%, and the net profit not attributable to the parent was 1.658 billion yuan, yoy + 42.62%; Among them, the operating income of 21q4 was 4.159 billion yuan, yoy-11.70%, the net profit attributable to the parent was - 18 million yuan, and the net profit not attributable to the parent was 189 million yuan.
On the revenue side, 1) quarterly, the revenue from 2021q1 to 2021q4 is 33.41/41.61/38.52/41.59 billion yuan respectively, which is + 30.70% / + 19.99% / + 9.96% / - 11.70% respectively. 2) By industry, ① the revenue of household commercial service industry will reach 11.351 billion yuan in 2021, an increase of 10.60% at the same time, accounting for 73.17%; ② The revenue of construction and design services was 1.499 billion yuan, a decrease of 10.17%, accounting for 9.66%; ③ The revenue of home decoration related services and commodity sales industry was 1.396 billion yuan, an increase of 14.01% at the same time, accounting for 9.00%; ④ Other business revenue was 1.268 billion yuan, an increase of 17.22% at the same time, accounting for 8.17%. 3) In terms of products, ① in 2021, the revenue from self operation and leasing was 8.095 billion yuan, an increase of 21.14% at the same time, accounting for 52.18%; ② In the early stage of the project, the revenue of brand consulting and entrusted management services was 667 million yuan, with a decrease of 15.38%, accounting for 4.30%; ③ The annual revenue of brand consulting and entrusted management services of the project was 2.231 billion yuan, an increase of 8.21% at the same time, accounting for 14.38%. ④ The business management consulting revenue of engineering projects was 26 million yuan, with a decrease of 79.10%, accounting for 0.17%; ⑤ Business consulting and Investment Promotion Commission revenue was 332 million yuan, with a decrease of 45.08%, accounting for 2.14%; ⑥ The revenue from construction and design was 1.499 billion yuan, a decrease of 10.17%, accounting for 9.66%; ⑦ The sales revenue of home decoration related services and goods was 1.396 billion yuan, an increase of 14.01%, accounting for 9.00%. On the cost side, the company's gross profit margin was 61.67% in 2021, an increase of 0.16pct at the same time. Quarterly, the gross profit margin of 2021q4 was 57.78%, an increase of 5.08pct; By industry, the gross profit margins of home business services, construction and design services, home decoration related services and commodity sales and other businesses were 70.01%, 27.33%, 20.55% and 72.86% respectively, with a decrease of 0.72pct, 5.34pct, 1.34pct and an increase of 9.5pct respectively.
On the cost side, the cost rate during 2021 is 42.48%, with an increase of 1.21 PCT; Among them, the sales expense rate was 13.30%, with an increase of 1.40pct, mainly due to the increase of advertising expenses and publicity expenses due to the resumption of normal promotion activities; The rate of administrative expenses was 12.92%, with an increase of 1.11 PCT; The R & D expense rate was 0.39%, with an increase of 0.14 PCT; The financial expense rate was 15.86%, with a decrease of 1.45pct.
On the profit side, the net profit attributable to the parent company in 2021 was 2.047 billion yuan, yoy + 18.31%, and the net interest rate attributable to the parent company was 13.20%, an increase of 1.04 PCT at the same time; The net interest rate attributable to the parent company after deducting non profits was 10.69%, with an increase of 2.52pct. Quarterly, the net interest rate attributable to the parent company in 2021q4 is - 0.42%, with a decrease of 0.43pct; The net interest rate attributable to the parent company after deducting non profits was 4.55%, with an increase of 4.52pct.
Investment suggestion: focusing on the strategy of "Omni channel Pan home business platform service provider", the company has occupied 17.5% of the market share of China's chain home stores. In the future, the company will start from a more refined granularity and grasp the dual demand drive of younger consumption and stock market renovation based on the original home shopping mall's efficient channel network ability, strong supply chain integration ability and home operation management experience, Gradually step into the channel of steadily reducing leverage, and further optimize the operation efficiency. In the previous period, the net profit attributable to the parent company in 22 / 23 is predicted to be 3.85/4.47 billion yuan. Due to the large gap between the actual net profit attributable to the parent company in 21 years and the last prediction, the forecast of net profit attributable to the parent company in 22 / 23 years is lowered. The net profit attributable to the parent company in 22-24 years is expected to be 2.44/29.8/3 billion yuan. As the leading market share of chain home stores, the company maintains an upward trend, and the year-on-year growth rate of net profit attributable to the parent company in 22 / 23 years is expected to increase compared with the previous prediction, Maintain the "buy" rating.
Risk tip: liquidity risk: the development of home decoration business is less than expected, the industry competition intensifies, the flow cost increases, and the fluctuation of fair value of investment real estate causes the risk of large non recurring profits and losses
