\u3000\u3 Shengda Resources Co.Ltd(000603) 908 Comefly Outdoor Co.Ltd(603908) )
It is planned that in 2022, the revenue will be 1.28 billion yuan, with an increase of 38.7%, and the net profit will be 120 million yuan, with an increase of 51.9%
In 2021, the revenue was 923 million yuan, an increase of 43.6%, of which the revenue and growth rate of 21q1-4 were 210 million (+ 25.7%), 328 million (+ 58.4%), 186 million (+ 36.4%) and 199 million (+ 50.7%) respectively. In 2021, the net profit attributable to the parent company was 79 million yuan, an increase of 71% at the same time, of which the net profit and growth rate of 21q1-4 attributable to the parent company were 21 million (+ 70.3%), 32 million (+ 27.8%), 18 million (+ 51.8%) and 07 million respectively.
In terms of business, the company’s ODM / OEM OEM OEM business revenue in 2021 was 615 million yuan (accounting for 66.7% of the total), an increase of 28% at the same time; The business income of independent brands was 306 million yuan (accounting for 33.2% of the total), an increase of 90.02% at the same time.
From the perspective of brand business channels, the company’s online revenue of brand business in 2021 was 109 million yuan (accounting for 11.8% of the total), an increase of 126.7% at the same time; Offline revenue was 198 million yuan (21.4% of the total), an increase of 74.5% at the same time; In 2021, the direct channel revenue of the company’s brand business was 28 million yuan (accounting for 3% of the total), an increase of 21.9% at the same time; The franchise channel revenue was 58 million yuan (accounting for 6.3% of the total), an increase of 11.8% at the same time.
In terms of OEM business by region, the revenue in Europe was 476 million yuan (accounting for 51.7%), an increase of 23.3%, that in Oceania was 87 million yuan (accounting for 9.44%), an increase of 21.61%, and that in Asia was 40 million yuan (accounting for 4.3%), an increase of 186.85%.
In terms of products, the company’s tent and equipment revenue in 2021 was 771 million yuan (accounting for 83.6% of the total), an increase of 43.78% at the same time; The income from clothing and shoes was 104 million yuan (accounting for 11.3% of the total), an increase of 12.54% at the same time; Accessories and other income was 46 million yuan (accounting for 5% of the total), an increase of 228.42% at the same time.
In 2021, the gross profit margin of the company will be reduced by 0.7pct to 24.8%; The net interest rate attributable to the parent company increased by 1.4pct to 8.5% at the same time
By business, the gross profit margin of the company’s brand business in 2021 was 33.94%, an increase of 1PCT; The gross profit margin of ODM / OEM OEM OEM business (i.e. export business) is 20.42%, with a decrease of 2.5pct.
In terms of products, the gross profit margin of the company’s tents and equipment in 2021 was 22.94%, with a decrease of 0.1pct; The gross profit margin of clothing and shoes is 34.7%, with a decrease of 4pct; The gross profit margin of accessories and others was 35.85%, with an increase of 2pct.
By channel, the company’s online channel gross profit margin was 39.86% in 2021, an increase of 9.6pct at the same time; The gross profit margin of offline channels is 30.69%, with a decrease of 3.4pct; In 2021, the gross profit margin of the company’s direct channels was 50.12%, with a decrease of 0.6pct; The gross profit margin of franchise channels is 34.39%, with a decrease of 2pct; The gross profit margin of other channels was 31.77%, an increase of 5.6pct.
Raise the profit forecast and maintain the buy rating. The company is deeply engaged in high prosperity outdoor track, the camping heat continues to drive the demand growth of camping and surrounding products, and the share of OEM supply chain is expected to increase. We expect that the company’s EPS in 22-24 years will be 1.83 yuan, 2.70 yuan and 3.77 yuan / share respectively (the original values of 22-23 are 1.8 yuan and 2.4 yuan / share respectively), and PE will be 22.54x, 15.28x and 10.95x respectively.
Risk tip: the growth of outdoor industry slows down, the price fluctuation of raw materials, backward products and technology and other risks.
