\u3000\u3 Shengda Resources Co.Ltd(000603) 708 Jiajiayue Group Co.Ltd(603708) )
Event: Jiajiayue Group Co.Ltd(603708) ( Jiajiayue Group Co.Ltd(603708) . SH) disclosed the plan for non-public offering of A-Shares in 2022. The issuing object of this offering is Jiajiayue Group Co.Ltd(603708) holding, the controlling shareholder of the company. Jiajiayue Group Co.Ltd(603708) holding plans to subscribe all the shares of this non-public offering in cash. The price of this non-public offering is 10.49 yuan / share, and the number of shares issued is 58 million, which does not exceed 30% of the total share capital of the company before this non-public offering, i.e. 183 million shares (inclusive).
Comments:
The financial return of this issuance is considerable, which is conducive to consolidating the company’s leading position in the industry and realizing the development goal of becoming a regional intensive, multi format, all channel, whole industry chain and national retail enterprise. After deducting the issuance expenses, the total funds raised in this issuance will be used for Jiajiayue Group Co.Ltd(603708) Shanghe smart Industrial Park Project (phase I), Yangting shopping mall project and bank loan repayment.
After the expiration of the previous fixed increase, the fixed increase plan will be fully subscribed by the controlling shareholder Jiajiayue Group Co.Ltd(603708) of the company after the fixed increase adjustment, demonstrating the confidence of long-term development. After the expiration of the previous fixed growth plan due to market factors, the new plan is adjusted to raise no more than 60842 million yuan for Shanghe smart Industrial Park Project (phase I), Yangting shopping mall project and bank loan repayment. The external environment has changed greatly in the past two years, and the company’s operation has been adjusted appropriately. In the new scheme, the major shareholders intend to subscribe in full, overweight long-term development, and highlight the company’s confidence in long-term development.
Continue to pay attention to the opportunities for the supermarket industry to get out of the medium and long-term bottom. Looking forward to 2022, we believe that the supermarket industry may benefit from the significant easing of external competition and CPI coming out of the bottom.
In terms of 2022 development plan, quality is more important than expansion speed. There is no clear turning point for improvement in recent operation, but the follow-up can be expected:
1. Same store, exhibition store and profit: in the same store, look back. With the improvement of CPI during the year, there is a great opportunity for the same store to become a regular this year; At the exhibition, the number of closed stores is expected to be better than last year, with the overall goal of improving business efficiency and finance; In terms of profit, the impairment of goodwill and closing of stores have eliminated the drag on finance, superimposed on their own business improvement, and the overall profit this year may be significantly improved compared with last year.
2. New business format: it still focuses on the original business format. At present, member stores, discount stores, online and franchise are not the main forms, which play a role of supplement and exploration; Online accounts for 4%. The live broadcast currently performs well, and may be expanded in the future. The live broadcast is carried out around the brand promotion plan.
Investment suggestion: under the background of the slowdown of investment in community group purchase and front warehouse, the competition environment of fresh retail is expected to improve, and pork promotes the moderate recovery of CPI, the external environment of supermarket operation is expected to improve. In terms of opening and closing new stores, the company is expected to have a high proportion of opening and closing new stores. In terms of fine store opening and closing management, the company is expected to have a high proportion of opening and closing new stores. In terms of opening and closing new stores in the early stage, it is expected to have a high proportion of opening and closing new stores. It is expected that the company will have a high proportion of opening and closing new stores. In terms of opening and closing new stores in the early stage, it is expected to have a high proportion of opening and closing new stores.
Risk tips: macroeconomic fluctuations; Risks of new regional expansion; Risk of goodwill impairment
