\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 858 Inzone Group Co.Ltd(600858) )
In 2021, the company’s revenue increased by 4.80% year-on-year, realizing a net profit attributable to the parent company of 36 million yuan
On April 12, the company released its annual report for 2021: in 2021, the company realized an operating revenue of 5.671 billion yuan, a year-on-year increase of 4.80%, realized a net profit attributable to the parent of 36 million yuan, converted into a fully diluted EPS of 0.07 yuan, and realized a deduction of non attributable net profit of – 28 million yuan.
From the perspective of quarter on quarter, the net profit attributable to q2.04 billion yuan was reduced to -4.104 billion yuan, and the net profit attributable to q2.04 billion yuan was reduced to -4.1 billion yuan.
In 2021, the company’s comprehensive gross profit margin increased by 5.33 percentage points and the expense rate during the period decreased by 0.63 percentage points
In 2021, the company’s comprehensive gross profit margin was 40.51%, with a year-on-year increase of 5.33 percentage points. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 45.98%, up 8.92 percentage points year-on-year.
In 2021, the company’s expense rate during the period was 36.69%, with a year-on-year decrease of 0.63 percentage points. Among them, the sales / management / financial expense rate was 26.26% / 4.48% / 5.94% respectively, with a year-on-year change of – 2.05 / – 0.43 / + 1.86 percentage points respectively. 4q2021’s expense rate during the period was 45.45%, an increase of 8.61 percentage points year-on-year, of which the sales / management / financial expense rate was 33.44% / 6.39% / 5.62% respectively, with a year-on-year change of + 4.95 / + 1.44 / + 2.22 percentage points respectively.
Upgrade and transform the stock stores and continuously promote the online process
In 2021, the company opened 4 new stores and closed 12 stores in Liaocheng, Dongying, Zibo and Jinan. As of December 31, 2021, the company has 120 stores with a building area of 3141100 square meters. At the same time, the company promoted the upgrading and transformation of stock stores, built a community shopping center with two modes of Jinan Huaxin store and China Railway store, and completed the adjustment and transformation of key stores such as Zibo store, Tai’an store and Weifang store. In terms of online shopping construction, relying on platforms such as Ginza home, Ginza cloud shopping, meituan, hungry, Jingdong home and so on, accelerate the business development of online department stores and supermarkets.
Cut the profit forecast and maintain the “overweight” rating
The company’s performance was slightly lower than expected, mainly due to the intensified competition in the industry and the impact of the epidemic. In view of the repeated epidemic situation in many places in the first quarter of 2022 and the uncertain recovery process of the epidemic, we lowered our forecast of EPS in 2022 / 2023 by 16% / 21% to 0.09/0.10 yuan, and added 0.11 yuan to our forecast of EPS in 2024. The upgrading of the company’s stock stores and the continuous promotion of the online process are conducive to consolidating the company’s competitive advantage in Shandong and maintaining the “overweight” rating.
Risk tip: some store leases cannot be renewed when they expire, and the expansion speed of new business formats and new stores does not meet expectations.
