\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 916 China National Gold Group Gold Jewellery Co.Ltd(600916) )
The company issued the 2021 annual report. In 2021, the operating revenue reached 50.758 billion yuan, a year-on-year increase of 50.23%; The net profit attributable to the parent company was 794 million yuan, a year-on-year increase of 58.84%. Among them, the operating revenue of 2021q4 was 13.838 billion yuan, a year-on-year increase of 32.29%; The net profit attributable to the parent company was 236 million yuan, a year-on-year increase of 38.20%.
Revenue side: the company achieved an operating revenue of 50.758 billion yuan in 2021, with a year-on-year increase of 50.23%. The obvious increase of gold products is mainly due to: the base number in the same period of last year is small due to the impact of the epidemic in 2020, and the influencing factors of the epidemic in this reporting period are lower than those in the previous period; The increase in service fee was mainly due to the increase in the number of franchise stores over the same period of last year.
Gross profit margin: in 2021, the company’s gross profit margin was 3.09%, a year-on-year decrease of 1.27pct. Quarterly, the gross profit margin of 2021q1 / Q2 / Q3 / Q4 was 2.37% / 3.67% / 3.06% / 3.23% respectively, with a year-on-year change of -2.06 / – 2.24 / – 2.67/1.29pct.
Expense side: in 2021, the expense rate of the company was 1.30%, with a year-on-year decrease of 0.36pct. The sales expense ratio was 0.91%, with a year-on-year decrease of 0.14 PCT; The management expense ratio was 0.27%, with a year-on-year decrease of 0.07pct; The financial expense ratio was 0.12%, with a year-on-year decrease of 0.15pct; The R & D expense rate was 0.03%, with a year-on-year increase of 0.01pct.
Profit side: in 2021, the net profit attributable to the parent company was 794 million yuan, with a year-on-year increase of 58.84%. The net interest rate was 1.57%, with a year-on-year increase of 0.09pct. On a quarterly basis, the net profit attributable to the parent company in 2021q1 / Q2 / Q3 / Q4 was 206 / 196 / 156 / 236 million yuan respectively, with a year-on-year change of 325.81% / – 15.20% / – 17.66% / 38.20%; The net interest rate was 1.57% / 1.48% / 1.52% / 1.70% respectively, with a year-on-year change of 3.00 / -1.12 / -0.90/0.07pct.
A total of 3721 stores have been opened, and the expansion of stores has been continuously strengthened. At the end of 19, 20 and 21, the total number of stores of the company was 2931, 3160 and 3721 respectively. The company promotes the expansion of China National Gold Group Gold Jewellery Co.Ltd(600916) marketing channels in the way of “direct selling + distribution”. We expect that the company may continue to maintain the rapid expansion of stores in 22 years. In addition, the company has made concerted efforts in multiple dimensions, actively arranged high-quality tracks, continuously expanded e-commerce business, reshaped Wuxi Online Offline Communication Information Technology Co.Ltd(300959) new pattern, promoted the integrated development of “Online + entity”, and improved the industrial chain and business structure upgrading.
Investment suggestion: as a leader in the gold industry, the company’s revenue has increased significantly in the past 21 years, which is higher than the industry average. Recently, China National Gold Group Gold Jewellery Co.Ltd(600916) has reached strategic cooperation with Xiaomi Youpin, sijihaowu and China Academy of fine arts to launch a new product “golden buckle” across the border, improve China National Gold Group Gold Jewellery Co.Ltd(600916) product matrix again and expand product market. We expect the net profit attributable to the parent company in 22 / 23 years to be 1 billion yuan / 1.3 billion yuan respectively, and the corresponding PE to be 21x / 16x respectively, maintaining the “buy” rating.
Risk tips: repeated epidemic risk, franchise business management risk, large fluctuation risk of gold price, inventory custody risk and company operation risk
