\u3000\u3 China Vanke Co.Ltd(000002) 697 Chengdu Hongqi Chain Co.Ltd(002697) )
The company’s 1q2022 revenue increased by 7.99% year-on-year, and the net profit attributable to the parent decreased by 1.58% year-on-year
On April 13, the company announced the first quarterly report of 2022: 1q2022 achieved an operating revenue of 2.441 billion yuan, a year-on-year increase of 7.99%, a net profit attributable to the parent of 122 million yuan, equivalent to a fully diluted EPS of 0.09 yuan, a year-on-year decrease of 1.58%, and a deduction of non attributable net profit of 117 million yuan, a year-on-year decrease of 4.73%.
Among them, the net profit attributable to the parent company decreased by 1.58% year-on-year, mainly due to the investment income in the consolidated income statement of 1q2022 company (including the net profit of 21 million yuan from investing in Xinwang bank and Gansu Hongqi) decreased by 32.59% year-on-year. Without considering the impact of this part of investment income, the net profit attributable to the parent company of 1q2022 increased by 9.12% year-on-year.
The company’s 1q2022 comprehensive gross profit margin decreased by 0.25 percentage points, and the period expense rate decreased by 0.24 percentage points
The comprehensive gross profit margin of 1q2022 company was 29.68%, a year-on-year decrease of 0.25 percentage points.
1q2022 company’s expense rate during the period was 24.55%, with a year-on-year decrease of 0.24 percentage points, of which the sales / management / financial expense rate was 22.50% / 1.21% / 0.83% respectively, with a year-on-year change of – 0.14 / – 0.25 / + 0.16 percentage points respectively.
Offline stores continue to adjust and upgrade to realize the unified warehousing and distribution of most commodities
In terms of store adjustment, the company has gradually cleaned up and integrated the stores acquired since 2015 and the stores whose surrounding passenger flow environment cannot be improved in the short term. In 2020, the company opened 302 new stores, closed 36 stores and upgraded 160 old stores; In 2021, 412 new stores were opened, 146 stores were closed, and 193 old stores were upgraded. In terms of store location, the company’s stores are usually located in the prime location of the city or the business district expected to have good development potential. At the same time, the company has established a set of information management system suitable for itself, realized the rapid networking of company – Branch – Finance – distribution, and accelerated the work efficiency of commodity distribution, turnover, cashier, accounting and other links. In terms of supply chain construction, the company has realized the unified storage and distribution of most commodities. As the official supplier of the 2022 Universiade, the company will take this opportunity to further enhance the influence of the company.
Maintain the profit forecast and maintain the “overweight” rating
The company’s performance is basically in line with expectations. We maintain the prediction of EPS of the company in 2022 / 2023 / 2024 of RMB 0.37/0.39/0.41. The company’s offline stores have been continuously upgraded and adjusted, the construction of supply chain system has been continuously improved, and the “overweight” rating has been maintained.
Risk warning: the lease of some stores cannot be renewed after expiration, and the impact of the epidemic is higher than expected.
