\u3000\u3 Shengda Resources Co.Ltd(000603) 214 Shanghai Aiyingshi Co.Ltd(603214) )
In 2021, the company’s revenue increased by 17.55% year-on-year, and the net profit attributable to the parent decreased by 36.97% year-on-year
On April 14, the company released its annual report for 2021: in 2021, the operating revenue was 2.652 billion yuan, a year-on-year increase of 17.55%, the net profit attributable to the parent was 73 million yuan, which was converted into fully diluted EPS of 0.52 yuan, a year-on-year decrease of 36.97%, and the net profit deducted from non attributable to the parent was 29 million yuan, a year-on-year decrease of 64.97%. In terms of splitting in a single quarter, 4q2021 achieved an operating revenue of 999 million yuan, a year-on-year increase of 54.49%, a net profit attributable to parent company of 40 million yuan, equivalent to a fully diluted EPS of 0.28 yuan, a year-on-year decrease of 24.08%, and a deduction of non attributable net profit of 25 million yuan, a year-on-year decrease of 43.27%.
In 2021, the company’s comprehensive gross profit margin decreased by 1.27 percentage points, and the period expense rate increased by 2.09 percentage points. In 2021, the company’s comprehensive gross profit margin was 30.26%, a year-on-year decrease of 1.27 percentage points. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 29.60%, down 4.10 percentage points year-on-year.
In 2021, the company’s expense rate during the period was 27.57%, with a year-on-year increase of 2.09 percentage points, of which the sales / management / financial expense rate was 22.33% / 3.61% / 1.63% respectively, with a year-on-year change of + 0.94 / – 0.28 / + 1.44 percentage points respectively. 4q2021’s expense rate during the period was 23.88%, with a year-on-year increase of 1.00 percentage points, of which the sales / management / financial expense rate was 19.95% / 2.32% / 1.61% respectively, with a year-on-year change of + 1.21 / – 1.49 / + 1.29 percentage points respectively.
Acquire beibeixiong, open the central China market and set up early education and nursery centers
In the fourth quarter of 2021, Shanghai Aiyingshi Co.Ltd(603214) successfully acquired Beibei bear, the first mother and baby chain brand in Central China. The number of stores increased from 290 at the end of 2020 to 526 at the end of 2021, covering east, South, southwest and central China. At the same time, in 2021, relying on its high-end creative early education brand, the company opened early education and childcare centers, forming a diversified layout of mother and child service industry. In terms of online channel construction, the company launched o2o business in March 2021. By the end of 2021, the company had built more than 1000 enterprise and micro communities with more than 50 people and 1.2 million + community fans.
Raise the profit forecast and maintain the “neutral” rating
The company’s performance exceeded expectations, mainly because the effect of the company’s acquisition of beibeixiong exceeded expectations. The strong cooperation between the company and beibeixiong will improve the company’s profit space. We raised the prediction of the company’s EPS in 2022 / 2023 by 9% / 8% to 0.43/0.48 yuan, and increased the prediction of the company’s EPS in 2024 by 0.52 yuan. After the acquisition of Beibei bear, the company will open the central China market, which is conducive to consolidating the company’s competitive strength and maintaining the “neutral” rating.
Risk tip: some store leases cannot be renewed when they expire, the expansion speed of new stores does not meet expectations, and the effect of mergers and acquisitions does not meet expectations.
