\u3000\u3 Shengda Resources Co.Ltd(000603) 214 Shanghai Aiyingshi Co.Ltd(603214) )
Event: the company issued the 2021 annual report. In 2021, the revenue reached 2.652 billion yuan, a year-on-year increase of 17.55%; The net profit attributable to the parent company was 73 million yuan, a year-on-year decrease of 36.97%. Among them, the revenue of Q4 in 2021 was 999 million yuan in a single quarter, with a year-on-year increase of 54.49%; The net profit attributable to the parent company was 40 million yuan, a year-on-year decrease of 24.08%.
Steady business growth and brilliant e-commerce performance. In 2021, the company achieved revenue of 2.079 billion yuan / 338 million yuan / 20 million yuan / 17 million yuan / 554000 yuan respectively in store sales / e-commerce / wholesale / Baby Touch and other services / early education and related businesses, of which the operating revenue of e-commerce increased by 189.88% year-on-year. In 2021, the company's expense ratio was 27.57%, with a year-on-year increase of 2.09pct. Among them, the sales expense ratio increased by 0.93pct to 22.33% year-on-year, mainly due to the expansion of online business and the business scale brought by the acquisition of Beibei bear during the reporting period.
Realize regional mergers and acquisitions and cut into the central China market. In Q4 of 2021, the company successfully acquired Beibei bear, the first mother and baby chain brand in Central China. By the end of 2021, Beibei bear had more than 200 stores across the country and more than 2000 employees, including more than 400 certified nursery teachers. The company will continue to expand in areas with strong brands and realize business operation synergy with the dual brand operation mode of " Shanghai Aiyingshi Co.Ltd(603214) " and "Beibei bear". At present, the company is relying on its own store chain operation advantages to gradually optimize beibeixiong's existing stores.
Layout the new retail model of o2o and pilot the early education and nursery business. In March 2021, the company entered meituan, hungry and other online platforms to carry out real-time retail business. Since the launch of the company's o2o business in March 2021, the monthly compound growth rate has exceeded 400%. In addition, the company implanted early education formats in some stores, developed creative early education courses, and opened the first childcare center in Pudong, Shanghai to arrange childcare business.
Investment suggestion: we expect to realize the net profit attributable to the parent company of RMB 0.86/106118 million from 2022 to 2024, with the corresponding EPS of RMB 0.61/0.75/0.83/share, and the PE corresponding to the latest share price of 30.9/24.9/22.5 times, maintaining the "overweight" rating.
Risk tips: repeated epidemics, continuous decline in birth rate and less than expected store expansion
