\u3000\u3 China Vanke Co.Ltd(000002) 832 Biem.L.Fdlkk Garment Co.Ltd(002832) )
The revenue of 22q1 was 810 million yuan, an increase of 30.16%, and the net profit attributable to the parent company was 213 million yuan, an increase of 41.29%. The revenue reached a new high of 2.72 billion yuan in 2021, with a year-on-year increase of 18.09%, mainly driven by continuous R & D investment, product innovation, brand strength improvement, marketing network upgrading, strengthened supply chain management and accelerated store opening. In 2021, the parent company realized a return of 625 million yuan, with a year-on-year increase of 25.2%, maintaining a stable growth.
By product, in 2021, the income of upper garment was 1.155 billion yuan (accounting for 42.47%), an increase of 14.07% at the same time; The income of lower garment was 577 million yuan (accounting for 21.23%), an increase of 9.62% at the same time; The income of coat category was 761 million yuan (accounting for 27.98% of the total), an increase of 29.98% at the same time; Other income was 226 million yuan (8.32% of the total), an increase of 26.88%.
According to the sales model, the online sales revenue in 2021 was 123 million yuan (accounting for 4.51% of the total), an increase of 24.76% at the same time; The direct sales revenue was 1.914 billion yuan (accounting for 70.37%), an increase of 17.52% at the same time; The franchise sales revenue was 683 million yuan (accounting for 25.12% of the total), an increase of 18.58% at the same time.
In 2021, the gross profit margin of the company was 76.69% (+ 2.81pct), the net profit margin attributable to the parent company was 22.96% (+ 1.3pct), the gross profit margin of 22q1 was 75.49% (- 1.07pct), and the net profit margin attributable to the parent company was 26.24% (+ 1.52pct). The terminal profitability continued to increase steadily.
In terms of products, the gross profit margin of upper garment in 2021 is 79.19% (+ 4.06pct); Gross profit margin of lower garment is 79.84% (+ 4.20pct); Gross profit margin of coat category is 74.99% (+ 2.41pct); The gross profit margin of other categories is 61.54% (-4.39pct).
By channel, the gross profit margin of online sales in 2021 is 50.93% (+ 13.34pct); Gross profit margin of direct sales 81.11% (+ 2.85pct); The gross profit margin of franchise sales is 68.90% (+ 1.21pct).
The company’s sales / management / Finance rates in 2021 are 338.27% (- 0.17pct), 8.81% (+ 0.24pct) and 0.80% (+ 0.38pct) respectively.
The advantages of offline channels are obvious, with the combination of direct marketing and franchise. By the end of 2021, the company had 1100 terminal sales stores, a net increase of 121 compared with 979 stores at the end of 2020, including 532 Direct stores and 568 franchise stores.
Maintain profit forecast and buy rating. The company has a high-quality segment track, implemented multi brand development strategy and differentiated market positioning strategy, accurately met the dress needs of consumers on different occasions under the background of consumption upgrading, committed to product design, R & D and brand operation of high value-added business chain, created high-end differentiated products with ingenuity and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated omni-channel layout. We expect that the company’s EPS in 202224 will be 1.40, 1.78 and 2.25 yuan / share respectively, and PE will be 15.95, 12.53 and 9.92 times respectively.
Risk tip: the speed of expanding stores is lower than expected, and the growth of store efficiency is lower than expected; Increase in labor costs and storage and logistics deployment costs; The influence of international sports fashion brand competition.
