\u3000\u3 China Vanke Co.Ltd(000002) 154 Baoxiniao Holding Co.Ltd(002154) )
Key investment points
Event: the company released its annual report for 2021, which realized an operating revenue of 4.451 billion yuan (+ 17.52%), recorded a net profit attributable to the parent of 464 million yuan (+ 26.70%), and a net profit margin attributable to the parent of 10.43% (YoY + 0.78pct). The operating income of 202104 alone was 1.478 billion yuan (- 3.21%), and the net profit attributable to the parent company was 97 million yuan (- 22.68%), which was mainly due to the 20-year adjustment of the accounting. The new revenue recognition method was the total amount method, which was mainly reflected in the high base brought by 2004.
Continuously improve profitability and share brand growth Dividends with employees. In 21 years, the company recorded a gross profit margin of 63.92% (YoY + 0.54pct) and a net profit margin attributable to the parent company of 10.43% (YoY + 0.78pct), which was mainly due to the optimization of channel management and the increase in the proportion of haggis with high gross profit margin. At the same time, the company adheres to the development idea of "growth first and profit oriented". By implementing profit growth share and strengthening performance incentive, we expect the company to distribute about 60 million yuan of bonus. Fully mobilize the enthusiasm of the company's employees under the high-performance incentive mechanism, which is expected to help the company's high-quality and sustainable development in the new three years.
Under the epidemic situation, the development toughness of multi brand matrix is prominent. By brand,
1 Baoxiniao Holding Co.Ltd(002154) reform has achieved remarkable results and gradually broke through the weak market in Central China. In 2021, the Baoxiniao Holding Co.Ltd(002154) main brand recorded a revenue of 1.612 billion yuan (+ 26.26%), and the effect of product rejuvenation was significant. We expect the sales volume of suits to increase by more than 20% compared with the standard; In terms of channels, as of the end of the 21st century, Baoxiniao Holding Co.Ltd(002154) stores totaled 796 (+ 17), including 18 JingTuo franchise stores, and successfully broke through the weak market in Central China; The channel management is becoming more and more refined, and the single store efficiency continues to improve.
2hazys epidemic highlights brand resilience, and the addition of new categories is worth looking forward to. Since 21q3, external factors (epidemic and flood) have been frequently disturbed, and hazys, which accounts for a high proportion of high-speed cities, has been greatly affected. However, throughout the year, hazys still recorded a revenue of 1.452 billion yuan (+ 17.83%), with a continuous increase in gross profit margin and single store efficiency. As for the channel, as of the end of 21, the total number of stores was 401 (+8), and 13 tiktok outlets were stationed in the city, and the channel was stationed in the channel to promote the development of online business. In terms of products, the company cooperates with lfcorp Sign a new authorization for luggage categories, and the increase of new categories is worth looking forward to.
3. BAONIAO continued to grow steadily on the high base, and kemiche & lefeiye & TB reserves grew. In 2021, BAONIAO recorded a revenue of 837 million yuan (+ 6.61%), which continued to grow steadily on the high base of 38.61% year-on-year growth in epidemic prevention business in 20 years, highlighting its high-quality service and customer base. Among the growing brands, Camice & lefeiye & TB achieved revenue of 371 million yuan (+ 9.30%), among which Camice focused on channel optimization and closing inefficient stores; Lefeiye focuses on improving the brand terminal image. The products highlight the brand printing design, and the online sales growth is good. TB has completed the upgrading of the store image, and opened theme image stores in Changsha IFS shopping center, Qingdao Haitian shopping center and Wuhan International Plaza shopping center respectively.
Profit forecast and Valuation: since 2018, all brands of the company have maintained a rapid growth of 15% ~ 20%, showing a clear upward trend of brands. At the same time, the company's rich heritage in brand power, channel resources and supply chain resources makes us look forward to its future. Considering the aggravation of the epidemic disturbance from March to April at the beginning of 22 years, or some adjustments, we lowered our expectations. It is expected that the company will realize a net profit attributable to its parent company of 570 / 690 / 820 million in 22-23 years, with a corresponding growth rate of 23% / 21% / 18% and pe9 / 8 / 7X. We believe that with the landing of the company's fixed increase boots and the continuous signing of hazys, the company has sufficient upward space, is optimistic about the planning and development of the new three years and maintains the "buy" rating.
Risk warning: the epidemic situation worsened beyond expectation; Changes in consumer demand;
