\u3000\u3 China Vanke Co.Ltd(000002) 832 Biem.L.Fdlkk Garment Co.Ltd(002832) )
Key investment points
Event: the company released the annual report and the first quarterly report. In the 21st, the annual revenue was 2.72 billion (+ 18%), the net profit attributable to the parent was 625 million (+ 25%), the single 21q4 revenue was 750 million (+ 3%), and the net profit attributable to the parent was 165 million (+ 10%); 22q1 had a bright start, with an income of 810 million (+ 30%) and a net profit attributable to the parent company of 213 million (+ 41%), showing the high growth of the leading clothing industry.
Strong product strength supports the high growth of all channels in 21 years. High end sports fashion as the main medium and high-income male consumer group
Brand (men's wear accounts for more than 70%). Due to the sense of design (color and pattern elements are more suitable for the needs of working and living scenes of target consumer groups such as civil servants and enterprise executives), Version (covering the characteristics of narrow shoulders of Asians and easy prominence of middle-aged abdomen), fabric (imported from Korea and Italy, with high comfort, strong sense of sag and easy care), it is very suitable for the needs of target customers, Compared with other sports and fashion categories, the overseas old men's wear channels are more sinking. The customer stickiness of Biem.L.Fdlkk Garment Co.Ltd(002832) brand is very strong (the single consumption connection rate of regular customers is more than 3, and 70% of the consumption comes from regular customers). The number of VIPs has exceeded 700000 in 21 years. At present, it ranks among the top three or even the first in the men's wear floors of department stores, driving the continuous and strong growth performance under the fluctuation of consumption environment.
In terms of channels: 1) the annual revenue of direct channels is 1.91 billion (+ 17.5%), accounting for 70% of the company's total revenue, the number of channels is 532 (+ 9.5%), the retail discount is further narrowed, and the gross profit margin reaches 81.1% (+ 2.9pp); 2) The 21-year delivery revenue of franchise channels is 680 million yuan (+ 18.6%), the number of channels is 568 (+ 15.2%), and the gross profit margin is 68.9% (+ 1.2pp, from the continuous upgrading of categories); 3) The revenue of e-commerce channels dominated by inventory disposal reached 123 million (+ 24.8%) in 21 years, and the gross profit margin recovered to 50.9% (+ 13.3pp). Benefiting from the improvement of single store efficiency and gross profit margin of offline channels, the net profit margin of the company in 21 / 22q1 reached 23.0% / 26.2% respectively, with a year-on-year increase of 1.3pp/2.1pp, driving the profit growth faster than the income.
The high profitability of the channel has accelerated the expansion of stores in the past 22 years. By the end of 2021, the number of channels of the company has reached 1100 (a net increase of 121 compared with the beginning of the year). On this basis, it is expected to have a net increase of 180 in 2022, becoming one of the few high-end brands that have maintained a rapid net increase in channels for four consecutive years. The rapid growth of the channel comes from the high profitability of the channel supported by products and brand strength. From the grassroots research of dealers, the operating profit margin of Biem.L.Fdlkk Garment Co.Ltd(002832) brand can reach the level of 20%, which is very excellent in the field of men's wear brands.
The strategy of opening a separate Golf store and T-shirt in 22 years is worth looking forward to. As a sports fashion brand with golf gene, golf series were mostly sold by displaying a small number of SKUs in club stores / shopping malls in the past, accounting for less than 10%. However, since the order meeting in autumn and winter 22, the fashion of golf series was improved and SKUs were more abundant under the leadership of new Korean designers, becoming the series with the best response to orders. In addition to the orders of franchisees, The company plans to open professional stores (mainly direct sales) for the golf line from 22h2 to further improve the reach of high-end people. In addition to the golf line, the company's strong category of T-shirts has achieved the first comprehensive share of similar products in 18-21 years (according to the statistics of the China Federation of Commerce). In 22 years, it will carry out leading strategic upgrading for this category, focus on promotion and broaden the price band, so as to attract more young customers to experience brand products.
Profit forecast and Valuation: we believe that the company has created accurate product positioning and diversified product promotion investment through continuous deep cultivation in the field of sports fashion, driving the continuous improvement and rapid growth of channel quality. At the same time, the improvement momentum of operation turnover efficiency is also very obvious, and there is sufficient growth space in the future. It is estimated that the net profit attributable to the parent company in 22-24 years is 8.1/10.3/1.25 billion, corresponding to the growth rate of 30% / 26% / 21%, corresponding to pe16 / 12 / 10x, Optimistic about the track and growth, continue to recommend and maintain the "buy" rating.
Risk tip: the epidemic has repeatedly affected consumer confidence, and the expansion of new brands is less than expected
