\u3000\u3 China Vanke Co.Ltd(000002) 832 Biem.L.Fdlkk Garment Co.Ltd(002832) )
Investment summary:
Recently, the company released the annual report of 2021 and the first quarter report of 2022. In 2021, the company's revenue and net profit attributable to the parent company increased by 18.09% / 25.2% year-on-year respectively, and the performance growth was compound expected; The company's Q1 revenue and net profit attributable to the parent company in 2022 increased by 30.16% / 41.29% year-on-year respectively, and the performance of 2022q1 exceeded expectations.
The advantages of offline channels and the rapid growth of online channels.
As of December 31, 2021, the company has 532 Direct stores and 568 franchise stores, an increase of 46 / 75 compared with 2020, with a year-on-year increase of + 9.47% / 15.21% respectively; Overall, the growth rate of new stores is faster than that in 2020. The efficiency of the company's offline channel stores increased. In 2021, the revenue of the company's Direct stores and franchise stores was 3.5979 million yuan / 1.2031 million yuan respectively, with a year-on-year increase of 7.35% / 2.92% respectively. The number of Olay stores of the company has also increased steadily year by year. As the main digestion channel of the company's inventory, Olay stores can generally digest the inventory with a stock age of less than two years. The discount of Olay stores is concentrated at 40-60%, which still has a large profit space. It is expected that the company will continue to expand offline channels in 2022, sink the strategy of third and fourth tier cities, seize the mid-range market and promote the continuous and substantial growth of performance.
The company actively laid out new digital retail channels and channeled offline high-quality VIP customers online through the live broadcast platform. During the reporting period, the number of VIP members of the company exceeded 700000. In 2021, the company's online sales / direct sales / franchise sales were 123 million yuan / 1.914 billion yuan / 683 million yuan respectively, with a year-on-year increase of 24.76% / 17.52% / 18.58% respectively. In November 8, 2021 tiktok and Biem.L.Fdlkk Garment Co.Ltd(002832) CARNAVACDEVENISE were set up respectively, and online sales tiktok was the fastest in 2021 due to relatively low base and the drainage channel under the company's efforts.
The gross profit margin continued to rise, with a large increase in the online part.
During the reporting period, the gross profit margin of the company was 76.69%, with a year-on-year increase of 2.81 PCT, of which the gross profit margin of online sales / direct sales / franchise sales was 50.93% / 81.11% / 68.9% respectively, with a year-on-year increase of 13.34 PCT / 2.85 PCT / 1.21 PCT respectively. According to the company's sales volume increased by 2.09% year-on-year in 2021, the sales unit price increased by 15.67% year-on-year. We believe that the significant increase in gross profit margin is mainly due to the increase in product prices.
Due to the high increase in gross profit, the net profit margin of the company increased by 1.3pct to 22.96% year-on-year in 2021; At the same time, the company has improved its operational effectiveness. In 2021, the company's inventory turnover days decreased by 24 days to 360 days year-on-year; In 2021, the net cash flow from operating activities / operating income accounted for 33%, an increase of 5.35 PCT over the same period last year. The company has abundant cash flow. By the end of 2021, the company's monetary capital was 1.083 billion yuan.
2022q1 has a brilliant performance, with revenue / net profit attributable to parent company + 30.16% / 41.29% year-on-year.
In 2022q1, the company's revenue was + 30.16% to 810 million yuan year-on-year, and the net profit attributable to the parent company was + 41.29% to 213 million yuan year-on-year. In addition, the gross profit margin increased from -1.07pct to 75.49% year-on-year. Due to the lower proportion of sales expenses and less financial expenses, the net profit margin increased from + 2.06pct to 26.24% year-on-year. At the same time, due to the increase of 4.53 million yuan in government subsidies over the same period last year, the deduction of non net interest rate was + 1.53 PCT to 24.88% year-on-year.
Promote and focus on core categories through multiple channels, and operate golf series independently to continuously improve brand advantages.
The company adopts a series of new media marketing means, adheres to star endorsement, event communication, entertainment marketing, event promotion and public welfare activities, and constantly strengthens the brand strength. During the reporting period, the company continued to cooperate with the palace culture IP of the Forbidden City, and cooperated with safasahin, a French palace level design master, to dig deep into traditional culture, reproduce classics and improve brand awareness.
The company's T-shirt single category products have been "the first in the comprehensive market share" for four consecutive years (20182021), and T-shirts have become the super category of Biem.L.Fdlkk Garment Co.Ltd(002832) brand. Lenovo will further upgrade its T-shirt brand from "golf brand first" to "T-shirt brand first".
In 2022, the company will independently open and operate Biem.L.Fdlkk Garment Co.Ltd(002832) golf series. The Biem.L.Fdlkk Garment Co.Ltd(002832) golf series is subdivided into two series: Fashion Golf and professional golf, which is positioned as a high-end fashion sport Biem.L.Fdlkk Garment Co.Ltd(002832) series will be opened separately, which will further improve the consumption experience of high-end people for fashion sports and help consolidate the position of Biem.L.Fdlkk Garment Co.Ltd(002832) No. 1 golf apparel brand.
Investment suggestion: we estimate that the operating revenue of the company from 2022 to 2024 will be 3.333 billion yuan, 4.056 billion yuan and 4.899 billion yuan respectively, and the net profit attributable to the parent company will be 873 million yuan, 1.108 billion yuan and 1.385 billion yuan, corresponding to PE of 15.45x, 12.18x and 9.74x. Give a "buy" rating.
Risk tip: the repeated uncertainty of the epidemic situation intensifies the industry competition.
