\u3000\u3 China Vanke Co.Ltd(000002) 293 Luolai Lifestyle Technology Co.Ltd(002293) )
Key investment points
The company announced the annual report of 21 and the quarterly report of 22. The annual income of 21 was 5.76 billion (+ 17.3%), and the net profit attributable to the parent was 713 million (+ 21.9%). The annual report planned to pay cash dividends of 6 yuan for every 10 shares, superimposed with the dividends of the three quarterly reports, and the annual dividends exceeded 1 billion yuan; 22q1 income was 1.286 billion (- 2.5%), and the net profit attributable to the parent was 159 million yuan (- 12.8%).
Home textile business: the upgrading of product structure has promoted the increase of income and profit of all channels in 21 years. 21. The company's home textile revenue reached 4.66 billion (+ 16.7%) in the whole year. According to different channels:
1) online: the annual revenue growth of 13.6% to 1 billion 610 million, accounting for 35% of the income of home textiles, and the year of the domestic textile category eleven, the first eleven tiktok GMV, the first year of the household category, the 21H2 force control discount, the gross profit margin 47.5% (+2.0pp).
2) franchising: in the 21st century, the annual revenue increased by 23% to 2.03 billion. During the year, 408 / 241 franchising channels were newly opened / net opened, reaching a total of 2220. Under the escort of brand strength, the channel expansion was smooth. At the same time, combined with category upgrading, the gross profit margin increased by 1.9pp to 45.3%;
3) direct sales: in the 21st century, the annual revenue increased by 11% to 370 million yuan, 44 / 4 new / net stores were opened during the year, with a total of 261 stores. The average sales revenue of stores increased by 9.2% during the year, and the sales of comparable stores for more than 12 months increased by 14.3%. At the same time, benefiting from the retail discount, the gross profit margin increased by 2.5pp to 66.4%.
In the whole year of the 21st century, the revenue of the main home textile channels was large and the gross profit margin was up, reflecting the remarkable effect of the high-end positioning strategy. Therefore, although the investment in product promotion and channel expansion increased in the 21st year, the company's main home textile industry still achieved a net profit of 615 million (+ 16.5%) in the 21st year, and the net profit margin remained 13.2%.
Household business: Q4 raised the price to cover the shipping cost, and the profitability of the whole year was significantly improved. Lexington business in the United States had an annual revenue of 1.1 billion yuan (+ 21.6%) and a gross profit margin of 3.72 billion yuan (+ 2.2pp). Although affected by the Southeast Asian epidemic and shipping pressure in the second and third quarters, the company has successively adjusted the pricing coverage cost since the second half of Q3, and the profitability has been effectively restored. The annual net profit of household business reached 104 million yuan and the net profit margin was 9.4% (+ 2.3pp).
Profit forecast and investment suggestions:
Entering 22q1, the company's revenue was 1.286 billion (- 2.5%), and the net profit attributable to the parent company was 159 million yuan (- 12.8%), of which the number of high-income units of Lexington fell, and the income of China's home textile business fell slightly. Mainly because the company, as a brand in Jiangsu, Zhejiang and Shanghai, the main market, has been impacted by a certain epidemic since late March, and some product publicity expenses have been put in advance, resulting in fluctuations in the profit margin of a single quarter; In April, the impact of the epidemic continued, and the Q2 performance is expected to fluctuate in the short term under the limited logistics. However, from the perspective of the whole year, the signing of new stores in terminal channels is still very smooth. The plan to open 350 new stores / net 150 stores throughout the year continues to be promoted in an orderly manner, driving the company to further improve market coverage. It is estimated that the net profit attributable to the parent company in 22 / 23 / 24 will be RMB 780 / 8.9/1.02 billion, an increase of 10% / 14% / 14% at the same time, corresponding to pe14 / 13 / 1 1x. As the largest leader of home textile, it has a steady growth and maintains the "buy" rating.
Risk tip: the epidemic repeatedly affects the consumption environment, and the price of raw materials fluctuates unexpectedly
