\u3000\u3 China Vanke Co.Ltd(000002) 154 Baoxiniao Holding Co.Ltd(002154) )
In 2021, the revenue was 4.451 billion, an increase of 17.5% and the net profit attributable to the parent company was 464 million, an increase of 26.7%
In 2021, the revenue reached 4.451 billion yuan, with a year-on-year increase of 17.52%, mainly due to the sales growth of the company’s main brands Baoxiniao Holding Co.Ltd(002154) , haggis and BAONIAO, of which the total revenue and growth rate of 21q1-4 were 995 million (+ 53.59%), 980 million (+ 35.14%), 998 million (+ 12.47%) and 1478 million (- 3.21%) respectively.
In 2021, the net profit attributable to the parent company was RMB 464million, with a year-on-year increase of 26.7%, of which the net profit attributable to the parent company and the growth rate of 21q1-4 were RMB 181million (+177.89%), RMB 81million (+58.91%), RMB 105million (-15.64%) and RMB 97million (-22.68%) respectively.
By brand, the revenue of Baoxiniao Holding Co.Ltd(002154) brand in 2021 was 1.612 billion yuan (accounting for 36.21% of the total), with a year-on-year increase of 26.26%; Hazzys brand revenue was 1.452 billion yuan (32.63% of the total), with a year-on-year increase of 17.83%; The total revenue of kemiche, lefeiye and TB brands was 380 million yuan (accounting for 8.55%), with a year-on-year increase of 7.02%; BAONIAO brand revenue was 837 million yuan (accounting for 18.80% of the total), with a year-on-year increase of 6.61%; The revenue of other brands was 45 million yuan (1.01% of the total), with a year-on-year increase of 9.3%.
By channel, the direct channel revenue in 2021 was 1.758 billion yuan (accounting for 39.49%), with a year-on-year increase of 14.38%; Franchise channel revenue was 806 million yuan (accounting for 18.12%), with a year-on-year increase of 38.34%; Group purchase channel revenue was 861 million yuan (accounting for 19.34%), with a year-on-year increase of 7.42%; E-commerce channel revenue was 681 million yuan (accounting for 15.30%), with a year-on-year increase of 13.20%; The revenue from other channels was 220 million yuan (accounting for 4.95%), with a year-on-year increase of 31.13%.
The gross profit margin increased steadily, and the direct gross profit margin increased by 3.07 PCT at the same time. The optimization effect was remarkable. In 2021, the gross profit margin of the company increased by 0.54 PCT to 63.92% year-on-year, and the net profit margin attributable to the parent company increased by 0.76 PCT to 10.43% year-on-year.
The operating capacity continued to improve. In 2021, the company’s inventory was 1.149 billion yuan, a year-on-year increase of 19.07%, mainly due to the increase in the procurement and preparation of clothing products; The number of inventory turnover days in 2021 was 236.97 days, a year-on-year decrease of 19.95 days.
Adjust the profit forecast and maintain the buy rating. The company implements the multi brand development strategy, seizes the strategic opportunity of China’s new development pattern and consumption upgrading, continues to adhere to the development strategy of “one master, one pair, one vertical and one horizontal”, and continues to cultivate deeply on the clothing subdivision track; Expand R & D center and set up materials research institute to help product R & D; By continuously upgrading the shopping center channel share, breaking through the weak market in Central China, closing the tiktok outlets, and setting up new flagship stores such as jitter and so on, the channel structure will be continuously upgraded and optimized. Continue to strengthen brand promotion and improve brand value and brand image.
We expect the company’s 22-24 EPS to be 0.42, 0.51 and 0.58 yuan / share respectively (the original values of 22-23 are 0.54 and 0.71 yuan / share respectively), and PE to be 9.22, 7.50 and 6.67 times respectively.
Risk tip: the macroeconomic growth rate and social consumption boom are lower than expected; Brand channel expansion and terminal sales are less than expected; Intensified industry competition, etc.
