\u3000\u3 China Vanke Co.Ltd(000002) 293 Luolai Lifestyle Technology Co.Ltd(002293) )
In 2021, the income was 5.76 billion yuan, an increase of 17.3% and the net profit attributable to the parent company was 710 million yuan, an increase of 21.9%
In 2021, the company achieved a new high revenue of 5.76 billion yuan, with a year-on-year increase of 17.3%, which is mainly driven by the continuous development of R & D and design, multi-channel integrated development, brand strength and overseas production capacity. In 2021q1-q4, the revenue and growth rate were 1.319 billion (+ 47.69%), 1.207 billion (+ 19.18%), 1.472 billion (+ 8.97%) and 1.761 billion (+ 6.52%) respectively. In 2022q1, the revenue was 1.286 billion yuan, a year-on-year decrease of 2.49%.
In 2021, the net profit attributable to the parent company was 713 million yuan, with a year-on-year increase of 21.92%, of which the net profit attributable to the parent company and the growth rate in 2021q1-4 were 183 million (+ 156.15%), 100 million (+ 3.9%), 209 million (+ 6.96%) and 222 million (- 0.23%) respectively. 22q1 net profit attributable to the parent company was 159 million yuan, a year-on-year decrease of 12.81%.
By product, the revenue of standard kits in 2021 was 1.898 billion yuan (32.95% of the total), an increase of 17.49% at the same time; The income of core products was 1.827 billion yuan (accounting for 31.71%), an increase of 17.41% at the same time; The income of furniture was 1.113 billion yuan (19.33% of the total), an increase of 21.07% at the same time.
By channel, the online channel revenue in 2021 was 1.612 billion yuan (accounting for 27.98% of the total), an increase of 13.59% at the same time; The offline channel revenue was 4.148 billion yuan (accounting for 72.02% of the total), an increase of 18.80%, of which the direct sales revenue was 371 million yuan (accounting for 6.44%), an increase of 10.88%; The franchise sales revenue was 2.029 billion yuan (accounting for 35.23% of the total), an increase of 22.78% at the same time; The income from other channels was 647 million yuan (accounting for 11.23%), an increase of 7.97% at the same time; The channel revenue of the United States was 1.102 billion yuan (19.13% of the total), an increase of 21.64% at the same time.
In 2021, the gross profit margin of the company increased by 1.82 PCT to 45.00% year-on-year, the net profit margin attributable to the parent company increased by 0.47 PCT to 12.38% year-on-year, and the terminal profitability increased steadily. In 2022q1, the gross profit margin of the company is 41.85% (-0.60pct), and the net profit attributable to the parent company is 12.39% (-1.47pct).
By category, the gross profit margin of standard suite products in 2021 was 48.71%, an increase of 0.36pct; The gross profit margin of core products was 48.86%, with an increase of 4.37 PCT; The gross profit margin of furniture products was 37.18%, an increase of 2.12pct.
By channel, the gross profit margin of online channel sales in 2021 was 48.45%, an increase of 2.02pct; The gross profit margin of direct sales was 66.43%, an increase of 2.53pct; The gross profit margin of franchise sales was 45.31%, with an increase of 1.94 PCT; The gross profit margin of sales through other channels was 36.40%, with an increase of 0.63 PCT; The gross profit margin of sales channels in the United States was 37.19%, an increase of 2.19pct.
Maintain profit forecast and buy rating. The company’s multi brand matrix has achieved effective coverage of mass consumption, medium and high-end and ultra-high-end markets, continued product research and development and channel expansion, and strengthened the upgrading of retail services. We expect that the company’s EPS in 202224 will be 0.99, 1.15 and 1.35 yuan / share respectively, and the PE will be 12.93, 11.16 and 9.50x respectively.
Risk warning: repeated epidemic caused Wuxi Online Offline Communication Information Technology Co.Ltd(300959) operation efficiency to be lower than expected; Increase of labor cost; Rising prices of raw materials, etc.
