\u3000\u3 China Vanke Co.Ltd(000002) 293 Luolai Lifestyle Technology Co.Ltd(002293) )
The income and net profit attributable to the parent company in the 21st year increased by 17.30% and 21.92% respectively year-on-year
The operating revenue of the company in the 21st year was 5.760 billion yuan, with a year-on-year increase of 17.30%, and the net profit attributable to the parent company was 713 million yuan, with a year-on-year increase of 21.92%, which was in line with the expectation, deducting 679 million yuan of non net profit, with a year-on-year increase of 22.13%. EPS0. 86 yuan, the proposed dividend per share is 0.6 yuan (including tax), plus the dividend of 0.6 yuan (including tax) in the third quarterly report, and the total cash dividend twice in 21 years is 1 billion yuan. The growth rate of net profit attributable to the parent company was faster than that of income, mainly due to the contribution of the improvement of gross profit margin. In 21 years, the gross profit margin and net profit attributable to the parent company increased by + 1.82, + 0.47pct to 45.00% and 12.38% respectively year-on-year, and the net profit attributable to the parent company continued to increase for three consecutive years.
By quarter, the single quarter revenue of 21q1~22q1 was +47.69%, +19.18%, +8.97%, +6.52%, -2.49% year-on-year respectively, and the net profit attributable to the parent company was +156.15%, +3.90%, +6.96%, -0.23%, -12.81% year-on-year respectively.
In the past 21 years, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) have achieved ideal growth, and the number of offline stores has increased by 11%
In terms of revenue channels, the company’s main home textile industry and furniture (Lexington in the United States) accounted for 80.87% and 19.13% respectively in 21 years, with a year-on-year increase of 16.31% and 21.64% respectively; Among them, the income from online, direct sales, franchising and other channels of the main home textile industry accounted for 27.98%, 6.44%, 35.23% and 11.23% of the total income respectively, with a year-on-year increase of 13.59%, 10.88%, 22.78% and 7.97% respectively.
In terms of stores, the company had 2481 stores at the end of the year, a net increase of 10.96% over the beginning of the year, including 261 Direct stores and 2220 franchise stores, a net increase of 1.56% and 12.18% respectively over the beginning of the year. In terms of endogenous store efficiency growth, the average revenue of Direct stores opened for more than 12 months in 21 years increased by 14.3% year-on-year.
The gross profit margin and expense rate increased in 21 years, and the turnover of inventories and accounts receivable accelerated
1) the gross profit margin increased by 1.82pct to 45.00% year-on-year in 21 years. The gross profit margins of home textile on the middle line, direct sales, franchise and other industries were 48.45%, 66.43%, 45.31% and 36.40% respectively, with a year-on-year increase of + 2.02, + 2.53, + 1.94 and + 0.63pct respectively. 22q1 gross profit margin decreased by 0.60pct year-on-year to 41.85%.
2) the expense rate during the period increased by 1.56pct to 27.99% year-on-year in 21 years, of which the expense rates of sales, management, R & D and finance were 19.61%, 6.89%, 2.17% and – 0.68% respectively, with a year-on-year increase of + 0.52, + 0.38, + 0.10 and + 0.56pct. The increase in financial expenses was mainly due to the decrease of interest income from bank deposits. During 22q1, the expense rate increased by 1.79pct to 27.39% year-on-year, of which the expense rates of sales, management, R & D and finance were + 1.99, + 0.32, -0.46 and -0.07pct year-on-year respectively.
3) in terms of other indicators, the inventory turnover days in 21 years and 22q1 were 140 days and 158 days respectively, with a year-on-year increase of – 13 days and + 21 days; The turnover days of accounts receivable were 31 days and 34 days respectively, with a year-on-year increase of – 7 days and – 1 day. Net operating cash flow decreased by 14.48% year-on-year to 728 million yuan in 21 years, and 22q1 increased by 34.55% year-on-year.
Profit forecast and investment suggestions: as the leader of home textile, the company has achieved good growth in Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels in the past 21 years, and the number of offline new stores has exceeded the annual target and practiced the active expansion strategy; Online Tmall platform 11 double ranked the home textile industry tiktok NO.1, and live broadcast grew rapidly, sales ranked the first year of home textile category NO.1. The performance of 22q1 was disturbed by the epidemic for a short time. Considering the uncertainty of the current epidemic development, we lowered the company’s profit forecast for 22-23 years (the net profit was reduced by 9% and 10% respectively compared with the previous profit forecast). According to the latest share capital, the EPS for 22-23 years was expected to be 0.90 and 1.04 yuan respectively, the new 24-year profit forecast and 24-year EPS were 1.19 yuan, and the pe15 and 13 times in 22 and 23 years. It has the attribute of high dividend and low value, and maintained the “buy” rating.
Risk tip: weak terminal consumption or short-term logistics obstacles caused by China’s foreign epidemic; E-commerce growth slows down or traffic costs rise; The expansion of offline channels is less than expected; Improper fee control; Exchange rate fluctuations affect Lexington’s performance.
