\u3000\u3 Shengda Resources Co.Ltd(000603) 816 Jason Furniture (Hangzhou) Co.Ltd(603816) )
Core view:
On April 22, 2022 Jason Furniture (Hangzhou) Co.Ltd(603816) disclosed the annual report and the first quarterly report of the company in 2021. In 2021, the company achieved an operating revenue of 18.342 billion yuan, a year-on-year increase of 44.81%; The net profit attributable to the shareholders of the listed company was 1.664 billion yuan, a year-on-year increase of 96.87%. In the first quarter of 2022, the company achieved an operating revenue of 4.54 billion yuan, a year-on-year increase of 20.05%; The net profit attributable to the parent company reached 443million yuan, a year-on-year increase of 15.11%, still maintaining a relatively rapid growth rate.
For China business, the company adheres to the channel strategy of 1 + N + X, consolidates the advantages of category professional stores, speeds up the integration of large store layout, and continues to promote the comprehensive upgrading of store status. By the end of 2021, the company had 6456 physical stores, 235 fewer than the dealer stores at the end of 2020. We expect that the decline in the number of stores is related to the company’s promotion of upgrading from single stores to integrated large stores. Among them, there are 541 large stores and 108 integrated stores, and the proportion of large stores and integrated stores continues to increase. The store has made great efforts to build integrated products for guest dining and sleeping space. The product matrix has been continuously optimized and the impact of continuous optimization of store status has been superimposed. The single store income of the store has been continuously improved, which has promoted the continuous rise of the company’s domestic trade business. In 2021, the company’s Chinese revenue reached 10.712 billion yuan, a year-on-year increase of 40.05%. With the continuous high-profile of the overseas market, the launch of the company’s functional products and other products and the expansion of cross-border e-commerce channels, the operating revenue of the company’s overseas business increased to RMB 6.918 billion, a year-on-year increase of 48.68%.
In terms of profit level, affected by the rise of raw material prices, the company’s gross profit margin fell to 28.87% in 2021, down 1.1 percentage points year-on-year, and the gross profit margin fell to some extent. In the first quarter, the company’s gross profit margin reached 29.85%, an increase of 0.65 percentage points year-on-year. With the gradual implementation of price increase and the decline of MDI and other raw material prices and shipping prices, the pressure on the cost side of enterprises has slowed down.
On the whole, the growth of the company in 2021 depends more on the improvement of channel quality. The company’s large home strategy and store optimization measures have achieved relatively good results. With the continuous promotion of the “1 + N + X” strategy, the continuous opening of large stores and integrated stores and the continuous expansion of the company’s new categories, the company’s performance is expected to maintain a rapid growth rate.
