\u3000\u3 China Vanke Co.Ltd(000002) 154 Baoxiniao Holding Co.Ltd(002154) )
Event: the company released its annual report for 2021, realizing revenue of 4.451 billion yuan / + 17.52%, net profit attributable to parent company of 464 million yuan / + 26.7%, and net profit attributable to non parent company of 414 million yuan / + 39.40%; It is proposed to distribute a cash dividend of 2.70 yuan (including tax) for every 10 shares. Among them, 21q4 company achieved revenue of 1.478 billion yuan / - 3%, net profit attributable to parent company of 97 million yuan / - 23%, and net profit deducted from non attributable to parent company of 105 million yuan / + 4%.
In the second half of the year, the growth of revenue slowed down slightly and the gross profit margin increased: the growth of Q1-Q4 revenue of the company in 21 years was 53.59% / 35.14% / 12.47% / - 3.21% respectively. The slowdown of Q4 revenue was mainly affected by the factors of high base and warm winter. The gross profit margin for the whole year of 21 was 63.92%, which increased by 0.54 PCTs compared with the same period last year.
By channel: by the end of 2021, the company had 1676 stores (a net increase of 43), including 752 Direct stores (+ 6) and 924 franchise stores (+ 37). In the past 21 years, the company's direct channel revenue was 1.758 billion yuan, with a year-on-year increase of 14.38%, and the gross profit margin increased by 3.07pcts to 78.05%; The franchise revenue was 806 million yuan, a year-on-year increase of 38.34%, and the gross profit margin decreased by 0.74pcts to 65.34%; The group purchase business (professional dress treasure bird, school uniform Yili special) obtained orders through bidding and market development, realized an income of 860 million yuan, a year-on-year increase of 7.42%, and the gross profit margin decreased by 2.42 PCTs to 45.34%; Online, in addition to cooperation with traditional e-commerce platforms, the company actively operated new retail business and vigorously developed live e-commerce business. In 21 years, the e-commerce revenue was 681 million yuan, a year-on-year increase of 13.2%, and the gross profit margin increased by 1.27pcts to 65.42%. The company's franchise income increased rapidly, and the direct sales and e-commerce increased steadily.
By brand: Baoxiniao Holding Co.Ltd(002154) direct / franchise stores are 229 (- 1) / 567 (+ 18) respectively; Haggis has 301 direct / franchise stores (+ 13) / 100 (- 5); 222 (- 6) / 257 (+ 24) direct / franchise stores of other brands respectively; The company has steadily expanded its channels. In the 21st year, Baoxiniao Holding Co.Ltd(002154) brand gathered the core category of suits, realized the improvement of store efficiency through the comprehensive improvement of product power, channel power, brand power and operation power, and successfully broke through the weak market in Central China, realizing a revenue of 1.612 billion yuan, a year-on-year increase of 26.26%; Haggis achieved sustained and steady growth in the past 21 years, the gross profit margin increased, the performance of constant stores increased year-on-year, and the annual revenue was 1.452 billion yuan, a year-on-year increase of 17.83%; Kemiche & lefeiye & TB achieved a revenue of 380 million yuan, a year-on-year increase of 7.02%.
The expenses are generally stable, and the management expenses are increased by strengthening incentives and low base. In the 21st year, the three expenses of the company totaled 2.091 billion yuan / + 18.26%. In 2021, the company's sales / management / financial expenses were 1.765329/ - 03 billion yuan, with a year-on-year increase of 17.59% / 24.77% / - 175.81%, and the sales / management / financial expense rates were 39.64% / 7.93% / - 0.06% respectively. Among them, the increase in sales expenses is mainly due to the company's continued development of sales channels, strengthening performance incentives through the implementation of profit growth awards, increasing brand publicity and promotion, store redecoration and improving brand image; The increase in administrative expenses was mainly due to the company's strengthening of performance incentives and the implementation of profit growth awards, and the preferential policies of social security reduction and exemption in the same period of last year due to the impact of the epidemic, which were no longer enjoyed in this reporting period; The negative financial expense rate is mainly due to the decrease of loans and the increase of interest on time bank deposits. On the whole, the expense rate of the company is relatively stable. In 21 years, the company achieved a net profit of 479 million yuan / + 22.91%, with a net profit margin of 10.77%, an increase of 0.47 PCTs year-on-year.
Investment suggestion: the company adheres to the development strategy of "one master, one deputy, one vertical and one horizontal" and operates with multiple brands. The Baoxiniao Holding Co.Ltd(002154) brand has broken through the weak market in Central China in 21 years and improved store efficiency; Haggis brand continues to maintain rapid growth, and the company's increased incentives are expected to further mobilize the enthusiasm of employees. It is expected that the company's net profit attributable to the parent company in 202224 will be RMB 578 / 683 / 782 million, with a year-on-year increase of 24.5% / 18.3% / 14.4x%, corresponding to EPS of 0.40/0.47/0.54 yuan and PE of 9.3/7.8/6.8 times. It will be rated as "buy-b" for the first time.
Risk tips: the impact scope and duration of the epidemic exceed expectations, terminal consumption is less than expected, hazys renewal failure risk, etc.
