\u3000\u3 Shengda Resources Co.Ltd(000603) 008 Xlinmen Furniture Co.Ltd(603008) )
Event overview
The company released the first quarterly report of 2022. During the reporting period, the company achieved a revenue of 1.405 billion yuan, a year-on-year increase of 12.35%; The net profit attributable to the parent company was 54 million yuan, a year-on-year decrease of 36.18%; The non net profit deducted was 49 million yuan, a year-on-year increase of 12.85%. In terms of cash flow, the net cash flow from operating activities was -551 million yuan, a decrease of 163.03% over the same period last year, mainly due to the increase in purchase payment and salary payment in the current period.
Analysis and judgment:
Revenue side: affected by the epidemic, the revenue growth rate decreased month on month
In Q1 2022, the company achieved a revenue of 1.405 billion yuan, a year-on-year increase of 12.35% and a month on month decrease of 48.53%. Compared with Q1 in 2021, the year-on-year growth rate decreased by 13.39 PCT. The decline in growth rate was mainly caused by the sudden impact of the epidemic in the first quarter. We believe that in 2022, the company will further strengthen the refined star certification of national stores and create a brand image of five-star store terminals, which is expected to improve the terminal sales performance of offline stores. The company plans to establish more than 1000 live broadcast stores and new channels, and the company will continue to establish a new live broadcast channel system. At the same time, the company will continue to establish more than 1000 live broadcast stores and help the opening of new channels. The company's revenue is still expected to grow rapidly in 2022.
Profit side: gross profit margin increased month on month
On the profit side, in Q1 2022, the company achieved a gross profit margin of 34.26%, a year-on-year decrease of 0.2pct and a month on month increase of 1.04pct; The company achieved a net interest rate of 4.33%, down 3.46 PCT year-on-year and 2.95 PCT month on month. On the expense side, in Q1 2022, the company's expense rate during the period was 30.48%, an increase of 0.58pct year-on-year. Among them, the sales / management / financial expense rates were 19.93%, 6.4% and 1.33% respectively, with year-on-year changes of -1.45, 1.40 and 0.47pct. The significant increase in the management expense rate is mainly due to the increase in wages, training and amortization expenses in the current period. The company's R & D expense ratio increased by 0.16pct to 2.81% year-on-year. In addition, during the reporting period, the company's investment income decreased by 101.96%, mainly because the company confirmed the income from the disposal of shengxihuashi equity transfer in the previous period. The net income from changes in fair value of the company decreased by 100%, mainly due to the changes in the net investment equity of Ruixi company in the previous period.
Investment advice
We believe that in the future, the company will benefit from the improvement of industry concentration, the introduction of new products of its own brand, new e-commerce models such as live broadcasting and goods delivery, and the creation of industrial ecosystem. Although the company's short-term performance is under pressure, Q1 does not change in the long term. We kept the company's profit forecast unchanged. The company's operating revenue from 2022 to 2024 was 94.91/116.98/14.386 billion yuan, and the company's EPS from 2022 to 2024 was 1.85/2.40/3.12 yuan, corresponding to the closing price of 26.45 yuan / share on April 22, 2022, and PE was 14.28/11.02/8.47 times respectively, maintaining the company's "buy" rating.
Risk tips
1) sharp decline in demand; 2) The market promotion of new products is less than expected; 3) Industry competition intensifies.
