\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 859 Wangfujing Group Co.Ltd(600859) )
In 2021, the company's revenue increased by 10.55% year-on-year, and the net profit attributable to the parent company increased by 295.61% year-on-year
On April 22, the company released its annual report for 2021: in 2021, the company realized an operating revenue of 12.753 billion yuan, a year-on-year increase of 10.55%, a year-on-year increase of 8.91% in the same store, a net profit attributable to the parent of 1.34 billion yuan, converted into fully diluted EPS of 1.18 yuan, a year-on-year increase of 295.61%, and a net profit deducted from non attributable to the parent of 943 million yuan, a year-on-year increase of 131.28%.
From the perspective of splitting, the net profit attributable to the parent company was rmb7.31 billion and the net profit attributable to the parent company was rmb7.15 billion in the quarter.
In 2021, the company's comprehensive gross profit margin increased by 8.05 percentage points and the period expense rate increased by 0.12 percentage points. In 2021, the company's comprehensive gross profit margin was 42.14%, an increase of 8.05 percentage points year-on-year.
In 2021, the company's expense ratio was 26.86%, with a year-on-year increase of 0.12 percentage points. Among them, the sales / management / financial expense ratio was 12.89% / 11.13% / 2.84% respectively, with a year-on-year change of - 1.24 / - 1.48 / + 2.84 percentage points respectively.
Complete the stock exchange and merger of the first commercial shares, and further strengthen the online operation
The company completed the acquisition of Shaanxi Saite International Trade Department Store Co., Ltd. at the end of June 2021 and the share exchange and merger of shoushang shares at the end of October 2021. By the end of 2021, the company had operated 74 chain stores, including 38 department stores, 14 outlets and 22 shopping centers, with a total operating construction area of 4.34 million square meters. In terms of professional stores, by the end of 2021, the company's ruijinshangpin and ruigaoyi had 21 stores respectively; Faya trading has 420 stores (including 173 self operated stores and 247 franchised stores) and 4 stores. Tiktok and its stores in WeChat's private sector and public address live in 2478 venues in 2021, with 11 million 640 thousand views. The number of shops in the shopping mall is 12 on the line, and the new supply chain platform is fully launched in 32 general merchandise stores to further promote the payment digitalization.
Raise the profit forecast and maintain the "buy" rating
The company's performance exceeded expectations, mainly due to the consolidation after the company completed the share exchange and merged the first business shares, and the merger effect between the company and the first business shares exceeded expectations. The strong combination of the company and the first business shares is conducive to thickening the company's revenue and profit. We raised the prediction of the company's EPS in 2022 / 2023 by 71% / 61% to 1.3/1.42 yuan, and increased the prediction of the company's EPS in 2024 by 1.54 yuan. The smooth merger of the company and shoushang shares and the continuous promotion of online process are conducive to consolidating the company's competitive advantage and maintaining the "buy" rating.
Risk tip: the promotion of tax-free business did not meet expectations, and the speed of store integration did not meet expectations.
