DEA shares (301177)
The company issued the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized an operating revenue of 4.623 billion yuan, a year-on-year increase of 87.57%; The net profit attributable to the parent company was 1.302 billion yuan, a year-on-year increase of 131.09%. In 2022q1, the company achieved a total operating revenue of 1.221 billion yuan, a year-on-year increase of 12.61%, and a net profit attributable to the parent company of 376 million yuan, a year-on-year increase of 16.77%.
Revenue side: the company achieved an operating revenue of 4.623 billion yuan in 2021, an increase of 87.57%, mainly due to the optimization of brand communication, the expansion of brand influence, the further improvement of channel construction capacity and operation level in 2021. ① Quarter by quarter: the operating revenue of 21q1-22q1 was RMB 1.084/12.36/10.91/12.12/1.221 billion respectively, with an increase of - / - / 64.40% / 25.50% / 12.61% respectively. ② Sub products: the operating income of diamond proposal ring / wedding ring / other accessories / other businesses was 36.61/8.66/0.68/0.28 billion yuan respectively, with an increase of 95.94% / 56.23% / 166.89% / 71.33% respectively. ③ Sub sales mode: the operating revenue of online self operation / offline direct operation / offline joint operation / other businesses was 599 / 36.74 / 3.22 / 0.01 / 28 million yuan respectively, with an increase of 168.40% / 80.28% / 71.77% / 700.33% / 71.33% respectively. The offline distribution business is the business carried out by the wholly-owned subsidiary caber Shenzhen in the second half of 2020.
Gross profit margin: the gross profit margin of the company in 2021 / 22q1 was 70.14% / 71.12% respectively, with an increase of 0.77pct/0.71pct respectively, and the gross profit margin remained at a high level. ① Sub products: in 2021, the gross profit margin of diamond proposal ring / wedding ring was 71.34% / 68.00% respectively, with an increase of 0.55pct/0.92pct respectively. ② Sub sales mode: in 2021, the gross profit margin of online self operation / offline direct operation was 66.67% / 71.32% respectively, with an increase of 2.06% / 0.87% respectively.
Period expense rate: the company's expense rate in 2021 is 31.01% respectively, with a decrease of 6.22pct. ① The sales expense rate was 26.35%, with a decrease of 3.24 PCT; ② The management fee rate was 3.74%, with a decrease of 2.77 PCT; ③ The financial expense rate was 0.56%, an increase of 0.10pct at the same time, mainly due to the corresponding increase in the handling fee of POS platform due to the expansion of the transaction scale of the company's cooperative POS platform with the increase of the number of offline stores of the company; ④ The R & D expense rate was 0.36%, with a decrease of 0.32 PCT.
Profit side: in 2021, the company realized a net profit attributable to the parent company of 1.302 billion yuan, an increase of 131.09% at the same time. Quarterly, the net profit attributable to the parent company of 21q1-22q1 was 3.22/4.07/2.62/3.11/376 million yuan respectively, an increase of - / - / 63.58% / 23.44% / 16.77% at the same time, and the net profit attributable to the parent company was 29.68% / 32.93% / 23.99% / 25.70% / 30.78% respectively. With the improvement of the company's brand potential, the improvement of channel construction and the emergence of operation ability, the company's performance has achieved continuous breakthroughs.
Investment suggestion: the company always adheres to the corporate mission of "making love better" and conveys the love concept of "the only true love in life". The scarcity of brand nature in the market is expected to continue to create attraction for the company's products. At the same time, in 2022, the company will build a product structure in line with the brand positioning, continue to expand the offline stores as the front-end user experience window, and plan to open more than 200 new stores in 2022. We estimate that the net profit attributable to the parent company from 2022 to 2023 will be RMB 1.65/22 billion (the previous value is RMB 1.8/2.4 billion), corresponding to 15x / 11xpe respectively, maintaining the "buy" rating.
Risk tips: the risk of repeated epidemic, the company's store expansion is not as expected, the risk of brand image change, etc
