\u3000\u3 China Vanke Co.Ltd(000002) 832 Biem.L.Fdlkk Garment Co.Ltd(002832) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022, and achieved an annual operating revenue of 2.72 billion yuan, a year-on-year increase of + 18.09%; The net profit attributable to the parent company was 625 million yuan, a year-on-year increase of + 25.2%; It is proposed to issue a cash dividend of 3 yuan for every 10 shares. 22q1 company achieved an operating revenue of 810 million yuan, a year-on-year increase of + 30.16%; The net profit attributable to the parent company was 213 million yuan, a year-on-year increase of + 41.29%.
Comments:
Take multiple measures to drive performance growth, and 2022 has a good start. Due to the strengthening of online supply channels, the company achieved a year-on-year growth of 1.86 billion yuan / 1.46% and 1.76% respectively, due to the strengthening of online supply channels, and the opening of main brands / 1.46% respectively. By the end of 2021, the company had 1100 stores, including 46 / 75 Direct stores and 532 / 568 franchise stores respectively, demonstrating the strength of channels under the epidemic. At the same time, the company actively laid out digital new retail, offline members drained online, promoted VIP fine management, and the growth rate of online channels was bright. In a single quarter, under the high base of 21q1 and the continuous impact of the epidemic, 22q1 started beautifully, reflecting the consumption toughness brought by the company’s strong product power and stable customer base.
Improved profitability and good cost control. In 2021, the company’s gross profit margin increased from + 2.81 PCTs to 76.7% year-on-year. It is expected that due to the introduction of more high-end and differentiated products, the premium level will be increased, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) same price, and the price system will be optimized; The ratio of sales / management / R & D / financial expenses was – 0.2 / + 0.2 / + 0.4 / + 0.3pct to 38.3% / 5.7% / 3.1% / 0.8% year-on-year respectively. Under the comprehensive influence, the net interest rate rose from + 1.3pcts to 23% year-on-year. The gross profit margin of 22q1 was – 1.1pct to 75.5% year-on-year, the period expense rate was – 3.4pct to 42.7%, the net profit margin was + 2.1pct to 26.2%, and the profitability improved steadily.
Focus on core categories and expand the third and fourth tier markets. On the product side, according to the data of China Business Federation, the company’s T-shirt products and golf clothing ranked first in China’s comprehensive market share in 2021. In 2022, the company will focus on core categories, strengthen the high-end differentiated positioning of products, create a “T-shirt expert” and start the strategic upgrading of “category leading”; Golf series is opened independently, and its categories are subdivided into fashion and professional series to improve the consumption experience of target groups. From the perspective of channel end, the company took the opportunity to sink the channel to the third and fourth tier cities with rapid development, and continued to be optimistic about the prospect of high-end consumer market in low tier cities.
Investment suggestion: the company has high-end sportswear and high-quality track, implemented multi brand development strategy and differentiated market positioning, and has a promising performance growth prospect. Based on the higher than expected performance of the company in 2021 and 2022q1, we raised the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 780 / 980 / 1.17 billion yuan respectively (the original forecast value was 730 / 880 million yuan in 22 / 23 years), corresponding to the current market value PE of 16 / 13 / 11x respectively, maintaining the “buy” rating.
Risk tip: the epidemic affects consumption, the channel expansion is less than expected, and the acceptance of new products is less than expected.
