\u3000\u3 China Vanke Co.Ltd(000002) 612 Lancy Co.Ltd(002612) )
Events
The company issued the performance report for 2021, achieving a revenue of 3.665 billion yuan (+ 27.42%), a net profit attributable to the parent company of 187 million yuan (+ 31.97%), and a basic earnings per share of 0.42 yuan / share.
The revenue of medical beauty increased sharply, and the business of women's clothing and baby children resumed growth
The company's medical beauty business achieved a revenue of 1.12 billion yuan (+ 37.84%), with a gross profit margin of 51.83% (- 2.5pct), and the medical beauty business continued to increase. Among them, the operating revenue was 289 million yuan (+ 3.35%), and the non-surgical revenue was 831 million yuan (+ 48.51%). The business of fashion women's wear achieved a revenue of 1.692 billion yuan (+ 27.86%), with a gross profit margin of 61.08% (+ 7.43pct); The green baby business achieved 816 million yuan (+ 20.05%), with a gross profit margin of 55.67% (0.93 PCT). Through the adjustment of brands and channels, the women's clothing and baby business were gradually weakened by the impact of the epidemic and achieved a rapid growth trend.
Further improve the replication capacity and move forward to the national medical beauty territory
In terms of medical beauty brand, the company has formed a three-dimensional development pattern of high-end (Milan Baiyu), technology (gaoshengli) and light medical beauty multi store chain (Jingfu). In 2021, Milan Baiyu achieved a revenue of 703 million yuan (+ 34.01%), Jingfu achieved a revenue of 260 million yuan (+ 60.46%), and gaoshengli achieved a revenue of 161 million yuan (+ 25.34%). In 2021, 9 Jingfu medical beauty institutions will be added, including 6 in Chengdu and 1 in Chongqing, Xianyang and Changsha. The replication capacity of the company's medical beauty institutions will be further improved. At present, the company has a total of 28 medical beauty institutions, including 4 Milan Baiyu, 22 Jingfu medical beauty and 2 gaoshengli. The company has initially achieved the stage goal of regional head medical beauty brand in Chengdu and Xi'an, and radiated to the southwest. It is estimated that the overall scale of M & A of the medical company has reached RMB 2.7 billion, which has accelerated the establishment of the overall M & A fund of the medical company to reach RMB 6.6 billion.
During this period, the expense rate increased slightly and the profitability increased significantly
The company's period expense rate is 52.40% (+ 0.36pct), of which the sales expense rate is 39.91% (+ 0.90pct), the management expense rate is 7.74% (- 0.48pct), and the R & D expense rate is 3.07% (- 0.17pct). The increase in sales expense rate is mainly due to the increase in advertising expenses due to the increase in the publicity of women's clothing and medical beauty. The company's net profit margin on sales was 6.16% (+ 1.44pct), and its profitability increased significantly.
Investment advice
The revenue of the company's women's clothing and baby business increased steadily, and the medical beauty business entered the performance release period. China's medical and beauty industry has a wide space. Lanzi realizes the remote replication of medical and beauty institutions through the "1 + n" strategy. It is estimated that the company's EPS from 2022 to 2024 will be 0.53/0.66/0.81 yuan / share respectively, corresponding to 47, 38 and 31 times of the current share price PE respectively. Maintain the "buy" rating.
Risk tips
The stricter supervision of medical beauty, the impact of medical accidents on brand reputation, the intensification of competition in clothing business, and the growth of revenue was lower than expected.
