\u3000\u3 China Vanke Co.Ltd(000002) 327 Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) )
The revenue and net profit attributable to the parent company in 21 years increased by 11% and 6% respectively year-on-year, and maintained steady growth in 22q1. The company’s operating revenue in 21 years was 3.179 billion yuan, with a year-on-year increase of 10.62%, the net profit attributable to the parent company was 546 million yuan, with a year-on-year increase of 5.69%, and the deduction of non net profit was 516 million yuan, with a year-on-year increase of 7.01%. EPS0. 67 yuan, with a proposed dividend of 0.60 yuan per share (including tax).
By quarter, the revenue of 21q1 ~ 22q1 in a single quarter was + 22.80%, + 15.54%, + 13.77%, + 1.25% and + 6.84% respectively year-on-year, and the net profit attributable to the parent company was + 21.52%, + 28.58%, + 0.08%, – 5.44% and + 13.82% respectively year-on-year.
In the past 21 years, the growth of online revenue was outstanding, with a year-on-year increase of + 17%, and the number of offline stores increased by 4% and expanded steadily
In terms of revenue channels, the revenue of e-commerce, direct sales, franchise, group purchase and other (home) channels accounted for 42%, 24%, 26%, 6% and 3% respectively in 21 years. The revenue was + 16.64%, + 10.35%, + 5.05%, – 9.23%, + 31.20% respectively year-on-year, and 22q1 was + 8.06%, + 4.18%, + 16.22%, – 8.23% and – 9.60% respectively year-on-year. In terms of stores, the company had 1525 stores at the end of the year, with a net increase of 4.02% compared with the beginning of the year, including 470 Direct stores and 1055 franchise stores, with a net increase of 7.55% and 2.53% respectively. It is estimated that the average efficiency of Direct stores and franchise stores in the next 21 years will increase by 3% and 2% year-on-year respectively.
In the 21st year, the gross profit margin increased, the expense rate was stable, the turnover of inventories and accounts receivable accelerated, and the cash flow increased
1) the gross profit margin increased by 1.11 PCT to 52.14% year-on-year in 21 years (comparable caliber, the same below). By channel, the gross profit margins of e-commerce, direct marketing and franchise were 46.19%, 65.28% and 50.03% respectively, with a year-on-year increase of + 2.31, – 1.13 and + 1.14 PCT respectively. 22q1 gross profit margin decreased by 1.12pct year-on-year to 53.12%.
2) during the period, the expense rate increased by 0.21pct to 30.59% year-on-year in 21 years, of which the expense rates of sales, management, R & D and finance were 23.09% (year-on-year -0.59pct), 4.81% (+ 0.49pct), 2.39% (-0.05pct) and 0.30% (+ 0.36pct) respectively. The increase of management expenses is mainly due to the increase of equity incentive expenses and third-party service expenses; The increase in financial expenses is mainly due to the amortization of unrecognized financing expenses in the implementation of the new lease standards. During 22q1, the expense rate decreased by 2.86pct to 33.31% year-on-year, of which the expense rates of sales, management, R & D and finance were -0.82, -2.84, + 1.23 and -0.44pct year-on-year respectively.
3) in terms of other indicators, the inventory turnover days in 21 years and 22q1 were 186 and 231 days respectively, with a year-on-year increase of – 30 and – 39 days; The turnover days of accounts receivable were 24 and 25 days respectively, with a year-on-year increase of – 4 and – 1 days; Net operating cash flow increased by 16.34% year-on-year to 775 million yuan in 21 years, and 22q1 increased by + 751.18% year-on-year.
Profit forecast and investment suggestion: as a leading home textile product with outstanding product strength and operation ability, the company has achieved high-quality growth with double improvement of scale and profit margin as the largest e-commerce channel in 21 years, and the performance of direct sales / franchising is stable. Considering the uncertainty of the current epidemic development, we lowered the company’s profit forecast for 22-23 years (the net profit was reduced by 17% and 17% respectively compared with the previous profit forecast). According to the latest equity forecast, the EPS for 22-23 years was 0.73 yuan and 0.84 yuan respectively, the new 24-year profit forecast and 24-year EPS were 0.95 yuan, and the PE11 times and 10 times in 22 and 23 years were lowered to the “overweight” rating.
Risk warning: the impact of the epidemic is uncertain and consumer demand is weak; Risks of rising labor costs and price fluctuation of raw materials; E-commerce growth slows down or traffic costs rise; The expansion of offline channels is less than expected; Improper fee control, etc.
