\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 916 China National Gold Group Gold Jewellery Co.Ltd(600916) )
The company released the first quarterly report of 2021. In 2022q1, the operating revenue was 14.368 billion yuan, a year-on-year increase of 8.02%; The net profit attributable to the parent company was 252 million yuan, a year-on-year increase of 22.06%.
Revenue side: by industry, the operating revenue of gold jewelry / service fee was 14.212/17 billion yuan respectively, with a year-on-year change of 7.34% / – 14.07% respectively. In terms of regions, the Northeast / North China / East China / South China / Central China / Northwest / southwest region achieved an operating revenue of RMB 629 / 33.06 / 68.30 / 6.96 / 10.21 / 5.91 / 1.157 billion respectively, with a year-on-year change of 17.81% / – 12.06% / 30.32% / – 38.93% / – 2.46% / – 15.68% / 37.86% respectively.
Gross profit margin: the gross profit margin of 2022q1 company was 4.09%, with a year-on-year increase of 1.72pct and a month on month increase of 0.86pct. The gross profit level of the company continued to improve.
Period expense side: the period expense rate of 2022q1 company was 1.20%, with a year-on-year decrease of 0.05pct. The sales cost increased by 0.0591 PCT year on year; The management expense ratio was 0.20%, with a year-on-year decrease of 0.04pct; The R & D expense rate was 0.02%, with a year-on-year increase of 0.01pct; The financial expense rate was 0.06%, a year-on-year decrease of 0.08pct.
Profit side: in 2022q1, the company realized a net profit attributable to the parent company of RMB 252 million, with a year-on-year increase of 22.06%, and the net interest rate attributable to the parent company was 1.75%, with a year-on-year increase of 0.20pct.
Channel side: a total of 13 new stores were added in the first quarter, and the expansion of stores continued to be strengthened. 2022q1 company added 3 Direct stores, including 1 in North China / Central China / East China; 10 new franchise stores were added, including 3 / 1 / 1 / 1 / 4 in North China / East China / South China / Central China / Northwest China. In the second quarter, the company plans to add 8 stores, including 5 Direct stores, 3 / 2 stores in North / Central China and 3 franchise stores in South / central / Southwest China. The company promotes the expansion of China National Gold Group Gold Jewellery Co.Ltd(600916) marketing channels in the way of “direct selling + distribution”. We expect that the company may continue to maintain the rapid expansion of stores in 22 years. In addition, the company has made concerted efforts in multiple dimensions, actively arranged high-quality tracks, continuously expanded e-commerce business, reshaped Wuxi Online Offline Communication Information Technology Co.Ltd(300959) new pattern, promoted the integrated development of “Online + entity”, and improved the industrial chain and business structure upgrading.
Investment suggestion: as a leader in the gold industry, the company’s performance continues to grow steadily. Recently, China National Gold Group Gold Jewellery Co.Ltd(600916) has reached strategic cooperation with Xiaomi Youpin, sijihaowu and China Academy of fine arts to launch a new product “golden buckle” across the border, improve China National Gold Group Gold Jewellery Co.Ltd(600916) product matrix again and expand product market. We expect the net profit attributable to the parent company in 22 / 23 years to be 1 billion yuan / 1.3 billion yuan respectively, and the corresponding PE is 17x / 13X respectively, maintaining the “buy” rating.
Risk tips: repeated epidemic risk, franchise business management risk, large fluctuation risk of gold price, inventory custody risk and company operation risk
