\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 92 Hangzhou Onechance Tech Corp(300792) )
The company disclosed the results of 2021 and the first quarter of 2022:
For the whole year of 2021, the company realized revenue of 1.1 billion (- 13%), net profit attributable to parent company of 330 million (+ 5%), deducting non net profit of 260 million (- 9%)
2021q4: the company achieved revenue of 410 million (- 14%), net profit attributable to the parent company of 120 million (- 16%), deducting non net profit of 90 million (- 35%)
2022q1: the company realized revenue of 270 million (+ 20%), net profit attributable to parent company of 50 million (- 2%), deducting non net profit of 50 million (+ 4%)
Revenue:
In the whole year of 21, the brand online marketing realized 230 million (- 46%), the brand online management realized 600 million (+ 16%), and the online distribution realized 260 million (- 26%)
The revenue of Q1 increased steadily in 22 years. Under the disturbance of the epidemic, it is expected that the main reason is the contribution of newly signed brands in Q1 and the harvest period of 21q3 brands.
Gross profit:
The gross profit margin is 48% (+ 0.2pct) and Q4 is 47% (- 7.5pct); Q1 in 22 years is 44% (- 4.4pct). Among them, in the whole year of 21, the gross profit margin of brand online marketing business was 45% (- 3.3pct), the gross profit margin of brand online management business was 59% (- 7.2pct), and the gross profit margin of online distribution business was 28% (+ 8.6pct)
Profit:
21 years: cost control + investment income
The annual net interest rate is 29% (+ 4.9pct), of which the investment income is 60 million, and the impact of the net interest rate is expected to be about + 4pct. Q4 in 21 years was 30% (year-on-year -0.5pct);
During the whole year, the cost was 15% (+ 0.3pct), and the sales expense rate was – 4pct year-on-year, mainly due to the year-on-year decline of online marketing service business, and the management expense rate was 4pct year-on-year, mainly due to the investment in organizational capacity-building; Q4 is 15% (+ 5.3pct), and the rates of sales and management expenses are 2.5 and 5.0pct respectively year-on-year.
Q1 of the 22nd year: Online expenses increased at the same time
The net interest rate of 22q1 was 19% (- 4pct), the period expense rate of Q1 was 18% (+ 3PCT), and the sales expense rate was + 4.3pct year-on-year, mainly due to the growth of brand online marketing services and online distribution business;
Investment suggestions:
Considering the impact of the epidemic and the development of the company’s online business, we predict that the revenue from 2022 to 2024 will be 1.4 billion, 1.6 billion and 1.7 billion (the former value is 1.9 billion and 2.4 billion), with a year-on-year increase of 19%, 15% and 12%, and the net profit attributable to the parent company is expected to be 390 million, 440 million and 490 million (the former value is 530 million and 640 million), with a year-on-year increase of 18%, 15% and 10%, corresponding to PE of 17, 15 and 14x, maintaining the buy rating.
Risk tips:
The downstream demand is less than expected, the category expansion is less than expected, the upstream raw material cost fluctuates, the supply shortage, the risk of delayed delivery of goods caused by the rise of sea freight and port congestion, the risk of new technology iteration, the risk of distortion of third-party data, the risk of delayed information or untimely update of public data used in the research report, and policy risk.
