\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 400 Jiangsu Hongdou Industrial Co.Ltd(600400) )
Event overview
In 2021, the company's revenue / net profit attributable to the parent company / net profit deducted from non attributable to the parent company were 23.43/0.77/0.68 billion yuan respectively, a year-on-year decrease of 1.72% / 46.92% / 46.87%, lower than expected. After deducting the impact of 326 million yuan of epidemic prevention materials, the revenue increased by 12.78% year-on-year. 21q4 income / net profit attributable to parent company / deduction of net profit not attributable to parent company is RMB 724 / 003 / - 04 million. In 2012, Q1 revenue / net profit attributable to the parent company / net profit deducted from non attributable to the parent company was 644 / 0.30 / 0.24 billion yuan, with a year-on-year increase of 10.92% / - 41.03% / - 48.98%. The decline in net profit was mainly due to the impact of the epidemic in Jiangsu, Shanghai and other places, and the increase in expenses caused by the company's high-end transformation. 0.65 yuan for every 10 shares.
Analysis and judgment:
Hodo men's clothing revenue was flat, slightly decreased, and the gross profit margin increased significantly. The clothing business income was 1.952 billion yuan, a year-on-year increase of 9.11%; The gross profit margin was 32.18%, with a year-on-year increase of 5.78pct. By category, the annual income of hodo men's clothing / OEM processing clothing in 21 years was 1.530422 billion yuan, a year-on-year increase of - 0.15% / 64.51%, and the gross profit margin was 38.10% / 10.69%, a year-on-year change of 12.40 / - 19.88pct, 22q1 income of 397 / 218 million yuan, a year-on-year increase of - 4.54% / 103.83%, and the gross profit margin was 53.48% / 8.00%, a year-on-year change of 19.51 / - 5.28pct.
The structure of offline franchise stores was adjusted, and the gross profit margin of Direct stores increased significantly. In terms of offline channels, the company is still dominated by joint ventures, with direct / franchise revenue of 265 / 579 million yuan respectively in 21 years, with a year-on-year increase of 276.18% / - 38.23%; The gross profit margin was 56.70% / 28.10%, a year-on-year change of 12.40 / - 19.88pct. The growth of direct sales revenue is mainly due to the transformation of 353 franchise stores into direct sales stores in 21 years of hodo men's wear. In 22q1, the direct / franchise revenue was 138 / 128 million yuan respectively, with a year-on-year increase of 123.78% / - 50.81%; The gross profit margin was 63.56%% / 33.03%%, an increase of 14.60/7.40pct over the previous year.
Online maintained rapid growth and high gross profit margin. The online revenue was RMB 8.3 billion, a year-on-year increase of 2.14%; The gross profit margin was 41.08%, an increase of 11.41pct over the previous year. In 2021, the annual sales of small program business reached 289 million yuan, Gmv increased nearly three times, CRM members increased by 2.2 million, and the re purchase of consumer members increased by 18% year-on-year. The revenue of 22q1 was 151 million yuan, a year-on-year increase of 30%, and the growth rate was better than that of the same industry; The gross profit margin was 46.37%, with a year-on-year increase of 9.74pct. In 21 years, the company's live broadcast sales Gmv was 674286 million yuan, a year-on-year increase of 216%. Among them, tmall's single talent special live broadcast sales exceeded 21.6 million, ranking the top in men's clothing category on the same day.
The increase of Direct stores pushed up the sales expenses and increased the investment in R & D expenses. In 21 years, the company's sales / management / Finance / R & D expenses were RMB 433 / 206 / 0.19 / 13 million respectively, with a year-on-year increase of 54.04% / 8.89% / 131.12% / 67.69%. The increase in sales expenses was mainly due to the increase in employee salary, rent amortization and consulting fees after the increase in Direct stores. The significant increase in financial expenses was mainly from the interest expense of lease liabilities recognized after the company implemented the new lease standards for the first time.
Investment advice
Since the launch of Jingdong cat's new comfortable shirts in March, the company has successively won the first place in the sales of men's shirts since the launch of Jingdong cat's new clothing consulting platform, and won the first place in the sales of men's shirts of the first generation in succession; In terms of marketing, the company also signed a strategic cooperation agreement with Hongdong vision. The company also announced on February 25 that it plans to acquire 40% equity held by related parties of red bean sportswear and increase it to 100%. Overall, the company is still in the investment period this year and next, and is expected to show the transformation effect in 23 years.
Considering the impact of the epidemic, the revenue forecast for the year 22 / 23 was lowered from 3.028/3.942 billion yuan to 2.652/3.472 billion yuan, the new 24-year revenue forecast was 4.396 billion yuan, the net profit forecast for the year 22 / 23 was lowered from 119 / 172 million yuan to 78 / 118 million yuan, the new 24-year net profit forecast was 176 million yuan, the corresponding EPS was lowered from 0.05/0.07 yuan to 0.03/0.05 yuan, the new 24-year EPS was 0.08 yuan, the closing price on April 27, 2022 was 3.01 yuan, and the corresponding PE was 89 / 59 / 39 times respectively, Maintain the "overweight" rating. The safety margin refers to the average repurchase price of 3.15-3.55 yuan.
Risk tips
Risk of epidemic uncertainty; Shipping delay; Price fluctuation risk of raw materials; The ramp of the factory is not as expected; Systemic risk.
