\u3000\u3 Bohai Water Industry Co.Ltd(000605) 599 Beijing Caishikou Department Store Co.Ltd(605599) )
The company issued the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized an operating revenue of 10.406 billion yuan, a year-on-year increase of 47.23%; The net profit attributable to the parent company was 364 million yuan, a year-on-year increase of 0.61%. In 2022q1, the company achieved a total operating revenue of 3.47 billion yuan, a year-on-year increase of 17.55%, and a net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 71.54%.
Revenue side: the company achieved an operating revenue of 10.406 billion yuan in 2021, an increase of 47.23% at the same time. It is mainly due to the improvement of covid-19 pneumonia in 2021, the further release of consumer demand, the overall improvement of the company's sales, the increase of sales revenue, and the increase of income of the company's new stores in 2021. ① The operating income of the company listed in Q1 and Q2 respectively increased by 2.094 billion yuan and 1.452 billion yuan, respectively, in Q1 and Q2 (the same quarter, the operating income of the company was 2.094 billion yuan and 1.452 billion yuan, respectively). ② Sub products: gold jewelry / precious metal investment products / precious metal cultural products / diamond jade jewelry / joint venture Commission operating income were 43.21/45.99/10.47/229201 million yuan respectively, with an increase of 64.82% / 37.37% / 31.49% / 76.62% / 27.70% respectively. The operating income of gold jewelry and diamond jade jewelry increased at the same time, which was mainly due to the company's active adjustment of product structure and the introduction and research and development of more products in line with consumers' preferences. ③ Sub channels: online sales revenue is 1.095 billion yuan, offline sales revenue is 9.123 billion yuan, and bank sales revenue is 178 million yuan.
Gross profit margin: the gross profit margin of the company in 2021 / 22q1 was 11.34% / 12.64% respectively, with a year-on-year change of -2.60pct / + 0.75pct respectively. In terms of products, the gross profit margin of gold jewelry / precious metal investment products / precious metal cultural products / diamond jade jewelry / Joint Commission in 2021 is -2.68pct / - 3.89pct / - 1.92pct / + 9.53pct / + 0.78pct respectively.
Period expense rate: the company's expense rate in 2021 is 4.42%, with a decrease of 1.08pct. ① The sales expense rate is 3.03%, with a decrease of 0.61 PCT; ② The management fee rate is 0.95%, with a decrease of 0.38 PCT; ③ The R & D expense rate was 0.08%, with an increase of 0.02 PCT, mainly due to the company's increased R & D investment in 2021. ④ The financial expense rate is 0.36%, with a decrease of 0.12pct.
Profit side: the company realized a net profit attributable to the parent company of 364 million yuan in 2021, with a year-on-year increase of 0.61%. The net profit of the parent company was 20.71% / -1.82% in the first quarter of the year, and the net profit of the parent company was 0.98% / -1.42% in the second quarter of the year, respectively, with a year-on-year change of 1.98% / -1.54% in the third quarter of the year, and a year-on-year change of 1.98% / -1.42% in the second quarter of the year, respectively.
Investment suggestion: the company has high popularity, good reputation and reputation in the industry. Since its listing, the company has continuously improved its core competitiveness, actively explored northwest, East China and other regions while ensuring the stable position of Beijing market, and continuously expanded online business to bring new growth points. Taking into account the recent impact of the epidemic, the net profit of the parent company is RMB 1.38 billion (RMB 1.38 billion), which is maintained as the net profit of the parent company before the repeated adjustment of RMB 1.16 billion, and the corresponding value is RMB 1.24 billion respectively.
Risk warning: the epidemic situation is repeated, and the progress of store opening, regional expansion and online business development are not as expected
