\u3000\u Guangzhou Improve Medical Instruments Co.Ltd(300030) Bingshan Refrigeration & Heat Transfer Technologies Co.Ltd(000530) 0005)
Event:
The company announced in its 2021 annual report that the revenue was 1.243 billion yuan, a year-on-year increase of + 36.23%, and the net profit attributable to the parent company was 544652 million yuan, an increase of 119.81%, fully diluting eps0 06 yuan, in line with expectations.
Comments:
The selling price increased, the gross profit margin improved, and the core brands grew well
The company’s comprehensive gross profit margin improved significantly, with a year-on-year increase of 6.41 PCT To 39.40%. The gross profit margin of outdoor clothing increased by 6.26pct, The selling price has increased by 22% year-on-year, and the unit price has exceeded the level in 2019, which is an important reason for the significant improvement of gross profit margin. By brand, ” Toread Holdings Group Co.Ltd(300005) ” was the fastest growing brand, with a revenue of 834 million yuan, an increase of 63.28%, followed by children’s clothing brand “toreadids”, an increase of 30.98%.
To improve store efficiency, we look forward to the expansion of quality channels this year
Channel side: the trend of closing stores last year continued, with a total of 786 stores (179 / 607 directly operated / franchised), a year-on-year decrease of 213. However, the store efficiency has been restored, the same direct store has increased by more than 50%, the single franchise store has doubled, and the revenue volume of Direct stores has been close to the pre epidemic level, and the franchise has exceeded. In 2021, the floor efficiency of the top five stores was close to 40000 yuan, a year-on-year increase of + 31.74%. The adjustment and reform of the company’s original channels may be coming to an end. It is expected that there will be no net reduction of stores this year. Under the omni channel expansion strategy, seize emerging channels and consolidate stock channels. The expansion of quality channels is worth looking forward to.
Strengthen the brand label and realize the synergy between the two main industries
Last year, the company strengthened its brand operation through marketing products such as “aerospace Toread Holdings Group Co.Ltd(300005) ” polar Pathfinder “and so on. From July to December, it launched the “aerospace Toread Holdings Group Co.Ltd(300005) ” series, reprinted polar cold proof clothing, Beidou cold proof clothing and other new products to precipitate brand labels. Among them, the Beidou version of cold proof clothing is an intelligent product equipped with chips and information technology, and the possibility of cooperation between the company’s dual main businesses is preliminarily demonstrated. On the other hand, Beijing Xinneng has exclusive technical advantages in chip design and packaging, which will benefit from the upgrading wave of the next generation of display technology.
Investment advice and profit forecast
Considering that the company’s channel adjustment is coming to an end, the chip business is expected to realize its revenue within the year, maintaining the EPS forecast of 0.08/0.20 yuan in 22 / 23 years and 0.27 yuan in 24 years, maintaining the “overweight” rating.
Risk tips
Repeated outbreaks; Channel expansion is less than expected; New business integration is less than expected; Exchange rate fluctuations.
