\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 92 Hangzhou Onechance Tech Corp(300792) )
Event: the company released the annual report of 2021 & the first quarterly report of 2022. In 2021, the revenue reached 1.135 billion yuan, yoy-12.59%. Due to the company’s business model, the revenue was not referential year-on-year; The net profit attributable to the parent company was 327 million yuan, yoy + 5.39% lower than expected; The net profit attributable to the parent company after deducting non profits was 259 million yuan, yoy-8.75%. In 2022q1, the operating revenue was 266 million yuan, yoy + 19.58%; The net profit attributable to the parent company is 52 million yuan, yoy-2.38%; The net profit attributable to the parent company after deduction is 51 million yuan, yoy + 3.93%. In 2021, Gmv reached 27.1 billion yuan, yoy + 35.5% steady growth, and in 2022q1, Gmv reached 48.8 billion yuan 0.4 billion yuan, yoy + 12.78%.
Revenue side: by business, the revenue of brand online marketing services in 2021 was 226 million yuan, accounting for 19.94%, with a decrease of 12.43 PCT; The revenue of brand online management services was 603 million yuan, yoy + 15.61%, accounting for 53.09%, an increase of 12.95 PCT; Online distribution revenue was 261 million yuan, accounting for 23%, with a decrease of 4pct; The revenue of content e-commerce services is 33 million yuan; The revenue of technical consulting services is 01 million yuan.
Cost side: the gross profit margin of 2021 is 47.61%, with a decrease of 0.22pct; The gross profit margin of 2022q1 was 44.13%, down 4.44pct at the same time. By business, the gross profit margin of brand online marketing services in 2021 was 44.86%, with a decrease of 3.32 PCT; The gross profit margin of brand online management service is 58.7%, with a decrease of 7.99pct; The gross profit margin of online distribution was 28.19%, an increase of 8.63 PCT; The gross profit margin of content e-commerce service is 18.96%, and that of technical consulting service is 37.14%.
Expense side: during 2021, the expense rate was 14.4%, which was flat year on year, of which the sales expense rate was 7.5%, with a decrease of 3.7pct; The management expense rate was 7.2%, with an increase of 3.3pct, mainly due to the company’s strengthening of organizational capacity-building; The R & D expenditure rate was 2.2%, with an increase of 1.1pct, mainly due to the increase in investment in it R & D capacity; The financial expense rate is – 2.5%. During 2022q1, the expense rate was 18.19%, with an increase of 2.86pct, of which the sales expense rate was 11.07%, with an increase of 4.27pct; The management expense rate was 6.83%, with a decrease of 0.68 PCT; The R & D expense rate was 4.22%, with an increase of 1.43 PCT; The financial expense rate was -3.93%.
Cash flow: the net cash flow generated from the company’s operating activities in 2021 was 28 million yuan, which was mainly due to the continuous growth of the company’s management service business, the adjustment of the accounting period of some customers, the appropriate increase in the depth of goods preparation under the epidemic, and the increase of reserve personnel, resulting in a large increase in the cash outflow of employee compensation; The net cash flow from investment activities was – 65 million yuan. Monetary capital was 1.526 billion yuan by the end of 2021, yoy + 141.67%, and 1.33 billion yuan by 2022q1.
Investment suggestion: at present, the online tmall platform is weak under the influence of the macro environment, the rise of emerging platforms and super decentralization. However, the company adheres to the two wheel drive strategy of “global e-commerce service provider” and “new consumer brand accelerator”, continues to expand its business and improve its efficiency through multi-dimensional ways such as “whole product” strategy, digital construction and new consumer brand incubation, and tries to find a breakthrough in difficulties. In the future, we are still confident to cross the industry cycle and develop steadily in the mode of brand management company. It is expected that under the influence of the macro environment, the growth rate of the company’s revenue will slow down, superimposed with the high increase of labor costs and digital construction investment. The profit forecast for 22 / 23 will be lowered from 520 / 680 million yuan to 410 / 480 million yuan, and the investment rating will be lowered to “overweight” rating.
Risk tips: e-commerce platform dependence risk, intensified market competition risk, brand cooperation risk
