Rainbow Digital Commercial Co.Ltd(002419) 2022 first quarter report comments: performance exceeded expectations and online business accelerated development

\u3000\u3 China Vanke Co.Ltd(000002) 419 Rainbow Digital Commercial Co.Ltd(002419) )

The company's 1q2022 revenue increased by 2.74% year-on-year, and the net profit attributable to the parent company increased by 104.62% year-on-year

On April 27, the company announced the first quarterly report of 2022: 1q2022 achieved an operating revenue of 3.461 billion yuan, a year-on-year increase of 2.74%, a net profit attributable to the parent of 279 million yuan, equivalent to a fully diluted EPS of 0.24 yuan, a year-on-year increase of 104.62%, and a deduction of non attributable net profit of 61 million yuan, a year-on-year decrease of 21.81%. The company's net profit increased significantly year-on-year, mainly because the company sold the equity of "Tianhong Weiwo" in the first quarter of 2022, recognized the investment income of 250 million yuan, and increased the net profit of 179 million yuan.

The company's comprehensive gross profit margin of 1q2022 decreased by 1.17 percentage points, and the expense rate during the period decreased by 0.44 percentage points. The comprehensive gross profit margin of 1q2022 was 36.99%, a year-on-year decrease of 1.17 percentage points. 1q2022 company's expense rate during the period was 33.48%, with a year-on-year decrease of 0.44 percentage points. Among them, the sales / management / Finance / R & D expense rate was 28.33% / 2.62% / 1.86% / 0.67% respectively, with a year-on-year change of -0.19 / - 0.04 / - 0.46 / + 0.26 percentage points respectively.

Accelerate the development of online business, improve the supply chain and enhance product competitiveness

1q2022 company's online commodity sales and digital service Gmv exceeded 1.6 billion yuan. 1q2022 Tianhong app home page was revised and unified operation was realized. Tianhong digital members added 1.3 million people, and app and applet monthly live members exceeded 4.17 million people. In the first quarter of 2022, the number of supermarket home orders increased by 82% year-on-year, and the sales increased by 47% year-on-year. In terms of offline stores, as of March 31, 2022, the company has purchased 102 stores (including 7 franchises and management outputs) and 127 supermarkets (including 40 independent supermarkets).

In terms of building core commodity group, 1q2022 company established strategic commodity and Ka marketing department; The number of fresh direct collection bases increased by 15 year-on-year, and the sales increased by 46% year-on-year; The sales of private brands increased by 8% year-on-year, and the sales of 3R commodities increased by 35% year-on-year. At the same time, the company continued to improve the supply chain and create strategic large single products. The sales of chelizi in the production season increased by 28% year-on-year. In terms of warehousing and logistics, the first automated warehouse of 1q2022 company, Dalang logistics center, opened its warehouse, with a surface area of 71000 square meters, an average daily throughput of 200000 pieces and an automated sorting line of 10000 pieces / hour.

Raise the profit forecast and maintain the "buy" rating

The company's performance exceeded expectations, mainly due to the impact of the company's sale of "Tianhong Weiwo" equity to confirm the investment income. We raised the forecast of the company's EPS in 2022 by 69% to 0.34 yuan, and maintained the forecast of the company's EPS in 2023 / 2024 by 0.23/0.26 yuan. The company strengthened its online business development, continuously improved its product strength and maintained its "buy" rating.

Risk tip: some store leases cannot be renewed when they expire, and the expansion speed of new business formats and new stores does not meet expectations.

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