\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 92 Hangzhou Onechance Tech Corp(300792) )
Event:
The company issued 2022 annual report and 2022 first quarter report.
Comments:
The switching of the cooperation mode of wildebeest affected the performance. Under the influence of Q1 epidemic, the performance was under pressure. In 2021, the company realized an operating revenue of 1.135 billion yuan, a year-on-year decrease of 12.59%, mainly due to the switching of the distribution mode to the service fee mode, with a gross profit margin of 47.99%, a year-on-year increase of 0.17pct, and a net profit attributable to the parent of 327 million yuan, a year-on-year increase of 5.39%. The net interest rate increased by 5.09pct to 31.69% year-on-year. In terms of expenses, in 2021, the sales expense rate was 7.58%, a year-on-year decrease of 3.62pct; The management expense ratio was 9.69%, with a year-on-year increase of 4.75pct, which was due to the increase in the investment in organizational capacity-building of the company. In the first quarter of 2022, the revenue was 266 million yuan, a year-on-year increase of 19.58%, and the net profit attributable to the parent company was 51.881 million yuan, a year-on-year decrease of 2.38%. The performance in the first quarter was basically stable, and the epidemic had an adverse impact on consumption enthusiasm and logistics. However, 11 brands newly signed in the first quarter, such as Mentholatum, Xinji makeup and Zhibai, and the brands signed in Q3 last year began to grow rapidly after passing the running in period, hedging the performance gap of some stock businesses.
E-commerce global service provider + new consumer brand accelerator, and the brand service ability is continuously optimized
In 2021, the annual brand online management service revenue was 605 million yuan, a year-on-year increase of 16.06%, mainly driven by new platforms and brands; The brand online marketing service revenue was 226 million yuan, a year-on-year decrease of 46.15%, mainly affected by the adjustment of the cooperation mode of the gazelle; The revenue from online distribution business was 261 million yuan, a year-on-year decrease of 25.54%, mainly due to the decline in sales of vipshop platform. By platform, tmall mall achieved a revenue of 209 million yuan, a year-on-year decrease of 14.30%, and vipshop achieved a revenue of 147 million yuan, a year-on-year decrease of 9.23%. The Gmv of service brands in the whole year was 27.1 billion yuan, a year-on-year increase of 35.5%, and gmv48.5% in the first quarter of 2022 RMB 0.4 billion, a year-on-year increase of 12.78%. The company insists on driving the growth of the company with “global e-commerce” + “acceleration of new consumer goods”. The number of service brands reached a new high in 2021, reaching more than 80. The representative case of new consumer brand accelerator “every fresh theory” fully verified the company’s strong brand building ability. Q4 reached strategic cooperation with the company and Lushang group, Wenshi group and Zhanghua group to provide new consumer brand accelerator services for Freida, Xiaohuang chicken, flower planting season and plant professors, and the business expanded rapidly. At the same time, the total number of new business departments in Shanghai increased by 36% year-on-year, and the total number of new business departments was continuously improved in 2021.
Investment advice and profit forecast
We expect that the net profit attributable to the parent company will be 346 / 402 / 465 million from 2022 to 2024, EPS will be 1.45/1.68/1.95 yuan respectively, and the corresponding PE will be 19 / 17 / 14x respectively, maintaining the “overweight” rating.
Risk tips
Industry competition intensifies; Head customer churn risk; Category, brand and new project expansion were not as expected.
