\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 315 Shanghai Jahwa United Co.Ltd(600315) )
Performance review
4.28 the company announced that 1q22’s revenue was 2.12 billion yuan, + 0.1%, mainly due to the epidemic / special channel adjustment / optimization of e-commerce channel playing method, reduction of over head dependence / exchange rate fluctuation, etc. excluding the above factors, the revenue increased by 10% at the same time; The net profit attributable to the parent company is 199 million yuan, + 17.8%, and the net profit not attributable to the parent company is 220 million yuan, + 6.6%.
Business analysis
Q1 skin care was greatly affected by the epidemic situation, and gehujiaqing performed brilliantly. 1) skin care: decreased by 18.20% at the same time, accounting for 21% (- 5pct); Among them, Yuze was basically flat year-on-year (excluding the reduced impact of super head cooperation and the same increase of 23%), baicaoji decreased by 10%, and Diancui / Goff / meijiajing / Shuangmei decreased by double digits year-on-year respectively (ranging from 15% to 30%). 2) Gehujiaqing: the same increase was 11.31%, accounting for 52% (+ 5pct), of which Liushen increased by double digits year-on-year, and Jiaan decreased by double digits year-on-year under the influence of special canal. 3) Mothers and infants: increased by 0.80% at the same time, accounting for 23.30% (+ 0.16pct), including 15% at the beginning of the year and a slight increase in mayborn (excluding exchange rate factors, increased by 6%). 4) Cooperative brands decreased by 16.3%.
Q1 online adjustment decreased by 13% and offline adjustment increased by 6%: 1) online adjustment decreased by 13%, accounting for 27% (- 5pct), of which e-commerce revenue was basically flat year-on-year (excluding super head factors, increased by 13%) and special channel decreased by 40% (22q3 is expected to stabilize); 2) Offline increased by 6% and supermarkets increased by 10%, of which department stores were basically the same, and CS decreased by 20%.
Under the rise of raw material prices, the gross profit margin increased and the expense rate decreased significantly, and the net profit margin of 22q1 continued to increase year-on-year. The gross profit margin of 22q1 was 62.66% (+1.57pct, retroactive adjustment), mainly due to the price increase of 6% in Q1 for sku and Liushen spray series products with high gross profit; Sales expense rate 39.77% (+ 0.08pct); The overhead rate was 9.73% (-1.66pct), mainly due to the reduction of offline activities / meetings / travel expenses and the reduction of depreciation and amortization expenses of new office space; The net interest rate is 9.42% (+ 1.41pct).
The turnover of inventory / accounts receivable remained stable, with 105 days (- 3 days) of inventory turnover and 48 days (+ 1 day) of accounts receivable turnover in 22q1. The net operating cash flow was 550 million yuan (the highest in the history of a single quarter), an increase of 10.84% at the same time.
Investment advice
Multi brand leaders continue to optimize brands / channels / products, and many factors cause short-term performance fluctuations. The net profit forecast for 22-24 years was slightly lowered to RMB 801 / 1119 / 1412 million, corresponding to pe26 / 19 / 15 times for 22-24 years, maintaining the “buy” rating.
Risk tips
Channel / brand / product / organizational structure optimization is less than expected; Weak terminal retail, etc.
