\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 92 Hangzhou Onechance Tech Corp(300792) )
Performance review
On April 26th, the company announced that the revenue of 21 years was 1.135 billion yuan, with a decrease of 12.59%, gmv27.1 billion yuan, with an increase of 35.5%, the net profit was 327 million yuan, with an increase of 5.39%, and the deduction of non net profit was 259 million yuan, with a decrease of 8.75%, which was mainly due to the higher investment income and non current asset disposal profit and loss in 21 years.
Quarterly, the revenue of 4q21 ~ 1q22 decreased by 14.39% / increased by 19.58%, the net profit attributable to the parent decreased by 15.73% / decreased by 2.38%, and the net interest rate was 30.37% (- 0.48pct) / 19.47% (- 4.38pct).
Business analysis
In the past 21 years, the marketing service + distribution business was under pressure and the management service business maintained rapid growth. In terms of business, the marketing service in 21 years was 226 million yuan, with a decrease of 46.15% and a gross profit margin of 44.86% (- 3.32 PCT); Management services amounted to RMB 605 million, with an increase of 16.06% and a gross profit margin of 59.45% (- 7.24pct); Online distribution was 262 million yuan, with a decrease of 25.54% and a gross profit margin of 28.19% (+ 863 PCT); In other businesses, content e-commerce and technical consulting services amounted to 40.31 million yuan, accounting for 3.54% of the total revenue. In the 21st year, the gross profit margin and expense rate were stable, and the net profit margin increased. Gross profit margin 47.99% (+ 0.16pct); Expense rate 14.79% (+ 0.34pct); The net interest rate of 28.79% (+ 4.91pct) was mainly due to the investment income from external brand dividends and equity appreciation, which increased by 58.26 million yuan year-on-year, and the profit and loss from changes in fair value increased by 24.19 million yuan.
1q22’s revenue growth continued to accelerate month on month under the epidemic, with 1q21gmv increasing by 12.78% at the same time, mainly due to the rapid growth after the running in period of 11 brands such as Mentholatum / Xinji makeup / bluntness and 3q21’s newly signed brands. Affected by the change of business structure, 1q22 net interest rate decreased. The proportion of online marketing services and online distribution business of low gross profit brands increased. The gross profit margin of 22q1 was 44.13% (-4.44pct), the expense rate was 18.19% (+ 2.86pct), and the net profit margin of 22q1 was 19.47% (-4.38pct).
21 years and 1q22 inventories have slowed down the turnover of accounts receivable and put pressure on the growth of cash flow. 21 years / 22q1 inventory turnover days 81 days / 141 days, year-on-year + 28 days / + 63 days; The turnover days of accounts receivable are 82 days / 105 days, year-on-year + 30 days / + 26 days. The net operating cash flow of year 21 / 1q21 decreased by 93.73% and 265.21%, mainly due to the increase of inventories, accounts receivable and other receivables.
Investment advice
Affected by the change of business structure, the net profit performance was lower than expected. The profit forecast for 22-23 years was lowered by 38% and 47% / the new 24-year forecast. The net profit for 22-24 years was RMB 353 / 391 / 439 million, corresponding to 19 / 17 / 15 times of PE for 22-24 years, which was lowered to the “overweight” rating.
Risk tips
Brand customer expansion / new platform expansion is less than expected, and the risk of termination of key customer cooperation.
