\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 315 Shanghai Jahwa United Co.Ltd(600315) )
The company disclosed that in the first quarterly report of 2022, the revenue was 2.12 billion yuan, yoy + 0.11%, the parent company was 200 million yuan, yoy + 17.8%, and the net profit not attributable to the parent company was 210 million yuan, yoy + 6.55%. The impact of non recurring profit and loss mainly included the profit and loss of changes in the fair value of the company’s financial assets.
Revenue side: the performance of offline & personal care is stable
① Category & Brand:
Skin care revenue is 448 million (- 18%), accounting for 21%, which is mainly affected by the super head high base and the adjustment of special channels. Yuze is expected to be flat year-on-year, baicaoji is expected to decrease by about 10%, and Diancui, Goff, MAXAM and Shuangmei are expected to decrease by double digits;
Gehujiaqing 1.103 billion (+ 11%), accounting for 52%, of which the six gods are expected to increase by double digits (both volume and price increase) and Jiaan is expected to decrease by double digits;
The income of mothers and infants is 490 million (+ 1%), accounting for 23%, of which it is expected to decrease by 10% at the beginning of the year, and mayborn is expected to be flat year-on-year; Cooperative brands are 70 million (- 16%), accounting for 3%.
② sub channel:
570 million online, accounting for 27%, and double-digit decline is expected; Among them, e-commerce channels are expected to be flat year-on-year, with an increase of 10% excluding the impact of super head; The estimated double digits of the special canal with the same drop (adjusted under the high base);
Offline 1.55 billion, accounting for 73%, is expected to increase in single digits, of which the business supermarket is expected to increase by about 10%, the department store is flat year-on-year, and the CS is expected to decrease by 20%.
Profit side: gross profit margin increase + expense control
The gross profit margin was 62.66% (+ 1.57pct). The year-on-year increase in gross profit margin was mainly due to the optimization of product structure and the price increase of Liushen; In the expense ratio, sales 39.77% (+ 0.1pct), management 9.7% (- 1.66pct), R & D 1.50% (- 0.47pct), net profit rate 9.42% (+ 1.42pct), gross profit margin increase + expense control are good, and the profitability of the company is improved.
Q1 business update: actively respond to changes in the external business environment
The brand is updated as scheduled. According to the plan, Yuze macromolecular sunscreen, Qichu soothing cream, Diancui B5, Liushen explosion bead series, meijiajing fermented rice huanliang series and other new products were launched.
Advanced online digitization. ① Multi platform development: in Q1, two Kwai stores, Yuze and baicaoji, were opened for trial operation; ② Establishment of reach and broadcast matrix: the number of successful pit visits of reach people is + 150% year-on-year, and the Gmv brought by doubling the average pit production is + 19% year-on-year; ③ Self broadcast power: self broadcast Gmv + 615% year-on-year, accounting for 16% of e-commerce.
Offline new retail & community group purchase help sales. New retail Q1 revenue was + 29% year-on-year, and community group purchase Q1 revenue was + 170% year-on-year.
The supply chain is gradually restored. At the end of March and the beginning of April, the main warehouses and factories were closed, and now they have begun to recover gradually.
Investment suggestion: buy rating
The company has excellent Q1 cost control and maintained steady growth under the pressure of external epidemic. In the long run, the company will maintain the “123 business policy” strategically, focus on high value-added skin care products at the product end, expand new platforms and refine operations at the channel end, and actively respond to changes in the external environment such as the epidemic. It is predicted that the net profit from 2022 to 2024 will be 712 million, 876 million and 1038 million yuan (the previous value is 832 million, 1065 million and 1286 million yuan, mainly due to the adjustment of the income and sales cost of each product in consideration of the impact of the epidemic), with a year-on-year + 10% / 23% / 18%, corresponding to 30, 24 and 20 times of pe22-24 years, and given a “buy” rating.
Risk tip: the market space is less than expected, the product approval results and progress are less than expected, and the industry competition is intensified
