\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 612 Lao Feng Xiang Co.Ltd(600612) )
In 2021, the net profit attributable to the parent company increased by 18.30% year-on-year, and 1q2022 net profit attributable to the parent company decreased by 37.30% year-on-year
On April 28, the company released the annual report of 2021 and the first quarterly report of 2022: in 2021, the operating revenue was 58.691 billion yuan, a year-on-year increase of 13.47%, the net profit attributable to the parent was 1.876 billion yuan, which was converted into fully diluted EPS of 3.59 yuan, a year-on-year increase of 18.30%, and the net profit deducted from non attributable to the parent was 1.589 billion yuan, a year-on-year increase of 5.01%.
1q2022 achieved an operating revenue of 18.442 billion yuan, a year-on-year increase of 7.23%, a net profit attributable to the parent of 407 million yuan, equivalent to a fully diluted EPS of 0.78 yuan, a year-on-year decrease of 37.30%, and a deduction of non attributable net profit of 466 million yuan, a year-on-year increase of 7.47%. The company's 1q2021 non recurring loss reached 59.49 million yuan (including 98.01 million gold leasing loss), while the company's non recurring income of 1q2021 was 215 million yuan (including 292 million yuan from the disposal of non current assets).
In 2021, the company's comprehensive gross profit margin decreased by 0.41 percentage points and the period expense rate decreased by 0.20 percentage points
In 2021, the company's comprehensive gross profit margin was 7.77%, a year-on-year decrease of 0.41 percentage points. 1q2022 company's comprehensive gross profit margin was 7.87%, up 0.23 percentage points year-on-year.
In 2021, the company's expense rate during the period was 2.55%, with a year-on-year decrease of 0.20 percentage points. Among them, the sales / management / Finance / R & D expense rate was 1.36% / 0.68% / 0.45% / 0.05% respectively, with a year-on-year change of + 0.03 / - 0.14 / - 0.11 / + 0.01 percentage points respectively. The expense rate of 1q2022 company during the period was 2.62%, with a year-on-year decrease of 0.16 percentage points. Among them, the expense rates of sales / management / Finance / R & D were 1.50% / 0.61% / 0.47% / 0.03% respectively, with a year-on-year change of -0.10 / - 0.04 / - 0.02 / - 0.001 percentage points respectively.
Enter the period of rapid store expansion, continue to launch new products and improve product competitiveness
By the end of 2021, Lao Feng Xiang Co.Ltd(600612) had 4945 stores (including 16 overseas silver buildings), with a net increase of 495 in 2021. Among them, 186 self operated banks and outlets (171 self operated outlets in China, a net increase of 9; 16 overseas self operated outlets, a decrease of 3); There were 4759 franchise stores, with a net increase of 489. In terms of product research and development, in 2021, the company successively launched "Fengxiang business 2" wedding series full gold kit, "Fengzhi series" diamond jewelry and other new products. In 2021, the product renewal rate of the company was 26%.
Cut the profit forecast and maintain the "buy" rating
The company's performance in 2021 met expectations, but the company's performance in the first quarter of 2022 was lower than expectations, mainly due to the impact of the epidemic in March 2022 and the impact of non recurring losses. In view of the fact that the company's products rely on offline channels and the recovery process of the epidemic is not yet clear, we lowered the prediction of the company's EPS in 2022 / 2023 by 13% / 14% to 3.65/4.21 yuan, and increased the prediction of the company's EPS in 2024 by 4.74 yuan. Keep improving the "store and store" rating, and continue to enter the "buy" period of the company.
Risk tip: the fluctuation of gold price and RMB exchange rate is greater than expected, and the channel expansion speed is lower than expected.
