\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 655 Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) )
The company released the first quarter report of 2022. 22q1 achieved revenue of 12.238 billion yuan, yoy + 12%, net profit attributable to parent company 334 million yuan, yoy-42.18%, net profit not attributable to parent company 272 million yuan, yoy-47.22%.
Key points supporting rating
The refined operation of consumer industry has achieved remarkable results, and the real estate sector has dragged down the overall gross profit level. 22q1’s consumer industry realized a revenue of 10.693 billion yuan, a year-on-year increase of 28.91%; Thanks to the refined operation of each segment, the overall gross profit margin of the consumer industry reached 14.21%, an increase of 1.63 PCT year-on-year. The gross profit margin of the property development and sales sector fell sharply, resulting in a year-on-year decrease of 3.57pct to 18.39%
Jewelry fashion sector: actively expand stores, continue to expand channels, and continuously improve the competitiveness of popular products. The jewelry fashion sector of 22q1 company achieved a total revenue of 8.941 billion yuan, a year-on-year increase of 27.3%. The scale of offline outlets continues to expand. By the end of Q1, there were 4121 outlets in the jewelry fashion sector, with a net opening of 140 stores; Among them, there are 4099 chain outlets of “Laomiao” and “Yayi” brands, and the exhibition stores mainly adopt the franchise mode. The sales volume of popular products Guyun gold series reached a new high, with a year-on-year increase of more than 100%.
Other consumption sectors: the catering chain process has been steadily promoted, and the product structure of the liquor industry has been continuously optimized. The catering sector of 22q1 company achieved a total revenue of 217 million yuan, a year-on-year increase of 19.08% and a gross profit margin of 64%. By the end of Q1, there were 122 chain stores, including 83 stores of songhelou noodle restaurant. Shanghai old hotel, a time-honored brand, started upgrading and adjustment in early March and is expected to return in October. Thanks to product upgrading and optimization, the performance of Baijiu sector increased rapidly. Q1 achieved a total revenue of 706 million yuan, a year-on-year increase of 39.38%, and the gross profit margin increased by 9.98pct to 51.88%.
The real estate sector experienced a short decline in gross profit, while the real estate sector experienced a recovery in gross profit. Overseas resort business gradually recovered, with a revenue of 136 million yuan in Q1, a year-on-year increase of 93.01%. The gross profit margin of the contracted property development business decreased from 423.9 billion yuan to 1.09 billion PC.
Valuation
According to the company’s first quarterly report of 2022, we adjusted the company’s EPS from 2022 to 2024 to 1.10/1.24/1.43 yuan, corresponding to a P / E ratio of 8.1/7.2/6.2 times. The company continues to cultivate the happy consumption industry, and continues to make efforts to achieve business expansion in the multi-dimensional track. It is expected to blossom at many points in the future and maintain the buy rating.
Main risks of rating
Repeated covid-19 epidemic, fluctuations in international gold prices, difficulties in multi business collaborative management and other risks.
