\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 827 Shanghai Bailian Group Co.Ltd(600827) )
In 2021, the net profit attributable to the parent company decreased by 2.30% year-on-year, and that of 1q2022 decreased by 43.00% year-on-year
On April 29, the company released the annual report of 2021 and the first quarterly report of 2022: in 2021, the operating revenue was 34.65 billion yuan, a year-on-year decrease of 1.62%, the net profit attributable to the parent was 753 million yuan, which was converted into fully diluted EPS of 0.42 yuan, a year-on-year decrease of 2.30%, and the net profit deducted from non attributable to the parent was 637 million yuan, an increase of 69.97%.
1q2022 achieved an operating revenue of 10.286 billion yuan, a year-on-year decrease of 0.50%, a net profit attributable to the parent of 155 million yuan, equivalent to a fully diluted EPS of 0.09 yuan, a year-on-year decrease of 43.00%, and a deduction of non attributable net profit of 145 million yuan, a year-on-year decrease of 44.93%.
In 2021, the company’s comprehensive gross profit margin increased by 1.43 percentage points, and the period expense rate increased by 0.95 percentage points. In 2021, the company’s comprehensive gross profit margin was 26.73%, a year-on-year increase of 1.43 percentage points. 1q2022 company’s comprehensive gross profit margin was 23.49%, down 2.09 percentage points year-on-year.
In 2021, the company’s expense ratio was 23.11%, with a year-on-year increase of 0.95 percentage points, of which the sales / management / Finance / R & D expense ratio was 16.63% / 6.00% / 0.42% / 0.06% respectively, with a year-on-year change of + 0.20 / + 0.32 / + 0.41 / + 0.01 percentage points respectively. 1q2022 company’s expense rate during the period was 18.63%, with a year-on-year decrease of 0.97 percentage points. Among them, the sales / management / Finance / R & D expense rate was 13.20% / 4.98% / 0.40% / 0.05% respectively, with a year-on-year change of -0.59 / – 0.55 / + 0.18 / – 0.01 percentage points respectively.
Continue to promote digital transformation, and the adjustment and upgrading of stores are progressing smoothly
In terms of digital transformation, in 2021, the company launched the business analysis platform, data screen and plot management system, developed a unified plot code, and realized more accurate management of plots of 40 stores. In terms of store adjustment and upgrading, Huaihai 755 creates a “new meaning center” around generation Z consumers; Bailian Quyang shopping center takes root in the community and creates a “15 minute local life service circle”; Bailian Youyi city has completed the facade transformation and introduced nearly 30 new brands; Bailian Jinshan promotes the transformation of department stores and introduces online Red brands; Bailian Xuhui implemented the decoration of the third floor in stages, optimized the moving line, added rest areas, introduced catering and other functional formats.
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. In view of the fact that the company’s main business area is East China and there is some uncertainty in the recovery process of the epidemic in Shanghai, we lowered the prediction of the company’s EPS in 2022 by 51% to 0.23 yuan, maintained the prediction of the company’s EPS in 2023 by 0.50 yuan and added the prediction of the company’s EPS in 2024 by 0.53 yuan. The company continues to promote the digital process, continuously upgrade its stores and maintain the “buy” rating.
Risk tip: the recovery process of the epidemic is lower than expected, and the operation of the shopping center after transformation does not meet expectations.
