\u3000\u3 Shengda Resources Co.Ltd(000603) 708 Jiajiayue Group Co.Ltd(603708) )
In 2021, the net profit attributable to the parent company was -293 million yuan, and the net profit attributable to the parent company of 1q2022 increased by 1.92% year-on-year
On April 29, the company released the annual report of 2021 and the first quarterly report of 2022: the operating revenue in 2021 was 17.433 billion yuan, a year-on-year increase of 4.52%; The net profit attributable to the parent company was -293 million yuan, equivalent to -0.48 yuan of fully diluted EPS, and the net profit deducted from non attributable to the parent company was -342 million yuan. In 2021, the company made a total provision for goodwill impairment of about 297 million yuan for Weike chain and weilehui supermarket.
1q2022 achieved an operating revenue of 5.108 billion yuan, a year-on-year increase of 8.32%, a net profit attributable to the parent of 131 million yuan, equivalent to a fully diluted EPS of 0.21 yuan, a year-on-year increase of 1.92%, and a net profit deducted from non attributable to the parent of 125 million yuan, a year-on-year increase of 5.04%. The long-term deferred expenses amortized at one time due to the closing of 1q2022 company are about 17 million. Excluding the influence of this factor, the net profit deducted from non attributable parent company of 1q2022 company increased by about 17% year-on-year.
In 2021, the company’s comprehensive gross profit margin decreased by 0.22 percentage points, and the period expense rate increased by 3.13 percentage points. In 2021, the company’s comprehensive gross profit margin was 23.26%, a year-on-year decrease of 0.22 percentage points. The comprehensive gross profit margin of 1q2022 company was 23.98%, a year-on-year decrease of 0.56 percentage points.
In 2021, the company’s expense rate during the period was 22.89%, with a year-on-year increase of 3.13 percentage points, of which the sales / management / financial expense rate was 19.37% / 1.99% / 1.53% respectively, with a year-on-year change of + 1.72 / – 0.01 / + 1.42 percentage points respectively. 1q2022 company’s expense rate during the period was 20.16%, with a year-on-year decrease of 0.72 percentage points. Among them, the sales / management / financial expense rate was 16.97% / 1.75% / 1.44% respectively, with a year-on-year change of – 0.65 / – 0.22 / + 0.15 percentage points respectively.
Keep an orderly layout of offline stores and accelerate the development of online home business
In terms of offline store expansion, 1q2022 company has opened 8 New Direct stores, including 5 in Shandong Province and 3 in other provinces; 1q2022 company closed 17 stores. As of March 31, 2022, the company has 1000 stores, including 962 Direct stores and 38 franchise stores. In terms of online business, in 2021, the company increased cooperation with meituan, hungry and JD home, launched cloud ultra new business, opened home business in more than 450 stores, and more than 930 stores participated in live broadcast and community group purchase business.
Cut the profit forecast and maintain the “overweight” rating
The company’s performance in 2021 is in line with the performance forecast released by the company on January 28, 2022, but the company’s 1q2022 performance is lower than expected, mainly due to the impact of epidemic control and one-time deferred expenses. In view of the uncertainty in the recovery process of the epidemic, we lowered the forecast of EPS of the company in 2022 / 2023 by 48% / 47% to 0.30/0.31 yuan, and increased the forecast of EPS of the company in 2024 by 0.33 yuan. The company has certain competitive advantages in Shandong, continuously improve the online business layout and maintain the “overweight” rating.
Risk tip: the business area is relatively concentrated, the increase of rent leads to the increase of expenses, and the business form of community group purchase has an impact.
