\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 16 Guangzhou Shangpin Home Collection Co.Ltd(300616) )
Event: Guangzhou Shangpin Home Collection Co.Ltd(300616) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 7.31 billion yuan, a year-on-year increase of 12.22%; The net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 11.54%; The net profit attributable to the parent company after deduction was 42 million yuan, a year-on-year increase of 6.23%. In 2021q4, the company realized an operating revenue of 2.146 billion yuan, a year-on-year increase of 0.67%; The net profit attributable to the parent company is 03 million yuan; The net profit attributable to the parent company after deduction of non-profit is - 09 million yuan. In addition, in 2022q1, the company achieved an operating revenue of 1.086 billion yuan, a year-on-year decrease of 22.87%; Net profit attributable to parent company -100 million yuan; The net profit attributable to the parent company after deducting non-profit is -109 million yuan.
Digital and efficient enabling decoration business, and BIM system helps upgrade home decoration experience
In terms of products, in the past 21 years, the company's customized household products, supporting household products and packaged business (including main and auxiliary materials and decoration services) achieved revenue of RMB 5.144/10.35/789 billion respectively, with a year-on-year increase of 8.45% / 12.19% / 46.14%. Through the self-developed home decoration BIM system, the company solves various pain points of consumers in traditional decoration, and enables the whole decoration business with digitization and informatization. The company develops the Christmas bird decoration navigation system to realize the accurate and transparent whole process management of the decoration process. In 2021, 2703 Christmas birds were delivered in Guangzhou, Foshan, Chengdu, Nanjing and Shenzhen, with a year-on-year increase of about 35%. At the same time, homkoo integrated cloud continues to provide a variety of full category supply chain products for members of installation enterprises, forming 2B and B2C package matrix, and effectively improving the terminal sales service ability of members of installation enterprises.
Deeply cultivate the construction of self operated urban channels and build the ecological environment of content e-commerce
In terms of sub channels, 1) in terms of offline channels, the company firmly implements the development strategy of one large store + n standard direct stores / franchise stores + in-depth integration stores of decoration enterprises in self operated cities, and comprehensively promotes the strategy centered on five business modules: Direct stores, direct o2o, self operated franchise, bag carrying and whole decoration. By the end of 2021, the number of Direct stores of the company was 90, and the number of franchise stores in self operated cities was 289 (including installed stores), with a total net increase of 56 compared with the end of 2020. At the same time, the company actively explored mode innovation, established strategic cooperation with Beijing Jingdong, opened the first offline pilot store in Xi'an Jingdong super store, and began trial operation in September 2021. The company's Direct stores will try to integrate Jingdong elements one after another, and do product integration and exhibition hall design in combination with consumer needs. 2) In terms of online channels, in 2021, MCN, the company's new home network, created an open platform for content e-commerce to attract customers and promote sales of the company's products and services by incubating IP home experts and signing external experts. In 2021, xinju.com's MCN live broadcast e-commerce will bring goods to realize gmv2 300 million yuan, becoming the head MCN of live broadcasting and goods in the home industry. In November 2021, xinju.com MCN began to explore the private group purchase mode, with sales exceeding 2 million a month.
The profitability is temporarily low, and the expenses during the period are relatively stable
In 21 years, the company's comprehensive gross profit margin was 33.17%, down 0.07pct year-on-year, mainly due to the sharp rise in the price of bulk raw materials. 22q1 company's comprehensive gross profit margin was 31.64%, down 3.83pct year-on-year.
In terms of period expenses, the company's period expense rate in 21 years was 32.15%, with a slight year-on-year increase of 0.33pct, and the sales / management / R & D / financial expense rates were 24.13% / 5.07% / 2.54% / 0.41% respectively, with a year-on-year increase of -0.14 / - 0.03 / + 0.14 / + 0.36pct respectively. The period expense rate remained stable as a whole. Under the comprehensive influence, the net interest rate of the company in 21 years was 1.23%, down 0.32pct year-on-year.
Investment suggestion: the company is currently in the transition period. By giving full play to the information advantages of BIM packaging mode and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated channel advantages, the packaging business is expected to achieve steady growth. We estimate that the operating revenue of Guangzhou Shangpin Home Collection Co.Ltd(300616) 20222024 will be 7.853 billion yuan, 8.725 billion yuan and 9.834 billion yuan, with a year-on-year increase of 7.43%, 11.10% and 12.71%; The net profit attributable to the parent company was 198 million yuan, 295 million yuan and 402 million yuan, with a year-on-year increase of 120.72%, 48.99% and 36.27%, corresponding to PE of 25.1x, 16.9x and 12.4x, and the investment rating of overweight-a was given.
Risk warning: raw material price fluctuation risk; Risk of recurrent outbreaks; The risk of intensified industry competition; The progress of business transformation is not as good as expected.
