\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 933 Yonghui Superstores Co.Ltd(601933) )
In 2021, the net profit attributable to the parent company was -3.944 billion yuan, and the net profit attributable to the parent company in 1q2022 was 502 million yuan
On April 29, the company released the annual report of 2021 and the first quarterly report of 2022: in 2021, the operating revenue was 91.062 billion yuan, a year-on-year decrease of 2.29%, the net profit attributable to the parent was -3.944 billion yuan, which was converted into fully diluted EPS of -0.43 yuan, and the net profit deducted from non attributable to the parent was -3.833 billion yuan.
1q2022 achieved an operating revenue of 27.243 billion yuan, a year-on-year increase of 3.45%, a net profit attributable to the parent of 502 million yuan, equivalent to a fully diluted EPS of 0.06 yuan, a year-on-year increase of 205354%, and a deduction of non attributable net profit of 628 million yuan, a year-on-year increase of 263.07%.
In 2021, the company’s comprehensive gross profit margin decreased by 2.67 percentage points, and the period expense rate increased by 3.54 percentage points
In 2021, the company’s comprehensive gross profit margin was 18.71%, a year-on-year decrease of 2.67 percentage points. The comprehensive gross profit margin of 1q2022 company was 21.28%, with a year-on-year increase of 1.08 percentage points.
In 2021, the company’s expense ratio was 22.80%, with a year-on-year increase of 3.54 percentage points. Among them, the sales / management / Finance / R & D expense ratio was 18.26% / 2.37% / 1.70% / 0.47% respectively, with a year-on-year change of + 1.70 / – 0.09 / + 1.46 / + 0.47 percentage points respectively. 1q2022 company’s expense rate during the period was 18.32%, with a year-on-year decrease of 1.15 percentage points. Among them, the sales / management / Finance / R & D expense rate was 14.72% / 1.65% / 1.47% / 0.48% respectively, with a year-on-year change of -0.86 / – 0.76 / – 0.01 / + 0.48 percentage points respectively.
The transformation of warehouse member stores is progressing smoothly, and the online degree is continuously improved
In 2021, the company opened 75 new Bravo stores, closed 14 stores and signed 47 new stores. The company began to try out the warehousing member store model in May 2021. By the end of 2021, the company had opened 53 warehousing member stores, with a year-on-year increase of 32.9% compared with the same store. In terms of online channels, by the end of 2021, “Yonghui life” self operated home business had covered 1000 stores, with sales of 7.1 billion yuan, a year-on-year increase of 21.1%, and the average daily order volume was 264000. By the end of 2021, the number of members of “Yonghui life” had exceeded 85.687 million.
Maintain the “profit increase” rating
The company’s performance in 2021 is in line with the company’s performance pre loss announcement issued on January 28, 2022, but the company’s 1q2022 performance exceeded expectations, indicating that the company’s business model reform has achieved certain results. The company continues to upgrade its stores and improve its online degree, which is conducive to significantly improving the company’s profitability. We raised our forecast of the company’s EPS in 2022 / 2023 to 0.09/0.10 yuan (the original forecast value was 0.001/0.02 yuan), The newly added forecast for the company’s EPS in 2024 is 0.11 yuan. The transformation of the company’s warehouse member store is progressing smoothly, continuously promoting the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration process and maintaining the “overweight” rating.
Risk tip: the income and profit of the company’s warehousing member store does not meet the expectation, and the business form of community group purchase has an impact.
