\u3000\u3 China Vanke Co.Ltd(000002) 612 Lancy Co.Ltd(002612) )
Performance review
4.29 the company announced that 1q22 had a revenue of 894 million yuan, an increase of 0.26% at the same time, a loss of 2.24 million yuan, a decrease of 106.37% at the same time, and a loss of 810000 yuan, a decrease of 102.38% at the same time.
1q21 ~ 1q22 revenue increased by 52.06% / 39.7% / 12.19% / 15.32% / 0.26% respectively, net profit attributable to parent company increased by 1209% / increased by 19460% / increased by 23% / decreased by 68% / loss of 2.24 million, net interest rate was 3.95% (+ 4.49pct) / 6.48% (+ 6.43pct) / 7.53% (+ 0.65pct) / 2.88% (- 7.58pct) / 0.25% (- 4.20pct). The decrease of 4q net profit margin was mainly due to the more promotion of women’s clothing and medical beauty brands, and the sales expense rate increased by 7.49pct. 1q22 net interest rate is – 0.25% (- 4.20pct), mainly due to the increase of expense rate (+ 9.78pct).
Business analysis
Yimei: under the 1q22 epidemic, the double-digit growth of income: the revenue was 306 million yuan, an increase of 18% at the same time, the net profit loss was 2.4 million yuan, and the net interest rate was – 0.78% (+ 8.24pct). The net profit was dragged down by the relatively rigid marketing and promotion fees. In the 21st century, the old institutions continued to grow rapidly, the new institutions now suffered losses (mainly Chengdu hi tech Milan), and the new institutions continued to develop: the revenue was 1.12 billion yuan, with an increase of 37.84%, the net profit was 37.41 million yuan, with a decrease of 53.26%, and the net interest rate was 3.34% (- 6.51pct), mainly due to the loss of 49.97 million yuan of Baiyu, the new institution of Chengdu hi tech Milan. The revenue of old institutions was 820 million yuan, accounting for 73.2% (+ 4.89 PCT), with an increase of 47.71%, the net profit was 108 million yuan, with an increase of 35.76%, and the net interest rate was 13.18% (- 1.16 PCT); The loss of the new institution was 60.57 million yuan; Nine new crystal skin institutions and new institutions were established, with a loss of 10.09 million yuan.
Women’s wear: 1q22 epidemic drag: the revenue decreased by 4%, the net profit loss was 110%, and the net interest rate was – 0.28% (- 5.41pct), which was mainly dragged down by the epidemic. In the 21st year, the strategy was upgraded and channels were optimized, and the online growth was beautiful: the women’s clothing revenue in the 21st year was 1.691 billion yuan, an increase of 27.86%, of which 1h21 / 2h21 increased by 60.55% / 6.84% respectively, a compound increase of 5.8% compared with that in the 19th year, and the gross profit margin was 61.1% (+ 7.4%), mainly due to the growth of offline same store and the high growth of online.
Yingtong: 1q22 continued to reduce losses: the revenue was 196 million yuan, a decrease of 12% at the same time, and the net profit loss was 750000, which decreased significantly year-on-year. In the 21st year, the brand and channel adjustment was effective. Akabang turned loss into profit: the revenue was 816 million yuan, an increase of 20.05% at the same time. Akabang turned loss into profit, and the net profit attributable to the parent company was 79 million yuan.
Investment advice and rating
The short-term epidemic has brought fluctuations. The profit forecast for 22-23 years has been lowered and the profit forecast for 24 years has been added. The net profit for 22-24 years is expected to be 97 / 206 / 253 million yuan, corresponding to pe113 / 53 / 44 times for 22-24 years, which has been lowered to the rating of “overweight”.
Risk tip: the medical beauty accident affects the brand reputation, and the development of medical beauty and clothing business is less than expected.
