\u3000\u3 Shengda Resources Co.Ltd(000603) 908 Comefly Outdoor Co.Ltd(603908) )
22q1 revenue was 327 million yuan, an increase of 56.1% and net profit attributable to parent company was 37 million yuan, an increase of 73.4%
The company’s 22q1 operating revenue was 327 million yuan, a year-on-year increase of 56.06%, mainly due to the prosperity of China’s exposed market and the growth of market demand for OEM / ODM business and independent brand business. 22q1 net profit attributable to the parent company was 367739 million yuan, a year-on-year increase of 73.38%, mainly due to the growth of the company’s main business income.
Revenue: brand business increased by 98%, of which Damu brand Wuxi Online Offline Communication Information Technology Co.Ltd(300959) led the growth
In terms of business, the export business income of 22q1 was 234 million yuan (accounting for 71.61%), an increase of 43.98% at the same time; The brand business income was 93 million yuan (accounting for 28.39% of the total), an increase of 98.16% at the same time.
In the brand business, the online sales revenue was 30 million yuan (accounting for 31.78% of the brand business revenue, the same below), an increase of 119.19% at the same time; The offline sales revenue was 63 million yuan (accounting for 68.22%), an increase of 89.68% at the same time.
As of 22q1, there were 217 terminal sales stores in brand business (a net decrease of 9 compared with the end of 21), including 28 Direct stores (- 2) and 189 franchise stores (- 7).
The gross profit margin of brand business increased by 1.25 PCT, and the ability of fee control was significantly enhanced
The company’s 22q1 gross profit margin was 25.49%, a year-on-year decrease of 0.45pct; Among them, the gross profit margin of export business was 21.47%, and that of brand business was 35.62%, with a year-on-year increase of 1.25pct. The net interest rate attributable to the parent company was 11.23%, with a year-on-year increase of 1.12pct. The company’s 22q1 sales expense ratio was 3.90%, with a year-on-year decrease of 0.56pct; The management fee rate was 4.68%, with a year-on-year decrease of 0.58 PCT; Financial expenses were 1.57%, with a year-on-year increase of 1.02pct; The R & D expense rate was 2.27%, with a year-on-year decrease of 0.31pct.
Deeply bind high-quality customers, embrace interest, and realize sales breakthroughs in core categories and scene products through e-commerce; Optimize direct business and build product system; In terms of export business (ODM / OEM), we will deeply tap the needs of new and old customers and promote the implementation of new production capacity.
Maintain profit forecast and buy rating. The company deeply cultivates the high prosperity outdoor track, the camping heat continues to drive the growth of the demand for camping and surrounding products, the increase of the proportion of brand business drives the improvement of gross profit margin, and opens the growth ceiling; The share of OEM supply chain is expected to grow, and the increment can be expected. We expect that the company’s EPS in 22-24 years will be 1.83 yuan, 2.70 yuan and 3.77 yuan / share respectively, and the PE will be 32.8x, 22.2x and 15.9x respectively.
Risk tip: the epidemic repeatedly affects terminal demand and logistics, the slowdown of outdoor industry, the risk of raw material price fluctuation, the risk of backward products and technology, etc.
