\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 315 Shanghai Jahwa United Co.Ltd(600315) )
Event:
The company released the first quarterly report of 2022.
Comments:
Under the disturbance of the epidemic, the income was flat and the profit increased slightly
In the first quarter of 2022, the company realized an operating revenue of 2.117 billion, an increase of 0.11%, which was mainly affected by the epidemic, the decline of Ping’an special canal, the adjustment of super head live broadcasting and the fluctuation of exchange rate. The gross profit margin was 62.66%, increased by 1.57 percentage points and continued to be optimized. The sales / management expenses were 39.77% / 9.73% respectively. The sales expenses were basically stable, the management expenses decreased by 1.66 percentage points, and the effect of cost control was obvious. The overall net profit margin of the company was 9.42%, an increase of 1.42 percentage points, and the deduction of non net profit margin reached 10.02%. The company achieved a net profit of 199 million yuan, a year-on-year increase of 17.81%, and a net profit of 212 million after deduction of non-profit, a year-on-year increase of 6.55%.
There is pressure in skin care stages, and the family is clear and the mother and baby are stable
In terms of category, Q1 skin care category is under pressure in stages, with a year-on-year decline. Among them, the performance of Yuze is relatively stable, and other brands such as baicaoji, Diancui, goufu and MAXAM have declined to varying degrees. The category of gehujiaqing maintained double-digit growth, of which the six gods were jointly driven by quantity and price, and the growth was better. The category of mothers and infants increased slightly driven by the overseas market. In terms of sub channels, e-commerce channels were flat year-on-year, mainly affected by the adjustment of super head live broadcasting. The special channel decreased by 40% and the overall online channel decreased by about 13%. In terms of offline channels, supermarkets achieved an increase of about 10%, department stores were flat, CS channels decreased by more than 20%, and the overall offline growth was about 6%. It is expected that the impact of super head and special canal is expected to be gradually digested in the third and fourth quarters. In terms of products, during the reporting period, the company launched Yuze macromolecule sunscreen, Qichu soothing cream, Diancui B5, Liushen explosion bead series, meijiajing fermented rice huanliang series and other new products as planned, among which Yuze macromolecule sunscreen showed outstanding performance.
Investment advice and profit forecast
Shanghai Jahwa United Co.Ltd(600315) is an old daily chemical enterprise in China. Since taking office, the new management has comprehensively upgraded and adjusted the brand, products, channels and organizational structure, and continuously optimized the operation quality and profitability. We expect that from 2022 to 2024, the company will realize a revenue of 8.287/96.36/10.797 billion yuan, a net profit attributable to the parent of 800 / 10.00/1.180 billion yuan, and an eps1.5 billion yuan 18 / 1.47/1.74 yuan, corresponding to pe26 / 21 / 18x, maintaining the “buy” rating.
Risk tips
The prosperity of the industry has declined, the competition in the brand market has intensified, and the adjustment of brands and channels is less than expected.
