\u3000\u30 Fawer Automotive Parts Limited Company(000030) 16 Xin Hee Co.Ltd(003016) )
The revenue of 2022q1 was 504 million yuan, a decrease of 7.44%, and the net profit attributable to the parent company in 22q1 was 62 million yuan, a decrease of 34.29%. On April 27, the company released the results of 2021 and 2022q1, and the revenue in 2021 was 2.102 billion yuan, an increase of 14.66% at the same time. The revenue and growth rate of 21q1-4 were 544 million (+ 32.72%), 503 million (+ 38.34%), 460 million (+ 1.58%) and 595 million (- 1.95%) respectively.
In 2021, the net profit attributable to the parent company was RMB 287 million, with an increase of 61.07%, of which the net profit attributable to the parent company and the growth rate of 21q1-4 were 95 million (+ 139.45%), 98 million (+ 182.63%), 53 million (+ 16.88%) and 42 million (- 29.02%) respectively.
In 2021, the company plans to distribute cash dividends of 6 yuan (including tax) for every 10 shares to all shareholders, with a total of 259 million yuan (including tax), accounting for 90.34% of the net profit attributable to the parent company. According to different channels, in 2021, the self operated income was 1.463 billion yuan (accounting for 69.63%), an increase of 10.11% and the distribution income was 116 million yuan (accounting for 5.51%), an increase of 34.37%; Online revenue reached 490 million yuan (accounting for 23.29% of the total), an increase of 27% at the same time.
In 2021, the gross profit margin will decrease by 0.54pct to 71.49%; The net interest rate attributable to the parent company was 13.66%, with an increase of 3.94pct. 22q1 gross profit margin is 69.66%, with a decrease of 4.11pct, and the net profit attributable to the parent company is 12.34%, with a decrease of 5.04pct. By channel, the self operated gross profit margin in 2021 was 78.18%, an increase of 1.24pct; The gross profit margin of distribution is 49.39%, with a decrease of 14.31 PCT; The online gross profit margin was 56.47%, with a decrease of 0.5pct.
The inventory structure was optimized and the operating capacity was significantly improved. The inventory scale of the company in 2021 was 605 million yuan, a decrease of 8.84% at the same time, mainly due to the strengthening of inventory management. The inventory turnover days are 381 days, with 120 days deducted.
Offline self operated stores improved quality and efficiency, and the efficiency of 21 stores increased by 13.36%
By the end of 2021, the company had a total of 496 stores, including 12 self operated stores to 407, accounting for about 80%, which contributed to the performance. In 2021, the average area of self operated stores was 176.53 square meters, the average store efficiency was 3.5957 million yuan, and the store efficiency increased by 13.36%. There was a net decrease of 16 to 89 distribution stores.
Strategy and Prospect: ① multi brand layout and optimize channel structure; ② Focus on the improvement of product power and brand power; ③ Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated development; ④ Build an efficient and intelligent supply chain.
Cut the profit forecast and maintain the buy rating. The company is deeply engaged in the high-end women’s wear market, focusing on building China’s high-end women’s wear brand. The core brand jorya has high popularity and recognition, and drives the development of other brands. Now it has formed a multi brand matrix with diversified styles and price differences; In the future, with the increase of the proportion of self operated stores and the improvement of quality and efficiency of self operated stores, it will help to strengthen the company’s control over terminal channels and improve profitability. In the short term, affected by the epidemic, the performance fluctuates. We expect that the EPS in 22-24 years will be 0.72, 0.91 and 1.09 yuan / share respectively (the original values of 22-23 are 1.00 and 1.25 yuan / share respectively), and the PE will be 11.18 x, 8.90x and 7.43x respectively.
Risk tips: raw material price fluctuations rise, labor costs rise, store efficiency improvement is less than expected, and the epidemic repeatedly affects offline passenger flow.
