\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 007 Jinling Hotel Corporation Ltd(601007) )
The company released the annual report of 2021 & the first quarterly report of 2022: ① the whole year of 2021: achieved revenue of 1.374 billion yuan / yoy + 20.50% (vs. 19 years adjusted + 13.48%), net profit attributable to parent company of 28 million yuan / yoy-35.39%, deducting net profit not attributable to parent company of 13 million yuan / yoy-37.98%. The decline in net profit attributable to the parent company is mainly due to the fact that Beijing Jinling Hotel is still in the market cultivation period, the superposition of repeated operation pressure of the epidemic and the increase of early lease costs caused by the new accounting standards, resulting in a loss of 19.366 million yuan in the first year, and the provision of estimated liabilities of 12.06 million yuan for contract disputes of Jinling tavern company. The net cash inflow from operating activities in 2021 was 251 million yuan / yoy + 87.17%; ② In terms of business, the main business of the hotel achieved a revenue of 405 million yuan / yoy + 16.79% in 2021, mainly due to the increase in the revenue of guest rooms and catering of stock direct hotels, and the increment provided by the newly opened Beijing Jinling Hotel Corporation Ltd(601007) hotel. The commodity trade sector achieved a revenue of 740 million yuan / yoy + 31.66%. ③ 21q4: the revenue is 429 million yuan / yoy + 28.7%, the net profit attributable to the parent company is 160307 million yuan / yoy-43.4%, and the net profit not attributable to the parent company is 161937 million yuan / yoy-18.22%. It is speculated that the growth of Q4 is mainly due to the poor business growth of Q4, which is mainly due to the poor business growth of Q4. ④ 22q1: the revenue was 379 million yuan / yoy + 17.30%, and the net profit attributable to the parent company was -9.2842 million yuan, which was 4310600 yuan lower than the loss in the same period of last year, and the net profit not attributable to the parent company was -134488 million yuan / yoy-37.98%, which was 4510200 yuan lower than the loss in the same period of last year.
The direct flagship store is located in Beijing, and the entrusted management store has entered the expansion acceleration channel. Beijing Jinling Hotel Corporation Ltd(601007) was opened on May 28, 2001. The project is the first flagship store of the group’s high-end brand “Jinling” in the central area of Beijing and the bridgehead of the company’s “northward” expansion. In terms of entrusted management business, the five sub brands of the company have gradually matured, and Jinling culture and Tourism Fund has been established to leverage social capital to build brand model stores; It also established a joint venture with local state-owned liquor tourism enterprises in Guizhou / Hefei to accelerate the integration of regional markets. By the end of the 21st century, the number of Jinling chain hotels had reached 223 / yoy + 23.20%, and the number of contracted stores in four years was 11 / 13 / 21 / 47 respectively. The entrusted management stores entered the expansion acceleration channel. In addition, the company has also made great efforts in the construction of membership system. By the end of 21, the total number of VIP members in Jinling reached 11 million / yoy + 106%.
The commodity trade sector continued to increase, and the mechanism optimization of Suzhou sugar company superimposed the force of prefabricated vegetables to drive the release of performance. ① Sutang optimized the operating mechanism of “internal partner”, strengthened cooperation with mainstream brands such as Maotai and Wuliangye Yibin Co.Ltd(000858) and integrated Jinling chain hotel channels. In 21 years, it achieved operating revenue of 707 million yuan / yoy + 31.08%, net profit attributable to parent company of 455381 million yuan / yoy + 35.94%, and both revenue and profit reached a new high; ② The food technology company has strengthened the research and development of prefabricated dishes, launched Wuxi Online Offline Communication Information Technology Co.Ltd(300959) multi-channel efforts, and set up “Jinling food counters” in supermarket channels such as HEMA fresh food and some self operated hotels to promote the large-scale sales of prefabricated dishes; The food technology company realized an operating revenue of 26 million yuan / yoy + 76.21%; The net profit attributable to the parent company was 1.7124 million yuan / + 159.45%, maintaining a high-speed growth trend.
Investment suggestion: the hotel brand of the company tends to mature and enter the channel of expansion and acceleration; The commodity trade sector continues to grow at a high rate, and the industry boom is expected to rebound under the recovery after the epidemic, which is expected to achieve high growth. It is estimated that the net profit attributable to the parent company in 22-24 years will be 71.26 million / 166 million / 207 million respectively, and the corresponding PE will be 47x / 20x / 16x respectively.
Risk warning: the epidemic situation repeatedly exceeded expectations, the expansion of stores was less than expected, and the food business was less than expected
