After all the financial reports have been disclosed, the profits of retail enterprises in 2021 are under pressure, and the chain of 2022q1 has improved
This week, the annual report of A-share listed companies in 2021 and the first quarterly report of 2022 have been fully disclosed. We selected 43 representative listed companies as samples to sort out and analyze the operating performance of the retail industry. In 2021 and 2022q1, the revenue side of the sample companies increased by + 9.9% / + 4.0% year-on-year respectively, and the net profit deducted from non parent companies decreased by – 23.0% / + 2.3% year-on-year respectively. On the whole, the revenue side of the retail industry has recovered steadily, but due to the repeated epidemic in some regions and external business competition and other factors, the overall pressure on the performance side in 2021 and the month on month improvement in 2022q1. Specifically, for each segment: (1) the revenue of Yimei cosmetics segment in 2021 and 2022q1 was + 27.0% / + 19.5% year-on-year respectively, and the net profit deducted from non parent company was – 7.1% / + 6.8% year-on-year respectively. Among them, the performance of upstream OEM enterprises was under pressure due to factors such as new regulations and rising prices of raw materials, and the business performance of leading companies of downstream brands was better (looking at the profit end of 7 companies of brands, 2021 and 2022q1 were + 38.4% / + 26.9% year-on-year respectively). (2) The revenue of gold jewelry sector in 2021 and 2022q1 was + 33.9% / + 12.1% year-on-year respectively, and the net profit deducted from non parent company was + 47.6% / + 7.5% year-on-year respectively. In 2021, the head brand continued to expand and performed brilliantly, and the growth rate in 2022q1 slowed down due to the impact of the epidemic. (3) The revenue of the supermarket sector in 2021 and 2022q1 was – 3.6% / + 0.2% year-on-year respectively, and the net profit deducted from non parent company was – 331.3% / + 68.7% year-on-year respectively. In 2021, the industry was under significant pressure under the impact and diversion of Internet business forms. However, 2022q1 benefited from the improvement of the external market competition environment, and some leading supermarket companies have returned to the growth track.
Industry key words: aestheticism list, fast brand, meituan optimization, Fu meilei, price reduction protection, etc
[aestheticism list] vipshop released “aestheticism list – Beauty list of cutting-edge brands”.
[fast brand] Kwai e-commerce announced to support fast brand with 23billion + traffic.
[meituan preference] meituan preference announced the closure of its business in Beijing.
[Fu meilei] Fu meilei, a domestic manufacturer of high-end medical and beauty devices, received tens of millions of yuan of angel round financing.
[price reduction protection] taocai launched “price reduction protection” to protect rights and interests.
Plate Market Review
This week (from April 25 to April 29), the retail trade index closed at 260188 points, down 1.52%, 0.23 percentage points lower than the Shanghai Composite Index (down 1.29% this week), ranking 13th among the 31 primary industries. Among the retail segments, the brand cosmetics segment performed better this week, and the supermarket segment has taken the lead since the beginning of 2022. In terms of individual stocks, Shanghai Xujiahui Commercial Co.Ltd(002561) (34.6%), Yinchuan Xinhua Commercial (Group) Co.Ltd(600785) (19.6%) and ST collection (15.6%) rose the most this week.
Investment suggestion: focus on cosmetics, medical beauty, gold jewelry and supermarket
Investment main line 1 (cosmetics): continuous verification of large single product + multi-channel logic, focusing on recommending domestic beauty leaders Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) , and cosmetics raw materials leaders of beneficiary objects Nanjing Cosmos Chemical Co.Ltd(300856) etc;
Investment main line 2 (medical beauty): focus on recommending leading medical beauty products Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) ;
Investment main line 3 (gold jewelry and supermarket): pay attention to the increase of the market share of gold jewelry head brands, and highlight Guangdong Chj Industry Co.Ltd(002345) , Chow Tai Seng Jewellery Company Limited(002867) , DEA shares; Pay attention to the marginal improvement of the operation of leading supermarket enterprises caused by the change of market competition environment, and highlight Yonghui Superstores Co.Ltd(601933) and so on.
Risk tips: macroeconomic risks, repeated epidemics, intensified industry competition, etc.
