\u3000\u3 Shengda Resources Co.Ltd(000603) 313 Healthcare Co.Ltd(603313) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a revenue of 8.139 billion yuan, a year-on-year increase of 24.64%; The net profit attributable to the parent company was -276 million yuan, a year-on-year decrease of 172.78%; Basic earnings per share -0.57 yuan / share. Among them, the company achieved a revenue of 2.029 billion yuan in a single quarter in the fourth quarter, a year-on-year increase of 1.25%; The net profit attributable to the parent company was RMB 38.9 billion, a year-on-year decrease of -9.1%. In 2022q1, the company achieved a revenue of 2.143 billion yuan, a year-on-year increase of 13.46%; The net profit attributable to the parent company was 31 million yuan, a year-on-year decrease of 44.23%; The basic earnings per share is 0.06 yuan / share.
The gross profit margin in a single quarter continued to improve month on month. In 2021, the company’s comprehensive gross profit margin was 28.47%, a year-on-year decrease of 5.45%. Among them, the gross profit margin of 21q4 was 28.7%, an increase of 11.13% year-on-year and 0.3% month on month. 22q1 single quarter gross profit margin was 29.24%, with a year-on-year increase of 0.33% and a month on month increase of 0.53%. The company’s gross profit margin declined in 2021, mainly due to the sharp rise in the prices of raw materials and freight and miscellaneous charges, resulting in the increase of the company’s operating costs.
During the period, the expense rate increased year-on-year, and the net interest rate decreased rapidly year-on-year. In terms of expense rate, in 2021, the company’s period expense rate was 29.56%, with a year-on-year increase of 3.49%. Among them, the sales / management / Finance / R & D expense rates were 16.14% / 8.16% / 3.74% / 1.53% respectively, with a year-on-year change of 2.64% / 1.1% / – 0.1% / – 0.16% respectively. In 2022q1, the company’s period expense rate was 25.39%, with a year-on-year decrease of 1.36%. Among them, the sales / management / Finance / R & D expense rates were 13.86% / 7.23% / 3.05% / 1.26% respectively, with a year-on-year change of – 0.8% / – 0.72% / 0.52% / – 0.35% respectively. In terms of net interest rate, in 2021, limited by the decline of gross profit rate, the increase of expense rate and the provision of a large number of impairment losses, the company’s net interest rate was – 3.31%, a year-on-year decrease of 9.69%; 22q1 single quarter net profit margin of the company was 1.65%, a year-on-year decrease of 1.82% and a month on month increase of 6.93%.
Globalization continued to deepen and export sales grew steadily. The company implements the strategy of capacity globalization and brand internationalization, and continues to expand the global capacity layout around the core markets in Europe and the United States. The West Coast production base in the United States has been put into operation in 21 years. At present, the company has many production bases in China, Serbia, the United States and so on. At the same time, the company has launched its first global brand marketing activity – Global 0 pressure experience day in 73 countries and regions, and its own brand construction has been fruitful. In 2021, the company’s export sales revenue reached 6.727 billion yuan, a year-on-year increase of 21.31%.
Domestic sales channels have developed rapidly, with outstanding performance. The company actively arranged department stores, professional home stores and other business forms, successfully completed the three-year plan of thousands of stores, and launched the plan of thousands of stores in thousands of cities; Continue to expand hotel channels, establish in-depth cooperation with Ctrip, and create a ” Healthcare Co.Ltd(603313) 0 pressure room” model. By the end of 2021, the number of “0 pressure room” rooms has exceeded 1 million; Open direct stores of e-commerce platform brands, promote the coordinated development of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) and expand the packaging channels. In 2021, the company’s domestic sales revenue reached 1.185 billion yuan, a year-on-year increase of 46.46%.
Investment suggestion: the company has significant advantages in global operation, the capacity layout helps the continuous development of overseas business, the development of Chinese market continues, and it is expected to grow rapidly in the future. It is expected that the company will achieve basic earnings per share of 1.02/1.55/1.97 yuan / share in 2022 / 23 / 24, and the corresponding PE is 10x / 6x / 5x, maintaining the “recommended” rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
