Hangzhou Jiebai Group Co.Limited(600814) Hangzhou Jiebai Group Co.Limited(600814) first coverage report: deeply cultivate department store retail, cross-border layout, and create a high-quality life service integrator

\u3000\u3000 Hangzhou Jiebai Group Co.Limited(600814) (600814)

Zhejiang department store, retail leader, diversified industry expansion

Hangzhou Jiebai Group Co.Limited(600814) has led the business community in Hangzhou for many years, always adhering to the good vision of “taking retail as the core and becoming a high-quality life service integrator to meet the diversified needs of customers”, based on department store retail, actively exploring the possibility of cross-border cooperation in the modern service industry chain, and gradually making efforts in health care, sports and cultural industries in recent years.

Based on department store retail, mainly joint operation, supplemented by self operation and leasing

At present, the company’s main business is commodity retail, and the main business format is department stores and shopping centers. The commodity sales mode is mainly joint operation, supplemented by a small amount of self-supporting (distribution) and leasing, which continues to contribute considerable profits and cash flow.

Adhere to high-end positioning and promote brand upgrading

The company adheres to the positioning of “high-end boutique department store”, makes full use of the high-quality business district location of Hangzhou building and Aolai City, deeply explores the consumption potential and consumption demand of Hangzhou residents, continuously introduces international high-end luxury brands, and steadily promotes the upgrading of brand strategy.

“Retail + service ecosystem”, membership system increases customer stickiness

The company fully investigates the needs of main consumers, creates a life service circle based on retail goods, focuses on high net worth people, pays attention to the quality of life, arranges the medical and health industry and sports industry, gives full play to the multi-party synergy of the industrial chain and increases customer stickiness through the digital upgrading of the membership system.

Profit forecast and valuation

In the next few years, the company will also continue to consolidate its leading position in regional commercial retail and steadily improve its retail business focusing on mall sales. It is estimated that the total revenue of the company in the years of 21, 22 and 23 will reach RMB 1873, 2148 and 2467 million respectively, yoy + 4.68% / 14.67% / 14.87%; The net profit attributable to the parent company reached RMB 382 / 418 / 441 million respectively, yoy + 43.14% / 9.50% / 5.46%. Considering that the company has the retail department store format of the core high-quality business district and has the follow-up growth momentum, the corresponding PE of the company in 21-23 years is 12.4x/11.3x/10.7x respectively, with sufficient room for rise, and the “buy” rating is given for the first time.

Risk warning: repeated epidemic situation; Competition in the regional retail market intensifies and e-commerce impacts.

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