\u3000\u3000 Shanghai Jahwa United Co.Ltd(600315) (600315)
The company disclosed the performance forecast for 2021. It is estimated that the revenue in the 21st year will be RMB 7.66 billion, an increase of about 9% at the same time, and the net profit attributable to the parent will be RMB 655 million, an increase of about 52% at the same time. After deduction, the net profit attributable to the parent will be RMB 688 million, an increase of about 74% at the same time; The revenue of 21q4 was 1.83 billion yuan, an increase of about 9.8% at the same time, and the net profit attributable to the parent was 235 million yuan, an increase of about 99% at the same time. The net profit attributable to the parent after deduction was 214 million yuan, an increase of about 79% at the same time, exceeding the market expectation.
Profit side: the net interest rate of 21q4 increased to about 12.8%, reaching the highest net interest rate in a single quarter in recent three years, with a year-on-year increase of about 5.8pct and a month on month increase of about 4.5pct.
We speculate that the main reasons are: 1) it is expected that the proportion of skin care products with high gross profit will increase, which will increase the overall gross profit margin, and the proportion of cooperative brands with low gross profit will decrease year-on-year; 2) It is expected that the channel structure will be optimized, the proportion of e-commerce will be increased, and the e-commerce channels will be finely operated, with a higher net interest rate than other channels; 3) It is expected that the proportion of Q4 super head live broadcasting will be reduced and the marketing expense rate will be reduced. Tmall platform will further enrich the live broadcasting matrix by strengthening the layout of store self broadcasting; 4) Continuing the brand innovation and reform trend in the 123 policy, the price band has gradually moved upward. For example, the price band of Taiji biological clock series launched by baicaoji is higher.
In addition, the company received 46.52 million yuan of government subsidies related to income in 2021, an increase of 38.62 million yuan compared with 2020, which is expected to increase the net profit attributable to the parent company.
Revenue side: the main business keeps growing, focusing on the “123 business policy”. 1) the channel side takes the e-commerce business as the guide, the multi platform layout of online e-commerce, the optimization of tmall live broadcast matrix, the growth of JD, pinduoduo and interest e-commerce platforms, and actively expand new retail business offline. The department store channel is optimized and the four seasons spa is online. The traditional CS business Watson’s businesses are growing rapidly; 2) The brand side focuses on skin care products and has achieved rapid development.
Completion of equity incentive: 1) restricted stock incentive in 2020: the incentive objects are 139 people such as pan Qiusheng, ye Weimin and Han min, with 21-year revenue a target of 8.3 billion yuan and B target of 7.6 billion yuan, 21-23-year cumulative net profit a target of 4.8/13.1/2.47 billion yuan and B target of 4.1/11.1/2.1 billion yuan. The performance disclosure has completed 21-year net profit a target and revenue B target, The calculated lifting restriction coefficient is 0.9. In order to achieve the 22-year net profit a target, the 22-year performance needs to reach 655 million yuan;
2) stock option incentive in 2021: the incentive object is Pan Qiusheng, chairman of the board of directors. The revenue target a is RMB 8.466 billion, the revenue target B is RMB 7.752 billion, the net profit target a is RMB 504 million and the net profit target B is RMB 430.5 million. The disclosed performance has not completed the revenue target.
Shanghai Jahwa United Co.Ltd(600315) always adhere to the 123 policy, the strategic planning is implemented item by item, and the effect is initial. We continue to create beautiful products and services for each consumer. The company released the performance forecast for 2021. The profit forecast for 21 years was raised from 510 million yuan to 655 million yuan. The net profit for 21-23 years is expected to be 655 / 7.7 / 1.09 billion yuan, maintaining the “buy” rating.
Risk warning: the performance of new products on the market is lower than the expected risk; Brand development is less than expected risk; Risk of intensified industry competition; The advance notice is only the preliminary accounting data. Please refer to the annual report
