In 2021H, the company's income / return net profit / deduction non-return net profit was 2.49 million yuan, an increase of 32.98%, an increase of 32.98%, a year-on-year increase of 122.67%, an increase of 35% over 19H1, an increase of 35%, a year-on-year increase of 59.21%, and a decrease of 77.23%.
Income is in line with expectations and net profit is lower than expected, mainly due to increased investment in XBIONIC brand promotion costs. The income / return net profit / non-return net profit of 2021Q2 company is 1.20 million yuan respectively, up 5.26%, 110.20%, 116.45%, 15%, 219%, 308% over 19Q2 respectively.
Analysis and judgment:
Outdoor supplies and squirrel tribes returned to before the outbreak. In terms of industry, the revenue from outdoor supplies / outdoor services / masks is 2.07x0.32 / 8 million yuan respectively, up 47% and 219% over the same period last year, and 28%/47%/NA higher than that of 2019H1. The rapid growth of outdoor goods business is mainly due to the growth of revenue from stores and e-commerce: (1) the revenue of 2021H stores is 125 million yuan, an increase of 87% over the same period last year and 31% over 19H; as of 2021H1, there are 41 retail stores (including 4 flagship stores / standard stores / boutiques / ski shops respectively) and 2 net stores in the first half of the year, with a year-on-year increase of 5%. It is estimated that the same store will grow by 78% and by 25% over 19H. In terms of area, the total store area is about 1.9 million square meters, an increase of 11.8% over the same period last year, resulting in an increase of 68% over the same period last year and 18% over 19H. (2) the transaction volume of the self-built platform and the third-party sales platform was 97.35 million yuan, an increase of 69% over the same period last year. The per capita consumption of transaction users in 2021H reached 458.20 yuan, and the volume / price contributed 1436% and 89% respectively, mainly due to the decrease in sales on the official website. As of the end of 21H, the number of registered users on the official website was 186200, an increase of only 0.11% over the end of the 20th century. (3) the rapid growth of outdoor services is mainly due to the relief of the epidemic situation in the first half of the year and the increase in income from outdoor parent-child parks, sports events and team building. 2021H company squirrel tribe received a total of 378800 visitors, an increase of 119% over the same period last year and 26% over 19H.
Revenue from private brands has increased significantly. 2021H1's own brand income was 36.53 million yuan, accounting for 17.58%, of which clothing, footwear and equipment accounted for 89.03%, 6.1%, 4.87%, 97%, 1148%, 79%, respectively. Among them, the revenue of X-BIONIC products was 23.94 million yuan, an increase of 365% over the same period last year, but it was lower than expected, mainly due to the impact of the epidemic in the snow season in the first half of the year, and the middle and outer layer products of 21Q4 in autumn and winter are expected to contribute to rapid growth.
The cost investment will be increased. 2021H company gross profit margin is 50.26%, year-on-year increase in 2.49PCT, higher 1.19PCT than 19H, mainly from the gross profit margin of outdoor services: 2021H outdoor products / outdoor services / masks gross profit margin of 51.43%, 50.05% 1.19PCT 21.26%, year-on-year increase in 6.59/38.5/-48.34PCT, higher 3.25/-5.46/NAPCT than 19H. The sharp increase in gross profit margin for outdoor services is mainly due to the reduction in average amortization of fixed costs due to income growth due to the easing of the domestic epidemic. The gross profit margin of 21Q2 is 52.91%, which increases 5.13PCT compared with the same period last year and decreases 0.55PCT compared with 19Q2.
2021H net profit rate is 1.2%, year-on-year growth 5.2PCT, compared with 19H1 growth 0.3PCT, mainly due to higher gross profit margin and lower expense rate. The 2021H sales / management / R & D / financial expense rate is 29.02%, 11.19%, 2.04%, 3.66%, respectively, with a decrease in 3.5/2.69/0.65/-2.57PCT over the same period last year, and an increase in 2/-2/-1/3PCT over 19H. The decline in the financial expense rate is mainly due to the corresponding reduction in recognized financing fees and deposit interest income as a result of the implementation of the new lease standards. Other income / income was 0%, a year-on-year decline in 2PCT, mainly due to a reduction in government subsidies. The net interest rate of 21Q2 is-0.25%, down 2.8PCT from the same period last year and 6.83PCT compared with 19Q2, mainly due to the increase in expense rate.
Inventory improvement. At the end of 2021H, the company's inventory was 209 million yuan, down 3.2% from the same period last year, 12.52% lower than at the beginning of the period, and the inventory turnover days were 326.92 days, 104.01 days less than the same period last year, and 19 days less than 19H. The accounts receivable of the company was 53 million yuan, an increase of 1.44% over the same period last year. The average turnover days of accounts receivable was 32.64 days, an increase of 11.61 days over the same period last year.
Investment suggestion
Looking to the future, 1) the offline transformation of the main business is gradually mature, the expansion of new stores is accelerating, and the store efficiency is gradually improving. We expect the company to open 4-5 multi-brand flagship stores, 4-6 ski shops and 2-3 Olai stores in 2021. 2) X-BIONIC operation plan will gradually begin to launch in 2021. The company will open 5 X-BIONIC brand stores in high-end shopping malls and build 10 X-BIONIC brand zones in Sanfu outdoor chain stores. X-BIONIC is expected to contribute new increments. At the same time, as a high-end technology independent brand with a higher gross profit margin than the agent brand, the company's overall gross profit margin is expected to increase. In the research and development of X-BIONIC products, the company has formulated research and development plans for 50 autumn and winter 2021 products, including autumn and winter products using GORE-TEX materials, which will be fully available in October 2021. 3) the domestic epidemic situation has been quickly controlled and the contribution of the newly opened park has been superimposed, and the squirrel tribal project is expected to recover in 2021 with a low base. The EPS of 2021, 2022, and 2023 was 0.21, 0.39, 0.52 and 43X, respectively, corresponding to the annual PE valuation of 109, 57 and 43X in 21-22-23, respectively, and the "overweight" rating was maintained.
Risk hint
X-BIONIC operation is not as expected; squirrel tribe flow recovery is not as expected; offline store expansion is not as expected; systemic risk.