Report guide
The company will continue to dig deeply into the department store retail industry, take the "retail + service ecosystem" as the path, actively explore the path of diversified and chain development, and create high-quality life service integrators.
Main points of investment
Zhejiang department store retail leader, diversified industry development
Hangzhou Jie has led the Hangzhou business community for more than a hundred years, always adhering to the beautiful 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 explore the possibility of cross-border cooperation in modern service industry chain, and gradually make efforts in health care, sports, cultural industry and so on in recent years.
Based on department store retail, mainly joint venture, supplemented by self-management and leasing
At present, the company's main business is commodity retail, the main forms of business are department stores and shopping centers, and the mode of commodity sales is mainly joint venture, supplemented by a small amount of self-management (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 stores", makes full use of the high-quality business location of Hangzhou Mansion and the city Aolai, deeply excavates the consumption potential and demand of Hangzhou residents, constantly introduces international high-end luxury brands, and steadily promotes the upgrading of brand strategy.
"Retail + service ecosystem", membership system increases customer stickiness companies fully investigate the needs of the main consumers, create a life service circle on the basis of retail goods, focus on high net worth people, pay attention to the quality of life, and lay out the medical and health industry and the sports industry. through the digital upgrading of the member system, give full play to the multi-party synergy of the industrial chain and increase customer stickiness.
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 based on shopping mall sales. It is estimated that the total revenue of the company in 21-22-23 will reach 2.448 billion yuan and 2.467 billion yuan for yoy+4.68%/14.67%/14.87%, respectively. The net profit of home ownership reached RMB 382 million, respectively. Yoy+43.14%/9.50%/5.46%, considered that the company has the retail department store format of the core high-quality business district and has the driving force for follow-up growth. The company is currently 12.4X/11.3X/10.7X corresponding to PE in 21-23, with sufficient room for growth. For the first time, the company has been given a "buy" rating.
Risk tips: the epidemic situation is repeated; the competition in the regional retail market intensifies and the impact of e-commerce.