Report guide
Estelle disclosed its financial results in 2021, with an operating income of 95.166 billion yuan (yoy + 48.62%) and a net profit of 922 million yuan (yoy + 31.64%) in 2021. Its performance continued to improve, with revenue and profits reaching record highs.
Main points of investment
The 21-year revenue is + 48%, the return net profit is + 32%, both revenue and profit are at record highs, the share of mobile phone sales continues to increase, channels sink and retail service scenarios upgrade to achieve breakthroughs:
In 2021, the company realized revenue of 95.166 billion yuan (yoy+48.26%), net profit of 922 million yuan (yoy+31.64%), Q4 revenue of 29.843 billion yuan (yoy+48.62%) and net profit of 174 million yuan (yoy-21.16%). The company continues to strengthen the construction of the new retail infrastructure platform, the value of its mobile phone distribution service continues to improve, and the company comprehensively promotes the channel sinking and retail service scenario upgrading with the help of the first momentum of Apple Inc Q4 China market share. By the end of 2021, the company's mobile phone sales revenue reached 86.113 billion yuan (yoy+51.91%), accounting for 90.49% of the total revenue.
Upgrade the new retail strategy to build the core competence of the operation hub:
The full scene online and offline will be opened, and the access and service to C-end users will be enhanced. The number of online 2C orders for the whole year exceeds 1000. As the channel strategic partner with the largest shareholding of New Glory, the company further optimizes its operation system to match the organizational structure of Glory, serves the logistics system of Glory, and creates a new high scale of Glory ND business.
In terms of channels, the company has set up an omni-channel e-commerce sales network and has become the only certified service provider for many projects of Glory Brand, helping New Glory Dafu to increase its retail market share. In addition, based on the strategic cooperation with BABA, the company opened the CES market sales channel and obtained the authorization of Apple's online channel. By the end of the 21st, it had supplied 8.6 billion yuan to online platform customers through new channels, continuously expanding the incremental space.
New Retail system 2.0 enhances new retail capabilities and builds multi-brand values:
In the context of consumer upgrading, the company and Jindong Group, China Tea shares to achieve strategic cooperation, and strive to create multi-brand cooperation, a breakthrough in FMCG sales services. Shenzhen Jiujiu Liquor Co., Ltd., a subsidiary, exclusively acts as the two flagship products of Guizhou rare wine "Jinzhen 30" and "Jinzhen 15". In the field of tea and beverage, the company has set up a joint venture with China Tea Co., Ltd. jointly develop tea, bag tea and other markets. By opening up the private domain traffic pool of various industries, the upgrading of sales services can be accelerated.
Profit forecast and valuation
As a leading digital distribution and digital retail service provider in China, Estelle has significant competitive advantages in sales network layout, product operation development, organizational efficiency improvement and digital update support, which is the core reason why we continue to be optimistic about the company. It is estimated that in 22-23-24, the company's revenue will be 1144.65 yuan, an increase of 20.4%, 16.3%, 13.4%, and a year-on-year increase of 36.1%, 32.8%, 32.7%, and a "buy" rating of 8.7X/6.5X/4.9X, respectively.
Risk tips: repeated epidemic situation; sales and expansion of new products fall short of expectations; mobile phone sales fall short of expectations