The company's revenue in 2021 increased by 4.80% over the same period last year, achieving a net profit of 36 million yuan. On April 12, the company announced its annual report of 2021: operating income of 5.671 billion yuan in 2021, an increase of 4.80% over the same period last year, and a net profit of 36 million yuan, equivalent to a fully diluted EPS of 0.07 yuan. Realize deduction of non-home net profit-28 million yuan.
From the perspective of single-quarter split, 4Q2021 achieved operating income of 1.241 billion yuan, a decrease of 19.82% over the same period last year, and realized net profit of-21 million yuan, equivalent to fully diluted EPS of-0.04 yuan, and realized deduction of non-return net profit of-53 million yuan.
In 2021, the company's comprehensive gross profit margin increased by 5.33 percentage points, and the expense rate decreased by 0.63 percentage points. In 2021, the company's comprehensive gross profit margin was 40.51%, an increase of 5.33 percentage points over the same period last year. In a single quarter, 4Q2021's comprehensive gross profit margin was 45.98%, up 8.92% from a year earlier.
In 2021, the company's expense rate during the period was 36.69%, a decrease of 0.63% over the same period last year, of which the sales / management / financial expense rate was 26.26%, 4.48% and 5.94%, respectively, and the year-on-year change was-2.05 /-0.43 ppm 1.86%. The expense rate of 4Q2021 during the period was 45.45%, an increase of 8.61% over the same period last year, of which the sales / management / financial expense rate was 33.44%, 6.39% and 5.62%, respectively, and the year-on-year change was + 4.95 percentile 1.44 / + 2.22%.
Upgrade and upgrade the existing stores and constantly promote the online process
In 2021, the company opened 4 new stores and closed 12 stores in Liaocheng, Dongying, Zibo and Jinan. As of December 31, 2021, the company has a total of 120 stores with a construction area of 3.1411 million square meters.
At the same time, the company promotes the upgrading of existing stores, builds community shopping centers of Jinan Huaxin store and China Railway store, and completes the transformation of key stores such as Zibo store, Taian store and Weifang store. Online construction, relying on Ginza to home, Ginza cloud shopping and Meituan, ele.me, JD.com to home and other platforms to speed up the development of online hundreds of stores and supermarkets.
Downgrade profit forecast and maintain "overweight" rating
The company's performance was slightly lower than expected, mainly due to the intensification of competition in the industry and the impact of the epidemic. In view of the repeated epidemic situation in many places in the first quarter of 2022, and the process of the recovery of the epidemic is still unclear, we lowered the forecast for the company's 2022 EPS 2023 by 16% / 21% to 0.09 pm 0.10 yuan, and increased the forecast for the company's 2024 EPS by 0.11 yuan. The upgrading of the company's existing stores and the continuous promotion of the online process will help to consolidate the company's competitive advantage in Shandong and maintain the "overweight" rating.
Risk hint: some stores can not renew their leases when their leases expire, and new business type and the new store are not expanding as fast as expected.