Zhongbai Group (000759): 1H22 revenue dropped 1.5%, focusing on the effectiveness of transformation and quality improvement.

中金公司 · Aug 29, 2022 11:01 · Researches

　　业绩回顾

　　1H22 业绩符合此前预告

　　中百集团公布1H22 业绩：实现营业收入62.4 亿元，同比下滑1.5%；归母净亏损0.40 亿元，同比转亏（去年同期盈利772 万元），符合此前预告区间，主因疫情反复叠加渠道多元化、竞争加剧，同时政府补贴减少，导致公司半年度亏损；扣非净亏损0.54 亿元，去年同期亏损0.32 亿元。

　　分季度看，Q1/Q2 营收同比分别下滑1.2%/1.8%，归母净利润同比分别下滑9.5%/转亏，扣非归母净亏损幅度同比分别缩窄72.4%/扩大444.0%。

　　发展趋势

　　1、1H22 营收同比下滑1.5%。1H22 公司超市/百货/其他业态营收占比分别89.6%/1.9%/8.6%，1H22 营收分业态看：1）超市业务：同比下滑3.63%，店效方面，中百仓储湖北/中百仓储重庆/社区超市/便利店可比店营收分别下滑4.13%/13.27%/6.67%/7.21%；2）百货业务：同比下滑5.10%，我们认为主因疫情反复下客流减少经营承压。渠道方面，线上化表现相对较好，线上自建销售平台交易额5638 万元，第三方销售平台交易额7.04 亿元，同比分别增长66.2%/20.8%。网点方面，6 月末公司网点总数较2021 年末净增55 家至1594 家，其中中百仓储/超市/便利店/百货/工贸电器分别201/676/691/9/17 家，较2021 年末净增3/-6/58/0/0 家。

　　2、盈利能力持续受损。1H22 公司毛利率同比下滑0.3ppt 至24.8%，其中超市/百货/其他业务毛利率同比分别+0.5/+1.1/-2.4ppt，主业毛利率有所恢复。费用端看，销售费用率同降0.4ppt 至19.6%，管理+研发费用同增0.4ppt 至4.1%，财务费用率同增0.2ppt 至1.0%。综合影响下，公司归母净利率同降0.8ppt 至-0.6%，扣非净利润率同降0.4ppt 至-0.9%，盈利能力依旧承压。

　　3、持续关注经营转型提质成效。公司多业态聚焦发展质量提升，便利店方面加快两湖地区二级市场拓展，1H22 加盟店占比达75%；百货业深化“一店一策”经营，截至6 月末体验业态占比接近70%；超市业态开设中百大厨房专卖店、邻里生鲜便利店，建设配置便民生活圈。公司继续聚焦团购拓客提升，1H22 实物团购销售整体同比增长11%，食材大宗需求服务方面新设武汉中百大厨房供应链有限公司，1H22 销售同增31%。持续关注公司各业态转型及经营提质成效。

　　盈利预测与估值

　　基于疫情反复、竞争加剧，我们将公司2022/2023 年归母净利润预测由0.22/0.44 亿元下调至-0.40/0.30 亿元，当前股价对应2022/2023 年0.28/0.27 倍P/S。维持中性评级与目标价4.4 元，对应2022/2023 年0.25/0.24 倍P/S，较当前股价有11%下行空间。

　　风险

　　行业竞争加剧，疫情反复，消费持续低迷。

Performance review

1H22 performance is in line with previous forecasts

Zhongbai Group announced 1H22 results: operating income was 6.24 billion yuan, down 1.5% from the same period last year; the net loss was 40 million yuan, turning to a loss (7.72 million yuan in the same period last year), which was in line with the previous forecast range, mainly due to repeated superimposed channels of the epidemic, increased competition, and reduced government subsidies, resulting in a semi-annual loss; deducting a non-net loss of 54 million yuan, compared with a loss of 32 million yuan in the same period last year.

From a quarterly point of view, Q1/Q2 revenue fell by 1.2% compared with the same period last year by 1.8%, homed net profit by 9.5% per turn, and non-homed net loss narrowed by 72.4% / expanded by 444.0% respectively.

Trend of development

1. 1H22 revenue fell 1.5 per cent year-on-year. The revenue share of 1H22 supermarket / department store / other formats is 89.6%, 1.9%, 8.6%, 8.6%, 1H22, respectively: 1) supermarket business: 3.63% lower than the same period last year. In terms of store efficiency, revenue from comparable stores in Hubei / Chongqing / community supermarkets / convenience stores decreased by 4.13% 13.27% 6.67% 7.21% respectively. 2) Department store business: down 5.10% from the same period last year, we believe that the passenger flow has been reduced under pressure mainly due to the repeated epidemic. In terms of channels, online performance is relatively good, with online self-built sales platform trading volume of 56.38 million yuan and third-party sales platform trading volume of 704 million yuan, an increase of 66.2% and 20.8% respectively over the same period last year. In terms of outlets, the total number of outlets increased by 55 to 1594 at the end of June compared with the end of 2021, including 17 warehouses / supermarkets / convenience stores / department stores / industrial and trade appliances respectively.

2. Profitability continues to suffer. 1H22's gross profit margin fell 0.3ppt to 24.8% year-on-year, including supermarket / department store / other business gross profit margin respectively + 0.5/+1.1/-2.4ppt year-on-year, the main business gross profit margin recovered. On the expense side, the sales expense rate is reduced to 19.6%, the management + R & D expense is increased by 0.4ppt to 4.1%, and the financial expense rate is increased by 0.2ppt to 1.0%. Under the combined influence, the company's parent net interest rate is also reduced by 0.8ppt to-0.6%, and the non-net profit margin is also reduced by 0.4ppt to-0.9%. Profitability is still under pressure.

3. Continue to pay attention to the effectiveness of business transformation and quality improvement. The company's multi-format focus on improving the quality of development, convenience stores speed up the expansion of the secondary market in the Lianghu area, 1H22 franchise stores account for 75%; the department store deepens the operation of "one store, one policy", and the proportion of experienced business forms is close to 70% by the end of June; supermarkets set up one hundred kitchen stores and neighborhood fresh convenience stores to build a convenient life circle. The company continues to focus on group buying to improve, 1H22 physical group purchase sales increased by 11% year-on-year, food bulk demand services newly established Wuhan Zhongbai Kitchen supply chain Co., Ltd., 1H22 sales increased 31%. Continuously pay attention to the transformation of the company's various business formats and the effectiveness of operational quality improvement.

Profit forecast and valuation

Based on the repeated epidemic situation and intensified competition, we reduce the company's 2022 Universe net profit forecast for 2023 from 0.22 million to-0.40 million, and the current share price corresponds to 0.27 times of 2023. Maintain the neutral rating and the target price of 4.4 yuan, corresponding to 2022, 0.25 and 0.24 times the price of 2023, which is 11% lower than the current share price.

Risk.

Competition in the industry intensifies, the epidemic situation is repeated, and consumption remains depressed.

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中百集团(000759)：1H22收入同降1.5% 关注转型提质成效

Zhongbai Group (000759): 1H22 revenue dropped 1.5%, focusing on the effectiveness of transformation and quality improvement.

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