The company released the semi-annual report of 2022: 1) 2022H1: the company realized operating income of 1.557 billion yuan /-16.08%, net profit of 610.80 million yuan /-97.03%, and non-net profit of-1366.15 million yuan /-108.48%. 2) single Q2: the company achieves operating income of 842 million yuan /-23.46%, net profit of-658.76 million yuan /-104.10%, and non-return net profit of-2540.76 million yuan /-121.6%. It is mainly due to the disruption of logistics and transportation affected by the epidemic, which is headquartered in Shanghai.
The gross profit margin decreased and the expense rate increased during the period. 22H1's overall gross margin fell 6.18pcts to 30.17%. On the expense side, the expense rate during 22H1 is 25.86%/+3.35pcts, in which the sales expense rate is 22.52%/+3.15pcts. Although the logistics cost has decreased, the sales expense rate has increased due to a large drop in revenue. The management / finance / R & D expense rate is / 3.60%, 0.65% and 0.39%, respectively, compared with the same period last year + 0.59pct/-0.38pct/+0.08pct. The net interest rate of 22H1 is 0.39%/-10.67pcts.
E-commerce retail business is still the core, Douyin platform is growing against the trend. According to the sub-business model, the revenue of 22H1 e-commerce retail business is 1.421 billion yuan /-17.11%, the gross profit is 31.04%, the gross profit is 3.49pcts, and the revenue of brand marketing operation services is 0.49 billion yuan /-52.19%, and the gross profit is 50.16%/-33.21pcts. From a platform point of view, the company has cultivated Tmall platform for a long time, while rapidly expanding Douyin platform. 22H1 Tmall domestic platform / Tmall international platform / other platforms (mainly Douyin) achieved revenue of 13.71 million yuan respectively, compared with the same period last year.
Warehousing and logistics basically returned to the pre-epidemic level and continued to open up new platforms and new categories. With the gradual improvement of the epidemic situation in Shanghai after June, and the gradual recovery of logistics and transportation, the delivery rate on the first day of 618 promotion was 83%, which was basically the same as that in the same period last year. During the reporting period, the company accelerated the work of warehouse separation, adding 15 locations in Hefei, Wuhan, Chengdu and other places, as well as increasing the number of locations in Guangzhou, Tianjin and other places. Deeply ploughing cosmetics retail, incubating Meitang and Yurong elementary own brands to fill the gaps, and constantly expanding new categories at the same time, during the reporting period, it successively reached cooperation intentions with brands such as Qiduoduo, Adidas washing Care, Lekoukou and other brands. as of June 30, 22, the company has reached a cooperative relationship with more than 60 brands, including Sulwhasoo and Hou. Explore the new platform business represented by Douyin, and expand the user base through short videos, content recommendation, store self-broadcast and talent cooperation.
Investment advice: buy-An investment rating. From 2022 to 2024, we estimate that the company will achieve revenue of 40.29cm 48.16max RMB 5.430 billion, year-on-year-3.03% Universe 19.53% Universe 12.74%, estimated net profit of 2.61 pm 3.21pm 394 million, year-on-year-36.4% RMB22.8% Universe 23.0%. 2023 24xPE, corresponding to the 12-month target price of 19.16 yuan.
Risk tips: epidemic repeated risk, brand management risk, high supplier concentration risk, commodity quality control risk and so on.