Events:
The company issues its 2022 half-yearly report.
Comments:
The performance is obviously under pressure due to the impact of the regional epidemic situation.
2022H1's operating income was 1.557 billion yuan, down 16.08% from the same period last year, and the net profit attributed to the parent company was 6.108 million yuan, down 97.03% from the same period last year. This is mainly due to a relatively serious epidemic in Shanghai where the company's headquarters is located in the first half of the year, and the shutdown of warehousing and logistics in March-May hindered the rigidity of superimposed related costs and expenses. 2022H1's gross profit margin was 30.17%, down 6.18pct, and the total expense rate during the period was 25.86%, down 1.78pct from the same period last year. Among them, the sales / management / R & D / financial expense rates are 22.52%, 3.60%, 0.39%, 0.65%, respectively, an increase of-2.06/+0.59/0.08/-0.38pct over the same period last year.
Private brands continue to hatch to achieve rapid growth
From a business point of view, 2022H1 e-commerce retail / brand marketing operations / other business revenue is respectively 14.21 3.49/-33.21/+11.78pct 0.83 million yuan, year-on-year respectively-17.11% Universe 52.19% Universe 123.01%, gross profit 31.04% Universe 50.16% Universe 4.82%, year-on-year increase-Universe. The company continues to incubate its own brands, and has successively launched its own brands in the past year, such as Meitang, Yurong Chu, Flavor Archives, Aibei Meng and other own brands, and the related revenue margin has achieved rapid growth.
Continue to expand emerging platforms, highlight business resilience
From a platform-by-platform point of view, the revenue of 2022H1 Tmall domestic / Tmall International / other platforms is RMB 1.37 million, an increase of-17.23%, 34.40%, 10.50%, respectively, and gross profit margin is 30.59%, 25.48%, 27.75%, respectively,-7.29/-13.79/+13.62pct. The company has been ploughing Tmall platform for a long time, and under the impact of the epidemic, revenue gross margins of other platforms dominated by Douyin have been improved. 2022H1 has added 10 stores on platforms such as Little Red Book and Kuaishou Technology, and continues to expand new platforms.
Investment advice and profit Forecast
Taking into account the impact of the epidemic on the company's business, we downgrade the company's profit forecast. It is estimated that from 2022 to 2024, the company will achieve operating income of 43.12 million yuan, net profit of 3.31 million yuan, EPS of 0.48, 0.82, and PE of 2716, 15x, respectively.
Risk hint
The main brand takes back the risk of acting operation right, the incubation of new brand is less than the expected risk, and the industry competition aggravates the risk.