Events:
Shu Yu civilian recently released the semi-annual report of 2022, with operating income of 3.39 billion yuan (+ 36.73%), net profit of 112 million yuan (+ 28.26%) and non-return net profit of 106 million yuan (+ 33.57%) during the reporting period. From the perspective of the second quarter, the operating income was 1.802 billion yuan (+ 39.24%), the return net profit was 62 million yuan (+ 25.71%), and the non-return net profit was 54 million yuan (+ 14.06%).
Comments:
Encrypt the layout within Shandong Province, and join in mergers and acquisitions to accelerate expansion outside the province. As of 22H1, the company has a total of 4009 stores in Shandong Province, Liaoning Province, Fujian Province and other regions (including 1039 stores joined), 668 new stores in the first half of the year (compared with + 19.99% at the end of 21 years), and 2970 direct stores at the end of the reporting period, including 174new self-built stores, 225mergers and acquisitions, 21 closed stores, gargle jade people deeply cultivate the Shandong market, and have a greater brand influence in the region.
1) self-construction: 174 self-built stores were built during the reporting period (compared with + 6.71% at the end of 21 years), the main layout is in Shandong Province, and the store layout in Shandong area is encrypted to increase the market share.
2) M & A: during the reporting period, the company carried out M & A business in Liaoning and Fujian, acquired 225 stores, and took a solid step towards the national market through M & A.
3) joining: the company adopts the business model of the combination of direct management and brand authorization to form a gargle health joining network focusing on the regional market north of the Yangtze River, covering 12 provinces and municipalities directly under the Central Government, including Henan and Hebei, and the wholesale revenue of 22H1 franchise stores increased by 186.6% compared with the same period last year.
Key indicators: the average daily efficiency of 2022H1 stores, including tax, is 6242 yuan (compared with + 5.24% at the end of 21 years). The average daily efficiency is 57 yuan per square meter (compared with + 11.76 percent at the end of 21 years). The company's dense layout of the business area, sinking to the county rural market, and the steady improvement of store operation efficiency.
We will continue to promote the construction of professional pharmacies and improve the capacity to undertake prescription outflow. By the end of the reporting period, the company had opened 57 designated special medicine pharmacies for serious diseases, more than 270 courtyard stores and 8 up-to-standard pharmacies in Shandong Province. the tax sales of DTP exceeded 570 million yuan, an increase of 84.13% over the same period last year. The company continues to improve offline store channels, promote to undertake prescription outflow, and continue to increase the company's business.
Profit forecast: from 2022 to 2024, we expect the company to achieve income of 6.946 million yuan 83.56 billion yuan, net profit of 1.38 million yuan per share, corresponding to 0.34 billion yuan per share, 0.41 billion yuan per share. Synthesize the average valuation level of the industry, give the company an investment rating of "increasing its holdings".
Risk tips: economic downside risks, performance forecasts and valuations that are not up to expectations, recurrent epidemic risks, etc.