经营活动现金流量净额增加，存货周转速度减慢。现金流方面，2023Q1 年公司经营活动产生的现金流量净额为0.07 亿元，同比+105.96%，主要是公司加大资金回款力度后销售回款的增加。2023Q1 年公司存货为1.92 亿元，同比+49.21%；存货周转天数为37.70 天，同比增加11.11 天，存货周转速度减慢。2023Q1's revenue increased 1.79% year over year, and Guimu's net profit increased 5.25% year over year. The company achieved operating income of 655 million yuan in 2023Q1, +1.79% year on year; net profit of the mother was 103 million yuan, +5.25% year on year; after deducting non-net profit of 29 million yuan, +22.06% year on year; basic earnings per share were 0.01 yuan, the same as the same period last year.
Expense rates are well controlled, and profitability remains stable. The company's 2023Q1 gross margin was 37.27%, +0.98pct over the previous year; on the cost side, the 2023Q1 fee rate was 33.03%, +0.19pct compared to the previous year. Among them, the sales expense rate/management expense rate/R&D expenses rate/financial expenses ratio were 22.70%/8.21%/1.11%/1.01%, respectively -0.66pct/+0.90pct/+0.18pct/ -0.23pct respectively. The net interest rate of 2023Q1 company was 4.76%, -0.05pct year-on-year.
HoDo menswear revenue increased, and online channels performed well. By brand, the company's HoDo menswear and OEM processed clothing achieved revenue of 486 million yuan/132 million yuan respectively, +22.63%/-39.23% year on year; gross margin was 46.53%/7.59% compared to -6.95pct/-0.41pct over the previous year. By channel, the company achieved online/offline revenue of 158 million yuan/461 million yuan respectively, +4.38%/-0.52% year on year; gross margin was 51.45%/33.65%, +5.08pct/-0.75pct over the previous year.
Net cash flow from operating activities increased, and inventory turnover slowed down. In terms of cash flow, the net cash flow generated by the company's operating activities in 2023Q1 was 0.07 million yuan, +105.96% year on year, mainly an increase in sales repayment after the company increased capital repayment efforts. The company's inventory in 2023Q1 was 192 million yuan, +49.21% year on year; the number of inventory turnover days was 37.70 days, an increase of 11.11 days over the previous year, and the inventory turnover rate slowed down.
It is proposed to issue shares to specific targets to raise capital, demonstrating confidence in development. The company plans to raise capital by issuing shares to specific targets. The number of shares issued will not exceed 380 million shares (including principal amount), and the total amount of capital raised will not exceed 1.18 billion yuan (including principal amount). After deducting the issuance expenses, it is intended to be used to build the Hongdou Brand Experience Store Upgrading Project, the Hongdou Brand E-commerce Center Construction Project, the Hongdou Brand Design and R&D Center Construction Project, and supplementary working capital. On April 10, 2023, the above application to issue shares to specific targets was accepted by the Shanghai Stock Exchange.
Continue to expand the clothing business and increase the layout of new energy tracks. Based on business development needs, the company used its own capital to establish a wholly-owned subsidiary, Wuxi Hongdou Clothing Technology Co., Ltd., with a registered capital of 1 million yuan. The company's holding subsidiary, Wuxi Hongri Wind Energy Technology Co., Ltd. participated in the investment to establish Wuxi Baofeng No.1 New Energy Co., Ltd., with a registered capital of 500 million yuan, of which Wuxi Hongri Wind Technology Co., Ltd. has pledged 10 million yuan, with a shareholding ratio of 2%. The registration procedure for the establishment of the business has now been completed.
Investment advice: The company has 65 years of brand history and is rich in hair. Currently, it is focusing on classic and comfortable menswear strategies, increasing independent product development and creating a new image of all-round comfort to meet the needs of consumers for comfortable menswear products with the ultimate product. The company is actively upgrading channels, and its profitability has improved. It is expected that online development will continue to flourish in the future, and the company still has a lot of room for development. It is predicted that the company's 2023-2025 EPS will be 0.04 yuan, 0.07 yuan, and 0.09 yuan respectively, and the corresponding PE will be 74X, 50X, and 39X respectively, maintaining an “increase in holdings” investment rating.
Risk warning: the risk of changes in market demand, the risk of product development, the risk of operation management, the risk of increased competition in the industry.
