The company issues the 20-year annual report and 21Q1 quarterly report. In 2020, the company realized operating income of 1.503 billion yuan, an increase of 8.91%, and a net profit of 136 million yuan, an increase of 37.31%. Of this total, 20Q1-Q4 realized revenue of 2.74,4.08,4.08 and 412 million yuan, with a year-on-year change of 21.40% in the third and fourth quarters compared with the same period last year, and realized net profit of 0.24,0.43,0.35 and 33 million yuan respectively in the third and fourth quarters compared with the same period last year, with year-on-year changes of 121.6% and-20.04% respectively in the third and fourth quarters. At the same time, according to the company's quarterly report for 21 years, 21Q1 achieved a revenue of 318 million yuan, an increase of 15.95%, and a net profit of 30 million yuan, an increase of 23.11%.
Main business income: from a brand point of view, Deya's main business income is 1.094 billion yuan, accounting for 72.89%, an increase of 13.18% over the same period last year, while Valentine's main business income is 201 million yuan, accounting for 13.41%, an increase of 27.37% over the same period last year. Henry and other brands' main business income was 25 million yuan, accounting for 1.66%, down 39.76% from the same period last year. From the perspective of 2 sub-channels, the sales of online channels increased greatly, with revenue of 869 million yuan, an increase of 20.23%, and the proportion of revenue reached 57.87%. Offline channels remained stable, achieving revenue of 633 million yuan, a decrease of 3.53%, accounting for 42.13%.
The company's expense rate during the 2020-year Plan period was 22.27%, reducing 6.78pct. 1 sales expense rate: the company 2020 sales expenses is 309 million yuan, with a decrease of 17.08%, and the sales expense rate is 20.57%. The change is mainly due to the company after the implementation of the new income standard, the customer consideration originally included in the sales expenses is deducted from the current income 2 management expenses rate: management expenses 22 million yuan, with a reduction of 12.52%, management expenses rate is 1.49% financial expenses rate: company 2020 financial expenses is 3 million yuan It also increased by 29.92%, and the financial expense rate was 0.22%, mainly due to the increase in interest costs on long-term loans. The company's expense rate during the 21Q1 period was 19.45%, with a decrease of 1.83pct, which continued to decline compared with the 2020 expense rate, mainly due to the significant month-on-month decline in the 21Q1 sales expense rate.
The company's products are iterated constantly and have strong ability to embrace omni-channel layout. At present, the anti-monopoly process is becoming more and more strict, and online platforms are prohibited from "choosing one of the two", thus protecting fair competition in the market. The company's online multi-channel expansion resistance is reduced, the full-channel layout is expected to continue, and the performance is expected to further grow. We expect the company's net profit from 2021 to 2022 to be 183 million yuan / 214 million yuan respectively, corresponding to a PE of 36Xmax 31X, with a "buy" rating.
Risk tips: offline channel sinking is not as expected, operation is not as expected, food safety risk, product development is not as expected