Haining Picheng (002344): Q1 deducted non-net profit increased by 16.62% compared with the same period last year. Follow the progress of the company's business transformation and efficiency improvement.

中金公司 · Apr 29, 2021 00:00

　　1Q21 业绩符合我们预期

　　海宁皮城公布1Q21 年业绩：营业收入3 亿元，同比增长12.35%；归母净利润0.97 亿元，同比增长46.91%，基本符合我们预期。扣除非经常性损益后净利润0.7 亿元，同比增长16.62%，非经常性损益主要来自公允价值变动损益、投资收益和政府补助。

　　发展趋势

　　1、1Q21 年营收同比增长12.35%。公司1Q21 实现营收3 亿元，同比增长12.35%，增速环比降低7.1ppt。营业成本1.75 亿元，同比增长33.77%，主因物业销售成本结转及新增项目折旧增加所致。经营活动产生的现金流量净额2.4 亿元，去年同期986 万元，主因收到政府补助及销售商品、提供劳务的现金较上年同期增加所致。

　　2、期间费用管控能力略有提升。1Q21 公司毛利率同比下降9.32ppt 至41.8%，主因物业销售成本结转及新增项目折旧增加所致。费用端看，公司持续加强费用控制，1Q21 期间费用率同比下降0.81ppt 至12.9%；其中销售费用率同比下降1.83ppt 至6.1%；管理和研发费用率同比下降0.59ppt 至6.7%；财务费用率同比增加1.61ppt 至0.1%，主因银行借款利息支出增加所致。综合影响下，1Q21 净利率同比增加7.6ppt 至32.3%，主因费用率下降、投资收益增加所致；扣非净利率同比增加0.86ppt 至23.3%。

　　3、后续关注公司经营转型提效进展。1）主营业务巩固提升，产业推广推陈出新：巩固提升皮革主业、叠加发展时装产业，扩大同行合作交流，推动产业链上下游生态体系对接，拓展新媒体渠道；2）第二主业大健康事业持续推进：颐和护理院全面完成改造并启用，同步通过医保定点机构审批，康复医院经营有所改善，优化核心团队、组织和业务架构；3）线上线下加速融合，开启数智化建设：合作建立全国首个皮草类目抖音电商直播基地，与阿里云新零售合作推进淘宝“云市场”项目，与快手合作成立海宁皮革城服饰产业带。后续主业恢复及业务转型效果仍需持续追踪。

　　盈利预测与估值

　　维持2021 年每股盈利预测0.16 元，引入2022 年每股盈利预测0.17 元。当前股价对应2021/2022 年25 倍/23 倍市盈率。维持中性评级和目标价4.33 元，对应2021 年27 倍P/E 和2022 年25 倍P/E，有12%上涨空间。

　　风险

　　行业竞争持续加剧，线上交易分流，大健康业务进展不及预期。

1Q21's performance is in line with our expectations.

Haining Picheng announced 1Q21 annual results: operating income of 300 million yuan, an increase of 12.35% over the same period last year, and net profit of 97 million yuan, an increase of 46.91% over the same period last year, which is basically in line with our expectations. After deducting non-recurrent profit and loss, the net profit was 70 million yuan, an increase of 16.62% over the same period last year. Non-recurrent profit and loss mainly came from fair value changes, investment income and government subsidies.

Development trend

1. 1Q21's annual revenue increased by 12.35% compared with the same period last year. The company's 1Q21 achieved revenue of 300 million yuan, an increase of 12.35% over the same period last year, and the growth rate decreased by 7.1ppt compared with the previous month. The operating cost was 175 million yuan, an increase of 33.77% over the same period last year, mainly due to the carry-over of property sales costs and the increase in depreciation of new items. The net cash flow from operating activities was 240 million yuan, compared with 9.86 million yuan in the same period last year, mainly due to the increase in cash received from government subsidies and the sale of goods and services over the same period last year.

2. The ability of cost control has been slightly improved during the period. 1Q21's gross profit margin fell 9.32ppt to 41.8% year-on-year, mainly due to the carry-over of the cost of property sales and the increase in depreciation of new items. On the expense side, the company continued to strengthen cost control. During the 1Q21 period, the expense rate decreased by 0.81ppt to 12.9%; the sales expense rate decreased by 1.83ppt to 6.1%; the management and R & D expense rate decreased by 0.59ppt to 6.7%; and the financial expense rate increased by 1.61ppt to 0.1% compared with the same period last year, mainly due to the increase in bank loan interest expenses. Under the comprehensive influence, the 1Q21 net interest rate increased by 7.6ppt to 32.3% year-on-year, mainly due to the decrease in expense rate and the increase in investment income; deducting the non-net interest rate increased by 0.86ppt to 23.3% compared with the same period last year.

3. Follow up to pay attention to the progress of improving efficiency in the transformation of the company's management. 1) consolidate and upgrade the main business, push through the old and bring forth the new: consolidate and upgrade the main leather industry, superimpose the development of the fashion industry, expand peer cooperation and exchanges, promote the docking of the ecosystem upstream and downstream of the industrial chain, and expand new media channels. 2) the second major health cause continues to advance: Yihe Nursing Hospital has been fully transformed and opened, approved by designated medical insurance institutions at the same time, the operation of the rehabilitation hospital has been improved, and the core team, organization and business structure have been optimized. 3) accelerate online and offline integration and open digital intelligence construction: cooperate to establish the country's first fur category Douyin e-commerce live broadcast base, cooperate with Aliyun New Retail to promote Taobao "Cloud Market" project, and cooperate with Kuaishou to establish Haining Leather City clothing industry belt. The follow-up recovery of the main business and the effect of business transformation still need to be tracked continuously.

Profit forecast and valuation

Maintain the profit forecast of 0.16 yuan per share in 2021 and introduce the profit forecast of 0.17 yuan per share in 2022. The current share price corresponds to a price-to-earnings ratio of 25x / 23x in 2022. Maintain the neutral rating and target price of 4.33 yuan, corresponding to 27 times Pmax E in 2021 and 25 times Pamp E in 2022, with 12% room for increase.

Risk

Competition in the industry continues to intensify, online transactions are diverted, and the progress of the big health business is not as expected.

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海宁皮城(002344)：Q1扣非净利同比增长16.62% 关注公司经营转型提效进展

Haining Picheng (002344): Q1 deducted non-net profit increased by 16.62% compared with the same period last year. Follow the progress of the company's business transformation and efficiency improvement.

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