Performance review: 20Q4 accelerated recovery, 21Q1 continued high growth trend loss in 2020 is mainly affected by impairment factors, Q4 income has shown a trend of accelerated growth. In 2020, the company's income / return net profit / deduction non-return net profit was RMB 467 million respectively, an increase of 16.21%, 120.12%, 122.84% over the same period last year, and the growth rate of business income excluding masks was 5%. Income is in line with expectations and net profit is lower than expected, which is mainly affected by asset impairment loss and credit impairment loss. 20Q4 income / return net profit / deduction non-return net profit is 1.91 million yuan, up 42.87%, 83.40% and 73.51% over the same period last year. The income growth rate is 37PCT higher than that of 20Q3, mainly benefiting from the recovery of outdoor demand after the epidemic. In 2020, the company will pay a cash dividend of 0.02 yuan per share (including tax).
21Q1 continues the high growth trend of 20Q4 income, and its performance has become a positive one. The income / return net profit / non-return net profit of 2021Q1 company is 1.290.02 million yuan, an increase of 76.27%, 116.20%, 114.77% and 60.79%, 113.14% and 119.03% over 19Q1, respectively, year-on-year growth of 76.27%, 116.20%, 114.77%, 60.79%, 113.14%, 119.03% respectively.
X-BIONIC:2021 year is the first year of launch, and income is expected to double in 21 and 22.
In 2020, the contribution income of X-BIONIC is nearly 50 million yuan, and the income of 21Q1 is more than 10 million yuan. At present, the designer team of X-BIONIC has been formed, and the new products will be put on the market in the autumn and winter of 2021. The revenue target of XBIONIC products is 150 million yuan in 2021 and 450 million yuan in 2022. The annual compound growth rate of income from 2020 to 2022 is expected to reach 3 times.
In May, X-BIONIC signed a "Brand Licensing Cooperation Agreement" with GORE-TEX, a well-known fabric manufacturer. The significance of this cooperation is that on the one hand, GORE-TEX will empower the brand of XBIONIC, on the other hand, it will help X-BIONIC to rapidly expand its functional middle and outer products. In the autumn and winter of 2021, the X-BIONIC brand will use GORE-TEX materials and trademarks to launch high-end and fashionable outdoor sports and leisure business clothing, such as windbreakers, jackets, down jackets, cotton-padded clothes and ski suits, to enrich the width of Chinese and foreign products. At present, the proportion of inner layer sales is relatively high, but with the expansion of the middle and outer layer, the proportion of middle and outer layer sales is expected to increase to 80% when the market matures.
Investment suggestion
Looking to the future, 1) the offline transformation of the main business is gradually mature, the expansion of new stores is accelerating, and the store efficiency is gradually improving. We expect the company to open 4-5 multi-brand flagship stores, 4-6 ski shops and 2-3 Olai stores in 2021. 2) X-BIONIC operation plan will gradually begin to launch in 2021. The company will open 5 X-BIONIC brand stores in high-end shopping malls and build 10 XBIONIC brand zones in Sanfu outdoor chain stores. X-BIONIC is expected to contribute new increments. At the same time, as a high-end technology independent brand with a higher gross profit margin than the agent brand, the company's overall gross profit margin is expected to increase. 3) the domestic epidemic situation has been quickly controlled and the contribution increment of the newly opened park has been superimposed, and the squirrel park project is expected to recover in 2021 with a low base. The EPS of 2021 and 2022 was 0.21 and 0.39 yuan respectively, and the EPS of 23 years was 0.52 yuan, and the "overweight" rating was maintained.
Risk hint
X-BIONIC operation is not as expected; Squirrel Park passenger flow recovery is not expected; offline store expansion is not as expected; systemic risk.