20230427-东吴证券-开润股份-300577.SZ-2022年报及2023Q1业绩点评_22年业绩承压_23Q1恢复较好_看好全年业绩修复_4页_505kb

报告摘要

Report Summary: Kairun Shares (300577) 2022 Annual & 2023Q1 Performance

Executive Summary

This report analyzes Kairun Shares' 2022 financial performance and 2023Q1 results. The company faced significant challenges in 2022 due to COVID-19 impacts, resulting in revenue growth but sharp net profit declines. However, 2023Q1 shows strong recovery, with improved revenue and net profit. The stock maintains an "增持" rating based on expected full-year recovery.

Performance Overview

2022: Total revenue increased by 19.75% to 27.41 billion yuan, while net profit fell by 73.98% to 0.471 billion yuan. The decline was driven by margin compression, COVID disruptions, and losses from non-core investments.
2023Q1: Revenue rose by 21.00% to 7.40 billion yuan, and net profit improved by 180.00% (to 0.35 billion yuan after adjustments, excluding government subsidies), reflecting better cost control and market recovery.

Business Segments

2B Wholesale: Contribution increased to 80.19% of revenue, with 50.09% YoY growth in 2022, led by key clients like Nike, Decathlon, and new collaborations. Expected steady growth in 2023, with margin improvements from capacity expansion.
2C Retail: Suffered 32.11% revenue decline in 2022, primarily from challenges in domestic travel and active business closures, with segments like 90分 and Xiaomi affected. Recovery is anticipated, supported by domestic market reopening.

Financial Highlights

Revenue growth declined in 2022 due to external factors, but 2023 showed significant improvement.
Gross margin decreased sharply in 2022 (by 496 percentage points to 16.3%) but improved in 2023Q1 (21.75%).
Net profit margin deteriorated in 2022 but is expected to recover due to operational efficiencies and cost controls.
The investment outlook forecasts full-year 2023 net profit at 150-184 billion yuan, with a lower PE than previously estimated.

Investment Outlook

Maintain "增持" rating, expecting performance recovery across segments.
Risks include ongoing COVID and economic conditions, which could impact progress.

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