维达国际(03331.HK)2022年一季度股东净利同比减少37.8%

See the last page for disclaimer Page 1 of 4 中外运输 Equity Research Equity Research Report 证 券 研 究 报 告 Flash Note 股票研究 快讯 证券研究报告 [Table_Info1] 消费行业-日用品 Consumer Sector-Household Products [Table_Info2] 维达国际 Vinda International (03331 HK) [Table_Title] Flash Note: Vinda International (03331 HK) Andy Chen 陈思超 (852) 2509 2665 快讯： 维达国际 (03331 HK) andy.chen@gtjas.com.hk 22 April 2022 [Table_Summary] 1Q2022 Shareholders' Profit Declined 37.8% YoY 2022年一季度股东净利同比减少37.8%  What happened: Vinda International ("Vinda", or the "Company") posted its unaudited 1Q2022 results as follows. Table-1: Vinda's 1Q2022 Results Summary (HK$ mn) 1Q2021 1Q2022 YoY Change Revenue 4,470 4,566 2.2% Gross Profit 1,737 1,512 (12.9%) EBITDA 1,009 780 (22.7%) Operating Profit 703 446 (36.5%) Shareholders' Profit 553 344 (37.8%) Source: the Company.  Comments and views: In 1Q2022, Vinda's revenue rose 2.2% YoY to HK$4,566 mn, but only 0.1% YoY growth at constant exchange rate, slightly lower than our expectation. To be specific, revenue from tissue paper segment grew slightly by 0.2% YoY to HK$3,671 mn, while revenue from personal care segment grew by 11.0% YoY to HK$895 mn. Overall gross margin plunged 5.7 ppt YoY to 33.1%, which was higher than 32.2% in 4Q2021. According to the management, despite stable pricing control and improved product mix, gross margin was largely subject to higher wood pulp prices and energy cost, coupled with lower utilization rate and logistics efficiency. SG&A expenses ratio went up due to continuous investment in brand building and channel expansion. To sum up, in 1Q2022, Vinda's shareholders' profit shrunk 37.8% YoY to HK$344 mn, with net margin of 7.5% (down 4.9 ppt YoY, roughly flat QoQ), slightly missing our expectation. Figure-1: Vinda's Quarterly Revenue and YoY Growth Figure-2: Vinda's Quarterly GM and OM Source: the Company, Guotai Junan International. Source: the Company, Guotai Junan International. -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2000 2500 3000 3500 4000 4500 5000 5500 6000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 HK$ mn Revenue YoY Growth (Constant FX Rates) 38.9 32.2 33.1 15.7 8.7 9.8 0 5 10 15 20 25 30 35 40 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 % Gross Margin Operating Margin 股票报告网 Flash Note See the last page for disclaimer Page 2 of 4 [Table_RightMar1] 22 April 2022 [Table_RightMar2] Vinda International 维达国际 (03331 HK) [Table_PageHeader] Vinda International (03331 HK) [Table_CompanyRatingDefinition]  Premiumization was basically in line, but 2022 earnings outlook is still relatively unclear. Due to weak overall consumer market sentiment, along with the resurgence of the COVID-19 pandemic in China and Southeast Asia, the Company's sales performance deteriorated in January and February, but resilient growth momentum was restored in March. Compared to its competitors, Vinda performed