\u3000\u3000 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) (600872)
Event: the company achieved a revenue of 5.116 billion yuan in 2021, with a year-on-year increase of – 0.14%; The net profit attributable to the parent company was 753 million yuan, a year-on-year increase of – 15.39%; The net profit attributable to the parent company after non deduction was 729 million yuan, a year-on-year increase of – 18.73%. Among them, 2021q4 achieved revenue of 1.704 billion yuan, a year-on-year increase of 29.76%; The net profit attributable to the parent company was 386 million yuan, a year-on-year increase of 73.85%; The net profit attributable to the parent company after non deduction was 375 million yuan, a year-on-year increase of 54.07%.
2021q4 seasoning revenue is growing and profitability is picking up. In 2021, Meiweixian subsidiary achieved a revenue of 4.618 billion yuan, a year-on-year increase of – 7.23%; Among them, the revenue of 2021q4 was 1.34 billion yuan, a year-on-year increase of 6.69%. The Q4 revenue growth of Meiweixian has turned positive, which is rare in the case of repeated and serious epidemic. The main reasons are: (1) the expected rise of price increase stimulates dealers to hoard goods; (2) The marginal demand is improved, and the impact of channels such as community group purchase is weakened; (3) The goods are prepared in the peak season of the Spring Festival year-on-year ahead of schedule. After the fourth quarter, we expect the channel inventory to rise month on month. In 2021, Meiweixian subsidiary realized a net profit attributable to its parent company of 607 million yuan, with a year-on-year increase of – 29.50%. If it restored 2020q4 and demolished the plant, it formed a one-time asset disposal loss of 36 million yuan, with a year-on-year increase of – 32.36%; Among them, the net profit attributable to the parent company in 2021q4 was 209 million yuan, with a year-on-year increase of 10.58%. After reducing the one-time asset disposal loss caused by the demolition of plants in 2020q4, it increased by – 7.66% year-on-year. In 2021q4, the net profit margin of delicious food returned to its parent company has recovered to 15.60%, an increase of 3.46 PCT compared with 12.14% in the first three quarters, mainly due to the dilution of fixed costs and sales expenses at the production end caused by revenue growth.
In the fourth quarter, the contribution of real estate increased, and the income and profit increased significantly. The revenue and profit side of the 2021q4 consolidated statement achieved rapid growth, mainly because the company’s headquarters recognized the sales revenue of commercial houses of the “East Bank of Qijiang” project in the fourth quarter, promoted the revenue other than Meiweixian from 56 million to 364 million yuan, and promoted the net profit attributable to the parent company other than Meiweixian from 32 million to 177 million yuan.
Profit forecast: in 2021, the company will continue to adjust internally, accelerate the real estate stripping, and focus on the main seasoning industry. At the same time, the repurchase of shares for equity incentive is expected to further activate the operating power. In 2021, there was great external pressure. Affected by the macro environment and covid-19 pneumonia epidemic, the demand growth rate of condiment industry decreased, and the rising cost of main raw materials had a great impact on profits. With the collective price increase of condiment sector, we expect the fundamentals to improve marginally in 2022. According to the company’s performance express and taking into account the company’s increase in the ex factory price of some products (according to the Financial Association), we adjusted the profit forecast. It is estimated that the company’s revenue from 2021 to 2023 will be 5.116, 5.354 and 6.018 billion yuan respectively, the net profit attributable to the parent company will be 753, 792 and 985 million yuan respectively (the original forecast value is 483, 637 and 892 million yuan), and the EPS will be 95, 99 and 1.24 yuan respectively, The corresponding PE is 34 times, 32 times and 26 times, maintaining the “buy” rating.
Risk warning events: food safety risks; The competition of medium and high-end soy sauce is intensified; Nationalization is less than expected; Coronavirus proliferation risk; Uncertainty risk of fixed increase project; Risk of failure or less progress of real estate stripping
