\u3000\u3000 Chongqing Brewery Co.Ltd(600132) (600132)
The company released the 2021 annual performance express, and the annual performance slightly exceeded the market expectation. In 2021, the company achieved a total operating revenue of 13.12 billion yuan, a year-on-year increase of 19.9%, a net profit attributable to the parent company of 1.17 billion yuan, a year-on-year increase of 38.8%, and a net profit not attributable to the parent company of 1.14 billion yuan, a year-on-year increase of 76.14%; In the single quarter of 2021q4, the company achieved a revenue of 1.93 billion yuan, a year-on-year increase of + 1.1%, and a net profit attributable to the parent company of 120 million yuan, up from – 7.086 million yuan in the same period last year.
The volume and price of the whole year rose simultaneously, and the performance slightly exceeded expectations. In 2021, the company’s beer sales volume is about + 15% year-on-year, and the ton price of beer sales is expected to be + 4.3% year-on-year. The whole year benefited from the intensive cultivation and expansion of the company’s “Yangfan 22”. At the same time, Wusu led the high-end of the company’s products, driving the overall volume and price to rise. In the single quarter of 2021q4, the beer sales volume is about – 2.7% year-on-year, and the ton price is expected to be + 3.9% year-on-year. The high-end offset the decline in sales volume caused by factors such as Q4 off-season superposition and local recurrence of the epidemic, and the Q4 revenue is + 1.1% year-on-year. Q4 significantly reversed losses in the off-season and helped the annual performance exceed expectations. The company’s operating profit in the single quarter of 2021q4 was 260 million yuan, with a loss of 72.305 million yuan in the same period last year. The net profit deducted from non parent company in 2021q4 was 120 million yuan, and the loss in 2020q4 was 18.953 million yuan. It is expected that it is mainly due to the influence of factors such as the company’s active cost control, cost reduction, improving operation efficiency and offsetting the rise of costs.
High end and cost control offset the cost pressure, and the volume growth of Wusu is still on the way. 2022 is the last year of the company’s “Yangfan 22” strategy, and the preparation of “Yangfan 27” is imminent. The company’s high-end products and big city plan are advancing smoothly. At present, the beer industry is generally facing the pressure of rising raw material costs and prices, Chongqing Brewery Co.Ltd(600132) take the nationalization of ussu as the starting point to promote the high-end products, improve the profitability of products, offset the cost pressure, supplemented by price increases and other measures, Optimistic about the company’s ability to deal with cost pressure. The nationalization of Wusu is still on the way. After Zhang Weili served as the spokesman of Wusu in 2020, Wu Jing served as the spokesman of Wusu brand at the end of January 2022. Wusu’s “hard core” remains the same. At the same time, the company continues to enrich Wusu’s product system. White beer and Loulan secret brewing dig deep into subdivided groups, and the growth of Wusu is still on the way. High quality production capacity has laid a solid foundation for development. The beer industry has ended the “horse racing enclosure”, and heavy beer took the lead in closing factories to improve operation efficiency. In 2021, the company successively promoted the construction of new factories in Yancheng and Foshan, Xichang company started technical transformation and production expansion, and heavy beer has increased the layout of “high quality production capacity” again, laying a solid foundation for national development and further improving operation efficiency in the future.
Profit forecast: after adjusting the previous profit forecast, it is estimated that the net profit attributable to the parent company in 2021 / 22 / 23 will be RMB 1.17/14.7/1.9 billion (originally RMB 1.23/16.2/1.95 billion), respectively + 8.3% / 26.3% / 29.3% year-on-year, corresponding to 55 / 44 / 34 times of PE, maintaining the “buy” rating.
Risk warning: the epidemic situation repeatedly affects the mobile sales; The expansion of new products is less than expected; The dynamic sales in peak season are less than expected; Industry competition intensifies.
