Gaishi food (836826)
Event: the company released the performance forecast for 2021. In 2021, the net profit attributable to the shareholders of the listed company is expected to be 40 million yuan to 44 million yuan, with a year-on-year increase of 50.17% - 65.19%; In the single quarter of 2021q4, the net profit attributable to shareholders of listed companies was 11.1645 – 15.1645 million yuan, an increase of 26.98% - 72.48% over the net profit attributable to shareholders of Listed Companies in 2020q4 of 8.7921 million yuan.
The recovery of catering market drives the growth of performance in 2021: the company is a national key leading enterprise in agricultural industrialization. It is mainly engaged in the R & D, production and sales of instant appetizers such as marine food and edible fungus food, and is committed to building a leading brand of appetizers in China. The main products are divided into algae, fungi, wild vegetables, fish seeds and sea delicacies according to the product attributes; According to the processing method, it can be divided into seasoning ready to eat products, dry products, frozen products and salted products. By 2021q3, the company had achieved an operating revenue of 230 million yuan, a year-on-year increase of 50.24%; The net profit attributable to the shareholders of the listed company was 28.8355 million yuan, a year-on-year increase of 61.60%. The company expects an operating revenue of 325-350 million yuan in 2021, a year-on-year increase of 48.51% - 59.93% compared with 218845500 yuan in 2020; The net profit attributable to shareholders of listed companies was 40-44 million yuan, an increase of 50.17% - 65.19% year-on-year compared with 26.6357 million yuan in 2020; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 38-42 million yuan, compared with 24.9259 million yuan in 2020, a year-on-year increase of 52.45% - 68.50%. The performance growth in 2021 was mainly due to the stable relationship between the company and its old customers and the active development of new customers under the background of the normalization of epidemic prevention and control outside China and the gradual recovery of the catering market. In addition, the company also cooperated with the expansion of business scale by deeply excavating production capacity. Therefore, the profit of the company increased while the production and sales volume increased at the same time.
Bind major customers and attach importance to industry university research cooperation: the company's main customers include Haidilao, Fu Jian Anjoy Foods Co.Ltd(603345) , Japan Jianzhen Food Co., Ltd. and so on. Under the advantages of location, raw material sources and industrial agglomeration effect, the cooperation has been extended to meat cold dishes and protein cold dishes. The company insists on industry university research cooperation with universities, national technology R & D center, Academy of Agricultural Sciences and other scientific research institutes, and has obtained 20 patents in 2021h1, including 3 inventions and 17 utility models; 8 computer software copyrights; 26 registered trademarks. It has obtained HACCP certification of food safety management system and ISO9001 (2015) certification of quality management system, as well as a number of food related certifications at home and abroad, such as FDA certification, EU aquatic product manufacturer certification, BRC certification and Halal certification of British retailer Association.
Investment suggestion: Gaishi food is one of the leaders in the sub segment of appetizer cold dishes. Under the background of strengthening food safety supervision and increasing concentration of food processing industry, the company may achieve significant growth by virtue of its advantages in brand, market, quality control, product R & D, capital, talents and management. As of the latest, the closing price of the company is 14.35 yuan / share, with a total market value of 1.3 billion yuan. The performance in 2021 is estimated to be 40-44 million yuan, corresponding to pe29-32x. It is recommended to pay attention.
Risk tips: epidemic risk, natural condition risk and tax risk
