\u3000\u3000 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) (600872)
The company announced the performance express of 2021: it is expected that the company will realize an operating revenue of RMB 5.116 billion in 2021, a year-on-year decrease of 0.14%, a net profit attributable to the parent of RMB 753 million, a year-on-year decrease of 15.39%, and a deduction of non net profit of RMB 729 million, a year-on-year decrease of 18.72%. Among them, Meiweixian achieved an annual revenue of 4.618 billion yuan, a year-on-year decrease of 7.23%, and a net profit attributable to the parent company of 607 million yuan, a year-on-year decrease of 29.50%.
The settlement performance of real estate projects is thickened, and the demand for mass products is under pressure. According to the calculation of the performance express, in the fourth quarter of 2021, the company is expected to achieve an operating revenue of 1.704 billion yuan, a year-on-year increase of 29.73%, and the net profit attributable to the parent company is 386 million yuan, a year-on-year increase of 73.90%, mainly due to the revenue recognized by the parent company (monomer) real estate projects. Affected by the downturn of the condiment industry, the revenue of Meiweixian was under pressure, while the raw materials and transportation costs rose, and the net profit margin of Meiweixian decreased by 5.72 PCT to 13.14%
The price increase bonus was gradually released, and the fourth quarter profit improved month on month. Meiweixian’s revenue in the fourth quarter was 1.34 billion yuan, a year-on-year increase of 6.7%. According to Muding data, the sales of terminal supermarkets in the fourth quarter decreased by about 1.0% year-on-year (a year-on-year decrease of 16.49% in the first three quarters). Superimposed on the stock demand of dealers and the development of catering and other channels, the revenue in the single quarter recovered positive growth. In the fourth quarter of 2020, Meiweixian realized a net profit attributable to its parent company of 210 million yuan, with a year-on-year increase of 10.0%, mainly due to the asset disposal loss of 36.34 million yuan caused by the demolition of factories in the West factory area in the fourth quarter of 2020, resulting in a small base. The net interest rate in the fourth quarter was about 15.67%, up 3.53pct from the first three quarters and 0.55pct from 2020q4.
Focus on the main seasoning industry, and the future can be expected in 2022. The company adheres to the “1 + n” product strategy, stabilizes Ka, develops BC, boosts the second batch, tackles key catering and healthily develops online channels. With the restoration of consumption scenes and the slowdown of cost pressure, the prosperity of condiment industry is expected to improve in 2022. The company plans to divest real estate related businesses and clarify the internal governance mechanism, which can be expected in the future.
Investment suggestion: without considering the divestiture of real estate business for the time being, we estimate that the company’s operating revenue from 2021 to 2023 will be 5.116, 5.636 and 6.66 billion yuan respectively, the net profit attributable to the parent company will be 753, 810 and 1093 million yuan respectively, and the EPS will be 0.98, 1.05 and 1.42 yuan respectively. The corresponding PE of the current stock price is 35, 33 and 24 times respectively, maintaining the “recommended” rating.
Risk warning: the epidemic situation repeatedly affects consumption; Intensified market competition; Pledge risk of major shareholders; Asset impairment risk; Food safety accidents.
