\u3000\u3000 Chacha Food Company Limited(002557) (002557)
Events
The company released the 2021 performance express
The company’s annual revenue, net profit attributable to the parent and net profit deducted from non attributable to the parent were RMB 5.985 billion, 930 million and 800 million respectively, with a year-on-year increase of 13.15% / 15.52% / 16.15%.
Brief comment
The transmission of price increase was rapid, and Q4 performance increased rapidly. Q4 revenue, net profit attributable to parent and net profit deducted from non attributable to parent were RMB 2.103 billion, RMB 336 million and RMB 310 million respectively, with a year-on-year increase of 28.33%, 21.97% and 32.17%. Among them, the high increase of Q4 revenue is mainly due to the advance of the Spring Festival this year and the preparation of goods by dealers in advance. The high increase of profit is mainly due to the ex factory price adjustment of sunflower seed series products, pumpkin seeds and small and fragrant watermelon seeds since October 22. The price increase range of each category ranges from 8% to 18%. The terminal transmission has been completed in November, and the price increase has not affected the sales volume, Therefore, it has a great positive effect on performance. In terms of products, Q4 melon seed revenue increased by about 30%, nut revenue increased by about 40%, and the proportion of nuts increased slightly. The net interest rate attributable to the parent company of Q4 was 15.97%, down 0.83pct year-on-year, which is speculated to be mainly affected by the change of government subsidies; The net interest rate attributable to the parent company after deducting non is 14.74%, with a year-on-year increase of 0.43pct. It is speculated that it will benefit from the increment brought by the price increase.
Looking forward to the first quarter, the revenue still maintained stable growth, and the profit growth rate was higher than the revenue growth rate. Considering the early spring festival this year, the weak consumption after the festival and the positive stock of dealers after the price increase in the fourth quarter of last year, the revenue is expected to maintain a stable growth. The price increase effect has brought about an increase in gross profit margin. More sales of nut gift boxes during the Spring Festival are beneficial to the improvement of product structure, and the profit growth is expected to be higher than the revenue growth.
The company has a relatively stable transmission of consumer demand and price increase. At present, the company’s internal management reform has achieved initial results. Guokui and the Iron Army of nut sales have their own division of labor to improve efficiency. The small yellow bags are growing rapidly. The taste nuts are still in large quantities, and the construction of one million terminals is in progress. We are optimistic that the company will go further from the melon seed leader to the nut leader. It is estimated that from 2021 to 2023, the company’s revenue will be 5.985/67.81/7.653 billion yuan respectively, with a year-on-year increase of 13.2% / 13.3% / 12.9%, net profit will be 9.24/11.19/1.314 billion yuan respectively, with a year-on-year increase of 14.7% / 21.1% / 17.5%, EPS will be 1.82/2.21/2.59 respectively, and the corresponding PE will be 30 / 25 / 21 times respectively. Maintain the “buy” rating.
Risk tip: price fluctuation of raw materials, food quality control and intensified market competition in nut industry
