\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Event: the company issued 2021 performance express. In 2021, the company achieved an operating revenue of RMB 2.282 billion, an increase of 16.47%, an operating profit of RMB 168 million, a decrease of 39.67%, a net profit attributable to the parent company of RMB 150 million, a decrease of 37.89%, and a deduction of non attributable net profit of RMB 91 million, a decrease of 52.09%.
On the revenue side, the revenue side of 21q4 increased by 25% at the same time, focusing on large single products, achieving results, and expanding in all channels and regions on a large scale. Quarter by quarter, the company's 21q1-q4 achieved operating revenue of 592 million yuan, 472 million yuan, 564 million yuan and 654 million yuan respectively, with a year-on-year change of 27.45%, - 1.86%, 15.3% and 24.66% respectively. After optimizing the products and channels, the growth rate of the company in the fourth quarter further improved. The company's product categories gradually focused on the combination of core large single products such as deep-sea snacks, spicy brine snacks, leisure baking (bread, cake, etc.), potato chips and dried fruits. All channels of the company are developing well, and we expect it to be further improved in 22 years.
On the profit side, the net profit attributable to the parent company in 21q4 increased by 37%, and the overall optimization effect of the supply chain gradually appeared. On a quarterly basis, the company's net profit attributable to the parent company from 21q1 to Q4 was 82 million yuan, - 33 million yuan, 29 million yuan and 73 million yuan respectively, with year-on-year changes of + 43.41%, - 145.92%, - 51.03% and + 36.83% respectively; In terms of net interest rate, the net interest rates of 21q1-q4 were 14.17%, - 6.68%, 5.08% and 11.15% respectively, of which the parent net interest rate in the fourth quarter has returned to the 20-year level. In terms of actual operating net profit, the deduction of non attributable net profit of the company including share based payment in 20 years was 237 million yuan and 150 million yuan in 21 years. In the second half of 21 years, the company has continued to adjust categories, optimize channels and regions, and rationalize cost investment. After the incubation and promotion period, the scale effect has gradually begun to reflect. At present, in the face of the sharp rise in the price of raw materials such as soybean oil and palm oil, the company can continue to maintain the steady recovery of profitability.
In 2021, 589872 million yuan of share based payment was disbursed, and the revised equity incentive target was not achieved in 21 years. The performance assessment target of the revised incentive plan of the company to assess the operating revenue and profit growth rate from 2021 to 2023 is determined to be no less than 28% / 38% / 66% (28% / 62% / 104% before adjustment) compared with 2020, and the corresponding revenue is no less than 2.507 billion yuan / 2.703 billion yuan / 3.252 billion yuan respectively; Compared with 2020, the growth rate of net profit deducted from non parent company in 2021 / 2022 / 2023 shall not be less than 42% / 31% / 101% (42% / 101% / 186% before adjustment), and the corresponding net profit deducted from non parent company (including equity incentive cost) shall be RMB 336 / 310 / 475 million respectively. We are optimistic that the company will achieve the equity incentive goal in 22 years under the continuous layout of channels and the continuous volume of large single products.
Investment suggestion: in the second half of the 21st year, the company has actively transformed, focused on the advantages of large product end, and the scale effect of single products has gradually become prominent. While the channel end continues to make efforts to load quantitatively, it is expected that the bulk channel is expected to continue to maintain stable growth. Under the adjusted incentive scheme, the company will continue to maintain high growth in the future. We believe that with the help of Weilong's experience, the company's future channel sinking and the current establishment of seafood snack quantitative packaging are expected to accelerate the improvement, bringing a new round of stronger performance growth than Shangchao. We adjusted the net profit attributable to the parent company in 2021, 2022 and 2023 to 150 / 3.5 / 550 million yuan respectively (the previous value was 145 / 4.0 / 660 million yuan), maintaining the "buy" rating.
Risk warning: the sales of new products are less than expected, the expansion of channels is less than expected, the price fluctuation of raw materials, food safety events and performance express are the preliminary calculation results, and the specific financial data shall be subject to the disclosure announcement of the company
