\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Event overview
The company issued a performance express, and achieved an operating revenue of 2.282 billion yuan in the whole year of the 21st century, a year-on-year increase of + 16.47%; The net profit attributable to the parent company was 150 million yuan, a year-on-year increase of - 37.89%; Deduct the net profit not attributable to the parent company of 91 million yuan, a year-on-year increase of - 52.09%; EPS 1.21 yuan.
21q4 achieved an operating revenue of 654 million yuan, a year-on-year increase of + 24.7%; The net profit attributable to the parent company was 73 million yuan, a year-on-year increase of + 36.8%; Deduct the net profit not attributable to the parent company of 65 million yuan, a year-on-year increase of + 39.2%.
Q4 business improvement, transformation and upgrading have achieved initial results
In terms of Q4 revenue, the company achieved a revenue of 654 million yuan, a year-on-year increase of 24.7%. The growth rate was significantly improved compared with Q2 (- 1.86%) and Q3 (+ 15.30%), and also achieved a high growth year-on-year; On the profit side, the net profit attributable to the parent company of Q4 increased by 36.8% year-on-year, which came out of the downward trend in the previous two quarters. The net interest rate in a single quarter rebounded to 11.1%, and the operation improved month on month.
Specifically, the improvement of the company's performance in the fourth quarter is mainly due to: 1) the company's product matrix further focuses on core categories, streamlines SKUs, gradually focuses on the combination of core large items such as deep-sea snacks, spicy brine snacks, leisure baking, potato chips and dried fruits, and constantly carries out product innovation to gradually reflect the scale effect, and the overall optimization effect of the supply chain also gradually appears; 2) On the basis of promoting Omni channel coverage, the company expands key areas, optimizes bulk weighing products and expands quantitative loading products, and accurately puts them into different channels respectively to adapt to the new changes of channels. 3) The company maintained a relatively reasonable cost investment in the fourth quarter. 4) Equity incentive expenses decreased year-on-year (21q4 was -5.4116 million yuan and 20q4 was 9.3949 million yuan).
Actively reform and adjust, and growth is still on the road
Since the second half of the year, the company has actively adjusted and accelerated the reform to adapt to the changes of industries and channels. The revised equity incentive target is also more reasonable and the incentive effect is more obvious. The reform effect is expected to continue to appear in 22 years, driving the steady improvement of the overall operation in 22 years. 5. From the perspective of optimizing the supply chain, focusing on the advantages of large-scale products and improving the efficiency of products; On the channel side, bulk weighing and quantitative loading work simultaneously to match different channels, comprehensively promote the intensive cultivation and sinking of channels, select key markets and provinces, and improve the effectiveness of channel layout.
After 21 years of pain, the company made timely adjustments and made comprehensive adjustments from the dimensions of organization, incentive, products, channels and supply chain. We are still optimistic that the company will continue to get out of the low profit, return to the growth path and realize transformation and upgrading.
Investment advice
Referring to the performance express, we lowered the forecast of the company's revenue of 25.4/32.9/4.17 billion yuan in 21-23 to 2.281/27.85/3.390 billion yuan, and the forecast of EPS of 2.68/3.80/5.40 yuan in 21-23 to 1.16/2.47/3.28 yuan, corresponding to the closing price of 67.02 yuan / share on February 28, 2022, with PE of 58 / 27 / 20 times respectively. The company's early share price fell more, the valuation returned to a relatively reasonable range, and maintained the "buy" rating.
Risk tips
Rising raw material prices, less than expected channel expansion and food safety.
