\u3000\u3 China Vanke Co.Ltd(000002) 557 Chacha Food Company Limited(002557) )
Event: the company announced the performance express. In 2021, the company realized a revenue of 5.985 billion yuan, an increase of 13.15% at the same time; The net profit attributable to the parent company was 930 million yuan, an increase of 15.52% at the same time; The net profit deducted from non parent company was 800 million yuan, an increase of 16.15% at the same time.
The price increase was smooth in October, and the income of 21q4 accelerated. Quarter by quarter, the company’s Q1-Q4 revenue in 21 years was 13.79/10.02/15.02/2.103 billion yuan respectively, with a year-on-year change of + 20.22% / – 12.70% / + 10.71% / + 28.33%. The company’s Q4 revenue accelerated growth, mainly due to: 1) the company announced that the price of sunflower seeds and other categories increased by 8% – 18% in October, and the price increase was conducted smoothly under the strong brand power; 2) The company actively explores the channel intensive cultivation mode and constantly expands new channels and new scenes.
21q4 profit increased by 22% at the same time. The company’s Q1-Q4 profits in 21 years were 198 / 130 / 267 / 336 million yuan respectively, with a year-on-year change of + 32.70% / – 11.37% / + 13.81% / + 21.97%. The net interest rate attributable to the parent company of 21q1-q4 was 14.32% / 13.06% / 17.78% / 15.97% respectively, of which the net interest rate of 21q4 decreased by 0.83pct year-on-year.
Looking forward to 22 years, the price increase bonus will continue, and the “nut +” product matrix will be gradually improved to create the second growth curve. In the short term, the base is relatively high in the same period last year, and the profit space expansion brought by the price increase is expected to run through the whole year of 22 years. It is expected that the profit growth rate of the company in 22 years can be expected. In the medium and long term, the company’s “nut +” product matrix continues to be enriched, category innovation and upgrading improve product power, and there is still room for sinking and expansion. In terms of channels, the company focuses on the third and fourth lines, counties and townships, breakthroughs in new channels and expansion of overseas markets. Relying on the construction of emerging e-commerce channels, the company is optimistic about the future performance growth space.
Investment suggestion: we are optimistic about the second curve of the company’s nut products. With the continuous optimization of the company’s core melon seed category structure and the continuous improvement of the nut category matrix, the revenue and profit are expected to maintain a steady increase. The company is expected to achieve a net profit of 1.13/1.29 billion yuan from 2022 to 2023, with a year-on-year growth rate of 21.5% / 14.0%, maintaining the “overweight” 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 forecast are the preliminary calculation results. Please refer to the annual report
