\u3000\u30 Fawer Automotive Parts Limited Company(000030) 30 Zuming Bean Products Co.Ltd(003030) )
Key investment points
Event: the company issued the announcement of signing the project investment cooperation agreement. It plans to invest 300 million yuan in the construction project of bean products production base in Wuhan Jiangxia economic development zone. The construction will start within 180 days from the date of delivery of the project land, be completed and put into operation within 24 months, and the output value is expected to reach 330 million yuan within 5 years from the billing sales year.
Strategic layout of central China and going further out of the Yangtze River Delta. 1. Wuhan Jiangxia production base is an important step in the company's strategic layout of central China, which will further improve the influence of the "ancestral name" brand and comply with the company's development plan of "based on the Yangtze River Delta, facing the whole country and going to the world". 2. Wuhan is the center of large-scale soybean products and convenient for the expansion of large-scale enterprises in the middle reaches of the Yangtze River.
The price increase of main products has been completed, which is expected to contribute to the income and profit elasticity. Due to the continuous rise in the costs of raw and auxiliary materials, labor, transportation and energy, the company has raised the ex factory price of plant protein drinks dominated by self-contained bags of soybean milk by 15% - 20% since January 2021. In addition, in March 2021, the company has raised the price of fresh bean products by about 5%. Fresh bean products and vegetable protein drinks contribute about 80% of the total revenue. Direct price increase will effectively alleviate the cost pressure and contribute to the income and profit elasticity.
Non local expansion is dominated by equity investment, and the leading position in the industry continues to be consolidated. Previously, the company has signed the cooperation framework agreement with Nanjing fruit food and Guizhou longyuansheng soybean industry to open the investment expansion mode and take substantive steps outside the Yangtze River Delta. 1. Through management output and mode grafting, enhance the influence of the invested enterprises, and the company can also quickly expand new markets by using the existing resources of local brands; Local famous brands + ancestral brands operate together to lead the development of bean products industry. 2. In the future, the company will continue to expand in different places in the mode of equity investment, give priority to the Yangtze River Delta, Beijing Tianjin Hebei, the Pearl River Delta and the capital cities of central China, continue to consolidate the company's leading position in the bean products industry, and further strengthen the medium and long-term development logic.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 60.58 million yuan, 81.28 million yuan and 98.03 million yuan respectively, EPS will be 0.49 yuan, 0.65 yuan and 0.79 yuan respectively, and the corresponding dynamic PE will be 50 times, 38 times and 31 times respectively, maintaining the "buy" rating.
Risk tip: soybean prices continue to rise; The implementation of the project may not be as expected.
