\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
The product structure was continuously optimized, the internal and external driving forces were fully released, and the “buy” rating was maintained
After preliminary accounting, from January to February 2022, the company is expected to achieve a total operating revenue of more than 7.4 billion yuan, with a year-on-year increase of more than 35%; The net profit attributable to shareholders of listed companies is expected to be more than 2.7 billion yuan, with a year-on-year growth rate of more than 50%. As Q1 performance exceeded expectations, we maintained the profit forecast for 2021 and raised the profit forecast for 20222023. It is estimated that the net profit of the company in 20212023 will be 5.32 (+ 0.0) billion yuan, 7.99 (+ 280) billion yuan, 10.94 (+ 390) billion yuan, EPS will be 4.36 (+ 0.0) yuan, 6.54 (+ 0.22) yuan and 8.96 (+ 0.31) yuan respectively, and the corresponding PE of the current stock price will be 67.4, 44.9 and 32.8 times respectively, Maintain the “buy” rating.
From January to February, the growth rate of revenue performance exceeded market expectations, and the high growth trend in the first quarter has been set
In 2022, the company continued to gather brand potential energy and comprehensively improve operation efficiency. All sales regions overcame the impact of the epidemic and arranged the peak season of the Spring Festival in advance. The overall market has good dynamic sales. Medium and high-end products such as Qinghua Fenjiu series have achieved substantial growth, driving the high growth of operating revenue and net profit. We expect that the high growth trend will continue in March, and Q1 can basically be expected according to the revenue performance growth from January to February.
The product structure has been greatly improved, and the net interest rate in 2022q1 has reached the best level in history
From January to February 2022, the company’s net interest rate reached 36%, which mainly benefited from the increase in the proportion of blue and white, and the proportion of internal revival version of blue and white increased significantly. In 2022, the revival version of high-end products has great determination and good foundation to achieve scale breakthrough. The quantity of low-end Bofen is strictly controlled, the product structure will be further improved, and the annual net interest rate will increase significantly.
The internal power is further improved, the external potential energy is accelerated, and the annual performance is likely to exceed expectations
During the Spring Festival and 2022, the company’s inventory level has been improved, which reflects the positive trend of the company’s brand sales during the Spring Festival and 2022. Taking the new chairman’s appointment as an opportunity, the company’s internal talent training, organization and management ability will be further strengthened, the high-end marketing direction will remain unchanged, and the annual revenue and profit may exceed expectations.
Risk tip: macroeconomic fluctuations lead to a decline in demand, and the expansion outside the province is less than expected
