\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
Event description
According to the announcement, 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, a year-on-year increase of more than 35%; The net profit attributable to the parent company is expected to be more than 2.7 billion yuan, with a year-on-year growth rate of more than 50%.
Event comments
High growth and stable management of the company. According to the performance announcement, from January to February 2022, it is expected to achieve a total operating revenue of 7.4 billion yuan, a year-on-year increase of 35% +, and a net profit attributable to the parent company of 2.7 billion yuan, a year-on-year increase of 50% +. The main reason is that in 2022, the company continued to gather brand potential energy, comprehensively improved operation efficiency, overcame the impact of the epidemic in all sales areas, arranged the peak season of the Spring Festival in advance, the overall market sales were good, and the medium and high-end products such as Qinghua Fenjiu series achieved significant growth. In addition, since the change of office, we believe that the strategic objectives of the company are clear and unchanged, and we will work one after another along the 14th five year plan; Stable marketing system; The goal of nationalization remains unchanged; The direction of structural upgrading remains unchanged, contributing to the high-quality growth of the company.
Blue and white series will continue to make efforts and focus on four optimizations in the future. From January to February 2022, the blue and white series increased significantly. Blue and white is the inevitable choice for the future development of Fen Liquor and is expected to continue to develop. At the 2021 dealer conference, three indicators were defined to measure the development of Qinghua Fenjiu: Qinghua sales volume index, Qinghua 20 terminal index and Qinghua Fenjiu opinion leader guidance index. Each area was assessed and dealers were guided to focus on Qinghua. The next three years will be a major strategic development period of Fen Liquor. 2022 is very important. The company will focus on maximizing brand value, focusing on market structure optimization, product structure optimization, quality improvement and management improvement, so as to promote the high-quality development of Fen Liquor in an all-round way.
Investment advice
2022 will get off to a good start. In the medium and long term, the company has a clear goal of high-end products + national channels, and strong performance certainty. In the next 2-3 years, the operating revenue will be 30 billion yuan and 50 billion yuan in 4-5 years, with a compound annual growth rate of about 29%. Therefore, in the future, with the upgrading of product structure, prominent scale effect and optimization of management and operation level, the profit growth rate is higher than the income growth rate, and the net interest rate will continue to increase. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 5.514 billion, 7.158 billion and 9.281 billion, and the EPS will be 4.52 yuan, 5.87 yuan and 7.61 yuan respectively. Corresponding to the current stock price, PE will be 60 times, 47 times and 36 times respectively. Maintain the “buy” rating.
There are risks
The risk of epidemic exceeding expectations, the expansion outside the province does not meet expectations, and the macroeconomic risk
