\u3000\u3 Shengda Resources Co.Ltd(000603) 156 Hebei Yangyuan Zhihui Beverage Co.Ltd(603156) )
Event: the company released the performance express, and achieved an operating revenue of 6.9 billion yuan in 2021, with a year-on-year increase of 55.99%; The net profit attributable to the parent company was 2.11 billion yuan, a year-on-year increase of 33.77%; Non net profit deducted was about 1.763 billion yuan, a year-on-year increase of 59.9%.
The revenue has increased rapidly year-on-year for 20 years, and the follow-up expectation of the main business is still growing: in 2021, the company achieved an operating revenue of 6.906 billion yuan, a year-on-year increase of + 55.99%, which is – 7.4% higher than that in 2019, and has not yet returned to the pre epidemic level; Among them, Q4 achieved an operating revenue of 1.894 billion yuan, a year-on-year increase of + 34.5%. The main reason is that the base number of the company in 2020 is low due to the covid-19 pneumonia epidemic and the pre factors of the Spring Festival; In 2021, due to the influence of market recovery and post Spring Festival factors, the market demand has been greatly restored. Six walnuts still have consumer loyalty, and there is still a steady growth trend in the follow-up.
The second series of walnut + milk products is to create a diversified series of products and vigorously promote the growth of the sixth series of walnut + milk products. For example, the high-end walnut milk beverage series represented by six walnut 2430 has nutritional and health advantages such as high protein, 0 sugar and 0 cholesterol. Among them, Yangyuan plant milk is the second strategic single product, successfully introducing the first (and only the only) Chinese mainland’s top 100 bean production equipment and put it into operation in 2021. It is expected that plant milk products will become the next business growth pole of the company. In addition, the sun company of the company has obtained the omni-channel exclusive distribution right of Red Bull aneji in the north market. With the strong channel power of Yangyuan, red bull aneji is expected to achieve new growth.
Consolidate the advantages of traditional channels and expand all channels in depth: on the one hand, deepen, optimize, penetrate and refine traditional offline distribution channels to consolidate the traditional stock market. By 2021q3, the sales revenue of dealer channels had reached 4.84 billion yuan, a year-on-year increase of 69.66%; Direct sales revenue reached 160 million yuan, a year-on-year increase of 1.33%. On the other hand, we have comprehensively promoted the digital transformation of channels and laid out a content + scene + social marketing system.
Investment suggestion: on February 27, six walnuts invited their parents to Qufu, Shandong Province to participate in the “second six walnuts Qufu Confucius Temple blessing ceremony”, and jointly launched the “Confucius Temple blessing jar” with Qufu Confucius Temple to empower the brand. We believe that the company is achieving further growth through product innovation, comprehensive upgrading of brand, marketing, channels and products. We expect that the company’s revenue from 2021 to 2023 will be RMB 6.906/73.89/8.017 billion respectively, with a year-on-year growth rate of 56.0% / 7.0% / 8.5% respectively, and the net profit attributable to the parent company will be RMB 2.110/23.54/2.631 billion respectively, with a year-on-year growth rate of 33.7%, 11.5% and 11.8% respectively; For the first time, it gave an investment rating of overweight-a.
Risk tip: the macroeconomic growth rate is lower than expected; Failure of new product promotion; Risk of food safety incidents
