\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
Event: the company announced that 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%.
The company continued to focus on brand potential energy and made a good start in 22 years: the revenue / net profit attributable to the parent company of 21q1 were + 77% / + 78% year-on-year respectively. Under the high base, the company still achieved high growth by continuously gathering brand potential energy and comprehensively improving operation efficiency. From January to February, the company’s profit growth rate exceeded expectations, which is expected to be mainly due to the large volume of blue and white series. At present, the company’s products focus on blue and white and Bofen, focusing on volume control. The increase in the proportion of high gross profit products is expected to further improve the net interest rate.
The nationalization has entered positive feedback, and the product structure continues to improve. The national expansion of the company has entered the positive feedback strengthening stage, the blue and white series has led the growth, the introduction outside Panama is progressing smoothly, the medium and high-end products continue to be in large quantities, and the product structure is expected to be continuously optimized. According to the channel research, in the case of large quantities of blue and white flowers around the Spring Festival in some regions, the wholesale price fluctuated slightly, and has stabilized smoothly, confirming the company’s strong control ability over channels and terminals. It is expected that the improvement of product structure is expected to bring about the continuous improvement of the company’s gross profit margin.
The high potential energy market outside the province continues to increase, and the annual revenue is expected to exceed the plan. The company continued to deepen the “1357 + 10” market layout, and the upgrading process of the structure in the province was fast. At the same time, it deeply focused on the core market outside the province, and the fragrance leading brand gradually gained popularity. The blue and white 30 revival edition will quickly stand firm at the price of 1000 yuan and further strengthen the positioning of Qingxiang leading brand, which is expected to achieve good transmission for the improvement of the company’s product structure. From the perspective of the effect of nationalization, there are many mobile sales outside the province, and the growth path of the company in the 14th five year plan is clear. It is expected to continue high growth in 2022.
Investment suggestion: it is estimated that the company’s earnings per share from 2021 to 2022 will be 4.43 yuan and 6.30 yuan, and the corresponding PE will be 64.8x and 45.6x respectively, giving a Buy-A rating. The 6-month target price is 347 yuan, corresponding to 2022pe55x.
Risk warning: repeated epidemic situation; Economic downturn; Blue and white series thousand yuan price blocked.
