Yanker Shop Food Co.Ltd(002847) (002847)
Yanker Shop Food Co.Ltd(002847) issued an announcement on January 3, 2022, reducing the equity incentive target for 22-23 years.
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Under the guidance of the latest incentives, high growth is expected in 23 years. According to the latest incentive target, the revenue in 2022 is expected to be 2.7 billion (year-on-year + 20%), and the net profit attributable to the parent company is expected to be 290-300 million (year-on-year + 60%); In 2023, the revenue is expected to be 3.2 billion (year-on-year + 20%), and the net profit attributable to the parent company is 450-470 million (year-on-year + 50-60%).
The revised equity incentive target is more pragmatic. As stated in the announcement, as the external business environment and market changes greatly affect the achievement of the company level performance assessment objectives in 2021, the revision of the incentive objectives is more rational and pragmatic, which is more instructive than the high performance objective guidelines before the revision of the incentive plan. If the company can successfully achieve the goal in 2022 and verify that the company’s thinking to deal with channel fluctuations is correct, the probability of completing the incentive goal in 2023 is greater.
The granting date of the equity incentive of the company is April 30, 2021, and there are no reserved shares. Therefore, Mr. Zhang Xiaosan, the deputy general manager who arrived in August, is not in the incentive list. Mr. Zhang Xiaosan had a systematic thinking before joining Yanjin, and is expected to combine his understanding of quantitative packaging and spicy brine products with Yanjin’s operational advantages.
Profit forecast and investment rating: since this year, the company has been affected by the macro environment such as channel reform, and its short-term performance is under pressure. However, the company has actively reformed, carried out strategic adjustment at the channel end, focused on core large items at the category end, and launched quantitative packages such as spicy brine and deep-sea snacks. This equity incentive has lowered the performance target for 22-23 years, and the overall performance target is more pragmatic, The enthusiasm of internal employees is expected to be a more benign guidance. We expect the diluted earnings per share from 2021 to 2023 to be RMB 1.43, 2.4 and 3.61 respectively, maintaining the “buy” rating of the company.
Risk factors: the expansion of new categories does not meet expectations; The cost of supermarket channels increased; The competition of Zhongdao model intensifies; Food safety issues.
