\u3000\u3 Bohai Water Industry Co.Ltd(000605) 338 Zhongyin Babi Food Co.Ltd(605338) )
Event: the company released the 2021 annual performance express. The company achieved an operating income of 1.375 billion yuan in 21 years, an increase of 41.06% at the same time; The net profit attributable to the parent company was 314 million yuan, an increase of 79.15% at the same time; The net profit deducted from non parent company was 152 million yuan, an increase of 18.06% at the same time. The company previously released the performance forecast. The operating revenue in 21 years is expected to be 1.35-1.4 billion yuan, and the net profit attributable to the parent is 305315 million yuan. The performance in 21 years is close to the upper edge of the performance forecast range.
Increase store expansion, single store performance continued to grow, and group meal business continued to grow at a high rate. Quarter by quarter, the revenue of 21q1-q4 company was 250 million yuan, 340 million yuan, 380 million yuan and 400 million yuan respectively, with year-on-year changes of + 131.8%, + 39.8%, + 25.3% and + 26.0% respectively. During the period, the company strengthened store expansion, uniformly managed the store takeout business, enabled the store performance, continuously launched new products, increased store sales, made efforts to group meal business and other measures, so as to realize the continuous growth of the number of stores, the rapid recovery of single store performance and the high proportion growth of group meal business.
21q4 deduction of non parent net profit increased year-on-year. Quarterly, the net profit attributable to the parent company of 21q1-q4 was 14 million yuan, 200 million yuan, 15 million yuan and 89 million yuan respectively, of which 21q4 increased by 22.1%. According to the semi annual report of the company, the company indirectly holds Eastroc Beverage (Group) Co.Ltd(605499) shares through Tianjin Junzheng, which increases the income from changes in fair value and thickens the net profit of Q2 by 147 million yuan. Excluding non recurring profit and loss, the net profit deducted from non attributable parent company in 21q1-q4 was 13 million yuan, 44 million yuan, 43 million yuan and 51 million yuan respectively, with an increase of 17.7% in 21q4.
Investment suggestion: the company actively embraces multi format operation, expands the dining channels of hospitals, schools, enterprises and institutions, and provides customized products and services; The number and quality of stores have increased. With the stable cost of pork, the gross profit margin is expected to continue to increase in the future. With the continuous development of group meals in North China and other regions, the operation of the same store has improved, and it is expected to continue to develop with high quality in the future. We expect the net profit of the company in 21-22 years to be 314 million yuan / 250 million yuan respectively, and the corresponding PE is 23x / 29x respectively, giving a buy rating.
Risk warning: repeated epidemic demand or less than expected, performance express is the preliminary calculation result, and the specific financial data shall be subject to the annual report data disclosed by the company
