\u3000\u30 Fawer Automotive Parts Limited Company(000030) Fawer Automotive Parts Limited Company(000030) 00)
Event: on March 17, the company released its annual report for 2021, with annual revenue of 1.111 billion yuan, a year-on-year increase of + 22.21%; The net profit attributable to the parent company was 85 million yuan, a year-on-year increase of – 17.76%. The basic EPS is 0.21 yuan. Q4 achieved a revenue of 360 million yuan, a year-on-year increase of + 67.80%; The net profit attributable to the parent company was 21 million yuan, a year-on-year increase of + 12.34%.
21q4 revenue continued the high growth trend, with the decrease of government subsidies and share based payment expenses driving down the profit performance. The company’s 21q4 performance maintained a high growth trend because (1) the company adjusted its sales system in 21 years and significantly improved its operating efficiency. (2) The end of the 21st century is the Spring Festival stock season, and the moving sales are relatively smooth. In 21 years, due to the decrease of 24.52 million yuan in government subsidies and the increase of 10.09 million yuan in share based payment expenses, the net profit attributable to the parent decreased year-on-year. After deducting the above non profit and loss impact, the net profit increased by about 15% compared with 20 years (excluding the impact of tax), slightly lower than the growth rate of income. The income growth rate in the 21st year meets the performance unlocking target of the restricted equity incentive plan. In terms of products, in 21 years, the revenue of fish products / bean products / poultry products was 822 / 143 / 98 million yuan respectively, with a year-on-year increase of + 15.94% / + 14.37% / + 64.49% respectively. The revenue of the company’s main products increased steadily. In 21 years, the sales of main products were 1790 / 0.57 / 0.12 million tons respectively, with a year-on-year increase of + 14.85% / + 3.91% / + 80.04%; The selling price per ton was RMB 45900 / 2.5379900, a year-on-year increase of + 0.95% / + 10.07% / – 8.64%. Revenue growth is mainly driven by volume. Affected by the increase in the proportion of revenue from short-term guaranteed dried bean products, the overall selling price of bean products has increased. In 21 years, the company’s online / offline revenue was 208 / 903 million yuan respectively, with a year-on-year increase of + 23.32% / + 21.96% respectively. Offline channels are still the main revenue source of the company, and the growth rate of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) revenue is relatively balanced.
The gross profit margin decreased slightly year-on-year, and the good cost control of fish products is the main reason. The company’s gross profit margin was – 340.34ppt (26.034% YoY). The gross profit margin of fish products / bean products / poultry products in 21 years was 28.64% / 23.59% / 18.49% respectively, with a year-on-year increase of + 2.04ppt / – 3.83ppt / – 5.04ppt respectively. The gross profit margin of fish products increased slightly due to the influence of anchovy dry procurement channels and inventory advantages; Affected by the rising prices of raw materials such as soybeans and duck meat, the gross profit margin of soybean products and poultry products fell year-on-year. The company’s sales expense rate in 21 years was 11.50%, with a year-on-year increase of + 0.97ppt (21q4 was 12.87%, with a year-on-year increase of + 10.22ppt), which was due to the increase in the investment in talent introduction, sales promotion, product mobilization, display and other expenses. The management fee rate was 6.06%, with a year-on-year rate of -0.35ppt (21q4 was 5.94%, with a year-on-year rate of -1.82ppt), which was due to the increase in share based payment and refrigeration expenses, but the growth rate was less than that of revenue. The R & D expense rate was 2.17%, with a year-on-year increase of + 1.07ppt (21q4 was 2.22%, with a year-on-year increase of + 0.08ppt), which was due to the increase in R & D personnel and product R & D expenses. The financial expense ratio was – 1.18%, year-on-year + 0.23ppt (21q4 was – 0.82%, year-on-year + 0.80ppt).
Investment suggestion: it is estimated that the company will achieve a revenue of 1.364/1.641/1.967 billion yuan and a net profit attributable to the parent company of 1.15/1.37/166 billion yuan in 22-24 years, equivalent to EPS of 0.29/0.34/0.41 yuan respectively. At present, the stock price corresponds to 28 / 24 / 20 times of PE in 22-24 years. The current valuation of the company is slightly higher than the overall valuation level of 21 times in 22 years in the leisure food sector. The company is a leader in dried fish snack food, with a stable position in the industry. In the future, there is room for improvement in production capacity, product and channel. It has good long-term growth. In conclusion, it maintains the “recommended” rating.
Risk tip: the business expansion speed is lower than expected, the consumption tendency of residents decreases, food safety problems, etc.
