\u3000\u30 Fawer Automotive Parts Limited Company(000030) Fawer Automotive Parts Limited Company(000030) 00)
The company issued the 2021 annual report. In 2021, the operating revenue was 1.111 billion yuan, a year-on-year increase of 22.21%, and the net profit attributable to the parent company was 85 million yuan, a year-on-year decrease of 17.76%. Among them, 2021q4 achieved an operating revenue of 360 million yuan, a year-on-year increase of 67.80%, and a net profit attributable to the parent company of 21 million yuan, a year-on-year increase of 12.34%.
Revenue side: the company achieved an operating revenue of 1.111 billion yuan in 2021, with a year-on-year increase of 22.21%. Among them, Q1-Q4 achieved operating revenue of RMB 2.25/2.48/2.78/360 million respectively in 2021, with a year-on-year change of + 15.89% / - 3.84% / + 14.57% / + 67.80% respectively. In terms of products, the operating revenue of fish products / bean products / poultry products / other products was 8.22/1.43/0.98/0.36 billion yuan respectively, with a year-on-year increase of 15.94% / 14.37% / 64.49% / 353.92% respectively.
Gross profit margin: the company's gross profit margin in 2021 was 26.83%, a year-on-year decrease of 0.34pct. Quarterly, the gross profit margin of 2021q1-q4 is 27.66% / 26.56% / 25.54% / 27.49% respectively. In terms of products, the gross profit margin of fish products / bean products was 28.64% / 23.59% respectively.
Expense side: during 2021, the expense rate of the company was 18.55%, with a year-on-year increase of 1.92pct. Among them, the sales expense ratio was 11.50%, with a year-on-year increase of 0.97pct; The R & D expense rate was 2.16%, with a year-on-year increase of 1.08pct, mainly due to the increase of R & D personnel and product R & D expense investment in the reporting period. Profit side: the company realized a net profit attributable to the parent company of 849389 million yuan in 2021, a year-on-year decrease of 17.76%. The company's net profit attributable to the parent company in 21q1-q4 was RMB 21294419817922901820924800 respectively, with a year-on-year change of - 17.50% / - 47.96% / 10.30% / 12.34% respectively.
Channel side: adhere to the development of all channels and link Wuxi Online Offline Communication Information Technology Co.Ltd(300959) with . The number of dealers increased from 1734 to 1869, an increase of 7.79%. The company adjusted the management strategy of some online core channels and increased the proportion of direct sales. Focus on the layout of new media channels and settle in popular community e-commerce platforms such as prosperity optimization, meituan and orange heart optimization.
Product side: the company focuses on three categories and increases R & D investment. At the same time, in 2021, the company launched new products such as short-term preserved dried beans, vegetarian tripe, squid and boneless chicken feet, and actively developed innovative products to meet the diversified needs of consumers.
Investment suggestion: the company focuses on the three categories of leisure fish products, bean products and poultry products, continuously optimizes the product structure, and further speeds up the development of modern and online channels in terms of channels, so as to build "the first enterprise of A-share fish snacks". Due to the price fluctuation of raw materials, we adjusted the company's profit forecast from 2022 to 2023 to 103 / 127 million yuan respectively (the previous value was 145 / 192 million yuan), and the corresponding PE was 32x / 26x respectively.
Risk warning: repeated epidemic risk, raw material price fluctuation risk, and the company's operation is not as expected
