\u3000\u3 Shengda Resources Co.Ltd(000603) 719 Bestore Co.Ltd(603719) )
Annual report of 2021: on March 21, the company released the annual report of 2021. The annual revenue was 9.324 billion yuan, a year-on-year increase of + 18.11%, and the net profit attributable to the parent company was 282 million yuan, a year-on-year increase of - 18.06%.
The annual revenue increased rapidly and the product channels developed in a balanced way. In 2021, the company achieved a revenue of 9.324 billion yuan, a year-on-year increase of + 18.11%, and a revenue of 2.755 billion yuan equivalent to Q4, a year-on-year increase of + 16.53%. In terms of products, meat snacks / confectionery / nut speculation achieved an income of RMB 2.163/2.035/1.609 billion respectively, with a year-on-year increase of + 9.31% / + 21.58% / + 20.8% respectively, accounting for 63.51% in total. By channel, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) achieved relatively balanced growth as a whole. The online revenue reached 4.858 billion yuan, a year-on-year increase of + 21.42%, accounting for 53.13% of the main business revenue. Driven by the epidemic catalysis and the company's live broadcasting business, the online proportion further increased. The overall offline revenue was 4.286 billion yuan, with a year-on-year increase of + 16.31%, of which the franchise / direct business / group purchase business accounted for 27.95% / 15.41% / 3.51% respectively. Group purchase took customization as the starting point and grasped the gift demand, with a year-on-year increase of + 208.58%. In terms of subregions, central China / East China / Southwest / South China / other regions achieved revenue of RMB 2.25/7.71/5.52/4.77/140 billion respectively, Southwest / East China respectively + 20.88% / + 18.78% year-on-year, and 106 stores (273 nationwide) were opened in Southwest China, driving the performance growth of Southwest China.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) balanced development, and the adjustment of offline stores is coming to an end. In the face of online decentralization, the company changed the mainstream e-commerce strategy from traffic operation to refined user operation, and achieved good growth in JD's proprietary channels. And tiktok tiktok is actively expanding the social networking business, and sales of the snacks are the first in the category of vibrato, and the business growth of the business is 3.62 times faster through self broadcasting + Master cooperation. The offline has completed the national layout. In the future, it will improve the speed of opening new stores, continue to optimize the single store model and pay attention to the improvement of both stores. By the end of 2021, liangpin had 2974 offline stores, completed the layout and sinking of the first and second tier cities except North China and Northeast China, and reached a nationwide wide layout. In 2021, 619 new stores will be opened and 185 / 434 directly operated / franchised stores will be opened respectively. In the future, the expansion process of stores will be accelerated accordingly. In 2021, the company made active adjustment, and the closing rate increased slightly. After active adjustment, the closing rate is expected to stabilize in 22 years.
The SKU of the whole category layout continues to expand, and the sub brand expansion covers the subdivided demand of snacks. The sub brand liangpin has realized the whole category layout of snacks and nuts. By the end of 2021, it had 1555 SKUs, and 565 SKUs were added in the whole year, with a net increase of 299. Under the OEM mode, the category expansion was quickly achieved to cover a wider range of user needs. Liangpin explored the diversified demand for snacks from the perspective of scenario, and developed sub brands such as "xiaoshixian" and "liangpin Feiyang". In 2021, the sales of "xiaoshixian" reached 417 million yuan, a year-on-year increase of + 41.17%.
Gross profit margin remained stable, and Q4 loss dragged down profit performance in the short term. Gross profit margin: the gross profit margin of the company in 2021 was 26.77%. After adjusting the freight expense items in 2020, the gross profit margin in 2021 was -0.12pct year-on-year, basically stable. In the fourth quarter, the company's gross profit margin was 20.25%, down month on month compared with the previous three quarters, mainly due to the change of channel structure, and the proportion of online channels with lower gross profit margin increased. Period expense rate: the period expense rate in 2021 was 23.06%. After the accounting restatement adjusted the freight in 2020, the year-on-year rate was + 1.85pct, of which the sales / management / R & D / financial expense rate was 17.94% / 5.12% / 0.43% / - 0.42% respectively, and the year-on-year rate was + 1.62 / + 0.35 / + 0.00 / - 0.11pct respectively. The company expanded new channel business, strengthened marketing efforts and pushed up the sales expense rate. Net interest rate: in 2021, the company's net interest rate was 3.03%, year-on-year -1.33pct, Q4 net interest rate was -1.27%, year-on-year -4.67pct, and Q4 net profit attributable to the parent company was -34 million yuan. The reverse change of profit and income was affected by many factors such as rising costs, increasing marketing efforts and channel adjustment.
Investment suggestion: it is estimated that the company will realize revenue of RMB 11.079/12.921/14.841 billion from 2022 to 2024, a year-on-year increase of + 18.8% / + 16.6% / + 14.9%; The net profit attributable to the parent company was 368 / 444 / 513 million yuan, a year-on-year increase of + 30.8% / + 20.7% / + 15.5%, EPS was 0.92/1.11/1.28 yuan respectively, and the corresponding PE was 33 / 27 / 24x respectively. Considering the growth space brought by the company's omni-channel layout and sub brand expansion, maintain the "recommended" rating.
Risk tips: intensified industry competition, price fluctuation of raw materials, food safety problems, etc.
