\u3000\u3 Shengda Resources Co.Ltd(000603) 719 Bestore Co.Ltd(603719) )
The company issued its annual report for 2021. In 2021, the company realized an operating revenue of 9.324 billion yuan, an increase of 18.11% at the same time; The net profit attributable to the parent company was 282 million yuan, with a change of – 18.06%. Among them, 2021q4 company realized an operating revenue of 2.755 billion yuan, an increase of 16.53% and a net profit attributable to the parent company of – 34 million yuan, a decrease of 142.17%.
Revenue side: in 2021, the company achieved an operating revenue of 9.324 billion yuan, an increase of 18.11% at the same time. Among them, 21q1 / Q2 / Q3 / Q4 achieved operating revenue of RMB 25.74/18.47/21.48/2.755 billion respectively, with an increase of 34.83% / 8.55% / 11.89% / 16.53% respectively. The company focused on the research and development of core categories and expanded the integrated operation of all channels. By channel, the main business income was 9.144 billion yuan, an increase of 18.97% over the same period last year.
Gross profit margin: the gross profit margin of the company in 2021 is 26.77%, with a decrease of 3.7pct. Quarterly, the gross profit margins of Q1-Q4 in 2021 are 31.16% / 32.95% / 24.58% / 20.25% respectively. By channel, the gross profit margin of the company’s online / offline franchise / offline direct / group purchase business was 23.48% / 22.22% / 47.96% / 25.82% respectively, with a change of – 1.25% / 0.63% / 0.29% / 0.37% respectively.
Expense side: the expense rate of the company during 2021 is 23.06%, with an increase of 1.85pct. Among them, ① the sales expense ratio of 2021q1-q4 is 21.10% / 23.07% / 13.14% / 15.27%, with a year-on-year change of 0.95pct/2.24pct / – 8.85pct / – 1.96pct respectively; ② 2021q1-q4 management fee rate is 4.33% / 5.42% / 5.22% / 5.57%; ③ The financial expense ratio was – 0.42%, a year-on-year change of – 0.1pct; ④ The R & D expense ratio was 0.43%, which was higher than that of the same period last year 0pct.
Profit side: the company realized a net profit attributable to the parent company of RMB 282 million in 2021, a decrease of 18.06% at the same time. Quarter by quarter, Q1-Q4 company realized a net profit attributable to the parent company of RMB 102 / 0.90 / 123 / – 34 million in 2021, with a year-on-year change of + 16.06% / + 23.19% / + 20.00% / – 142.17% respectively.
Product side: the company continues to provide full product coverage and create branded high-end snacks. By the end of 2025, the company had 1555 new SKUs. The company focuses on the research and development of core categories and product innovation in market segments. In 2021, the company reshaped 49 new processes for products, with omni-channel terminal sales of 183 million yuan.
Channel side: by the end of 2021, there were 2974 stores and 619 new stores, including 185 Direct stores and 434 franchise stores, with a net increase of 273 stores. Online, the company’s total online business revenue in 2021 was 4.858 billion yuan, an increase of 21.42% over the same period. The company continues to explore the group purchase business of key customers, layout and expand community e-commerce and circulation channels, make breakthroughs in multi-channel innovation, and promote the growth of business scale.
Investment suggestion: affected by the epidemic situation, the price fluctuation of raw materials, the promotion of new products and other factors, we adjusted the company’s expected net profit attributable to the parent company of 350 / 450 million yuan (the previous value of 550 / 670 million yuan) in 22 / 23 years, and the corresponding PE multiples were 33x / 26x respectively, maintaining the “buy” company rating.
Risk warning: product promotion is not as expected; Revenue growth is less than expected; The business expansion of online new e-commerce is less than expected; Food safety risks.
