\u3000\u3 Shengda Resources Co.Ltd(000603) 288 Foshan Haitian Flavouring And Food Company Ltd(603288) )
Event overview
The annual report of the company was released with a year-on-year revenue of + 7.19 billion yuan, with a year-on-year revenue of + 2.19%; The net profit attributable to the parent company was 6.67 billion yuan, a year-on-year increase of + 4.18%; EPS1. 58 yuan. In the fourth quarter alone, the revenue was 7.010 billion yuan, a year-on-year increase of + 22.85%; The net profit attributable to the parent company was 1.963 billion yuan, a year-on-year increase of + 7.19%.
Analysis and judgment:
Revenue continued to improve month on month, ending smoothly in 21 years
The company’s Q4 revenue was + 22.85% year-on-year, significantly improved compared with Q2 / Q3, driving the company’s annual revenue to + 9.71% year-on-year. Finally, the company ended smoothly in 2021 under multiple pressures such as repeated epidemic, diversion of community group purchases and rising cost pressure.
By category, the company’s revenue from soy sauce / oyster sauce / seasoning sauce / other categories in 2021 was 141.88/45.3226662211 million yuan respectively, with a year-on-year increase of + 8.78% / + 10.18% / + 5.61% / + 13.37% respectively. Among them, the revenue from 21q4 soy sauce / seasoning sauce / Oyster Sauce was 40.05/6571340 million yuan respectively, with a year-on-year increase of + 20.8% / + 13.6% / + 21.3% respectively. The three core categories recovered steady growth. Vinegar and cooking wine in other categories began to take shape. The company also accelerated the development of new products The development of new packaging and the rapid development of new categories.
In terms of sub regions, the revenue of the Eastern / Southern / central / northern / western regions of the company was RMB 4.817/44.70/53.09/60.562944 billion respectively, with a year-on-year increase of + 7.47% / + 8.40% / + 14.03% / + 6.69% / + 9.34% respectively. All regions achieved year-on-year growth, and the central region performed best.
In terms of channels, the company’s offline and online channels achieved revenue of 22.89 billion yuan and 704 million yuan respectively in 21 years, with a year-on-year increase of + 7.73% and + 85.20% respectively. Online channels developed rapidly, accounting for 2.82%.
The rising price of raw materials puts pressure on the cost side, which is the core factor affecting the profit margin
The gross profit margin and net profit margin of the company in 2021 were 38.66% and 26.68% respectively, which were -3.73 and -1.44 PCT respectively compared with the same period last year. The decrease of gross profit margin was mainly due to the pressure on the cost side of the company caused by the continuous rise of upstream raw material prices, which affected the overall profitability of the company. From the expense side, the company’s sales / management / R & D / financial expense rates were 5.43% / 1.58% / 3.09% / – 2.34% respectively, which were -0.56 / – 0.01 / – 0.03 / – 0.62pct compared with the same period last year. The sales expense rate decreased significantly year-on-year, other expense rates changed little, the intensity of expense investment decreased, and the effectiveness and control ability of investment were further improved. On the whole, although the company has great pressure on the cost side, thanks to the positive response of the company and the improvement of internal adjustment, the net profit attributable to the parent company was 6.67 billion yuan, a year-on-year increase of + 4.18%, which improved quarter by quarter in the second half of the year, and the profitability recovered steadily.
Actively respond to changes in the industry and is expected to resume steady growth
In 2022, the company plans to increase revenue by + 12% and net profit by + 12%. In the post epidemic era, the external environment is complex and changeable. The company is still actively seeking breakthroughs and is expected to promote high-quality development. In 2022, the company will continue to strengthen the coverage and sinking of catering and retail channels, increase the layout of dealers, and continuously strengthen the coordination between the two channels to jointly promote the recovery of the market; The product side will consolidate the advantages of the three core categories and accelerate the development of vinegar, cooking wine and other categories; The production capacity side has basically completed the national base layout and continuously accelerated the construction of various production bases; The market side continues to accelerate product innovation and seize more market opportunities.
We have long been optimistic that the company will optimize the resource allocation by using the listing platform and the way of endogenous + extension, constantly enrich the product structure, further strengthen the company’s competitive barriers and improve the market share, so as to truly become a leading platform type condiment group with leading advantages.
Investment advice
Referring to the latest financial report, we lowered the forecast of the company’s revenue of 28.522/32.941 billion yuan in 22-23 years to 28.155/32.152 billion yuan, and increased the forecast of 24-year revenue of 26.525 billion yuan; Reduce eps1 in 22-23 years The forecast of 92 / 2.18 yuan is 1.79/2.05 yuan, and the 24-year EPS forecast is 2.33 yuan; Corresponding to the closing price of 90.00 yuan / share on March 24, 2022, PE is 50 / 44 / 39 times respectively, maintaining the “buy” rating of the company
Risk tips
Rising raw material prices, intensifying industry competition and food safety
