\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) Tsingtao Brewery Company Limited(600600) 600)
Event: the company disclosed the annual report of 2021. In 2021, the operating revenue reached 30.167 billion yuan, a year-on-year increase of + 8.67%; The net profit attributable to the parent company was 3.155 billion yuan, a year-on-year increase of + 43.34%; Deduction of net profit not attributable to the parent company was 2.207 billion yuan, a year-on-year increase of + 21.54%. 21q4 achieved an operating revenue of 3.395 billion yuan, a year-on-year increase of + 1.73%; Net profit attributable to parent company -455 million yuan (same period last year -777 million yuan); Deduction of net profit not attributable to parent company -1009 million yuan (same period last year -862 million yuan). The net cash from operating activities was 6.04 billion yuan, an increase of 22.0% at the same time. It is proposed to pay dividends of 1.10 yuan per share (including tax).
The sales volume of main brands has reached a new high in recent years, and the ton price has performed brilliantly. The company’s annual actual sales volume was 7.93 million kiloliters, an increase of 1.38% at the same time. In terms of products, the sales volume of Qingdao’s main brands was 4.33 million kiloliters, a year-on-year increase of + 11.62%, and the sales volume of other brands was 3.6 million kiloliters, a year-on-year increase of – 8.68%; Among them, the sales volume of Tsingtao Brewery Company Limited(600600) high-grade and above products was 520000 kiloliters, with a year-on-year increase of 14.2%. The operating revenue of the company’s kiloliter liquor increased by 7.2% year-on-year, maintaining its competitive advantage in China’s medium and high-end beer market. In terms of ton price, the annual ton price of the company increased by 7.0% to 3741.8 yuan / kiloliter. In terms of sub regions, the revenue of Shandong / North China / South China / Southeast increased by 9.5% / 12.1% / 3.0% / 8.3% respectively, and the revenue of East China decreased by 0.4%.
The expense rate is stable and the net interest rate is stable. In terms of gross profit margin, the company’s gross profit margin increased from + 1.38pcts to 36.7% year-on-year. By product, the gross profit margin of Qingdao brand increased by 0.57pcts to 43.75%, and that of other brands increased from + 0.43pcts to 22.65% year-on-year. In terms of expense rate, the sales expense rate was -0.71 PCT to 13.6% year-on-year, and the management expense rate was -0.43 PCT to 5.6% year-on-year. The company’s annual net profit attributable to the parent company increased by + 2.53pcts to 10.5% year-on-year. In terms of sub regions, the net profit in Shandong increased by 41.0% to 1.809 billion, and the net profit in Southeast China increased by 58 million yuan. At present, it has turned losses into profits, the net profit in North China increased by 3.2%, the net profit in South China decreased by 7.8%, and the net profit in East China decreased by 36 million.
The high-end is advancing steadily, and the performance elasticity is expected to be released after the epidemic. The company unswervingly promotes the brand strategy of ” Tsingtao Brewery Company Limited(600600) main brand + the second brand of Laoshan beer”, complies with the consumption upgrading trend of China’s beer market, deeply excavates the diversified consumption demand of the market, enriches the company’s product matrix, continuously optimizes the product structure, and speeds up the layout of high-end and ultra-high-end markets. At the beginning of 2022, the super high-end art collection product – Tsingtao Brewery Company Limited(600600) “Legend I” newly developed and listed by the company continued to lead the consumption upgrading of China’s beer industry to a new height. The epidemic in March 2022 has a great impact on the company. After the epidemic, there will be a peak beer season, and the company is expected to release performance flexibility.
Investment suggestion: buy – a investment rating, 6-month target price of 100 yuan. We expect that the company’s EPS from 2022 to 2024 will be 2.49/2.72/3.14 yuan respectively, and the target price corresponds to 40 times PE in 2022.
Risk warning: the impact of the epidemic exceeds expectations; Intensified competition in high-end beer industry, etc.
