\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) Tsingtao Brewery Company Limited(600600) 600)
Core view
The net profit of the company in the 21st year was 3.155 billion yuan, an increase of about 43%, which is consistent with the previous performance forecast of the company. In 2021, the company achieved revenue of 30.17 billion yuan (+ 8.7%), product sales of 7.93 million kiloliters (+ 1.4%), of which the main brand achieved sales of about 4.33 million kiloliters (11.6%), Laoshan brand achieved sales of about 3.6 million kiloliters (- 8.7%), and the company’s 21-year ton price was 3804 yuan / kiloliter (+ 7.16%), with obvious upgrading of structure. The company’s annual net profit attributable to the parent company was about RMB 3.155 billion (+ 43.3%), which was consistent with the profit of RMB 3.15 billion announced in the previous performance forecast; After excluding the income from land transfer and other non recurring profits and losses, the non net profit deducted was 2.207 billion yuan (+ 21.5%).
The sales volume of the company’s advantageous market rose steadily, the cost rise was digested by the structural upgrading, and the gross profit margin rose steadily. In terms of regions, the company achieved revenue growth of 9.6% and 12.1% respectively in Shandong and North China, which supported the annual revenue growth of the company. The rise in raw material costs was basically digested by the structural upgrading. Except for the slight decline in the gross profit margin in North China (- 0.84pct), the gross profit margin in other regions increased year-on-year. Among them, the gross profit margin in Shandong increased by 1.64pcts, driving the overall gross profit margin of the company to 36.7% and 1.38pcts (calculated under the same caliber).
The expenses are properly controlled and the profit level is high and stable. In the past 21 years, the company intensified the promotion of high-end brands. On the one hand, it accelerated the high-end process, on the other hand, it consolidated the brand advantages and laid a solid foundation for the price increase of mainstream products in the fourth quarter. The marketing expenses increased by 14.7% year-on-year, and the marketing rate increased by about 0.7pct to 13.6%. Management expenses were properly controlled, and the rate decreased by 0.4pct year-on-year. The financial expenses increased by about 230 million year-on-year, and the financial rate increased by 0.9 PCT, mainly because the income of some debt instruments of the company was recorded in the investment income from 2021, which had little impact on the profit side. The net profit margin deducted from non parent company in 2021 was 7.3% (+ 0.8 PCT) and remained high and stable.
Risk warning: the upgrading of product structure is not as expected; Increased cost volatility; The impact of the epidemic has intensified.
Investment advice: maintain the “buy” rating.
The company has obvious advantages in brand and quality. In the long run, the high-end trend is highly deterministic, which helps the company achieve steady profit growth under the market background of peak sales; In the short term, the price increase will hedge the cost pressure and is expected to be transmitted step by step. If the cost falls, it may release the profit elasticity beyond expectations. We maintain the previous profit forecast unchanged, and expect EPS to reach 2.48/3.04/3.32 yuan from 2022 to 2024, corresponding to 31.5/25.7/23.5 times of PE, maintaining the “buy” rating.
