\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 298 Angel Yeast Co.Ltd(600298) )
Event: in 2021, the operating revenue was 10.675 billion yuan, a year-on-year increase of + 19.50%, the net profit attributable to the parent company was 1.309 billion yuan, a year-on-year decrease of – 4.59%, and the net profit not attributable to the parent company was 1.06 billion yuan, a year-on-year decrease of – 13.14%. Among them, 21q4 achieved an operating revenue of 3.081 billion yuan, a year-on-year increase of + 22.91%, a net profit attributable to the parent of 291 million yuan, a year-on-year decrease of – 19.06%, and a net profit deducted from non attributable to the parent of 169 million yuan, a year-on-year decrease of – 41.01%.
Comments:
In the past 21 years, the revenue of yeast series grew steadily, and the businesses such as sugar making and packaging developed rapidly. By industry, in 21 years, yeast series / packaging / dairy products / sugar making / others achieved revenue of 7.984/4.19/0.63/10.511089 billion yuan respectively, with a year-on-year increase of 15.1% / 25.6% / 35% / 68.4% / 15.6%, of which 21q4 achieved revenue of 20.26/1.2/0.19/5.7/338 million yuan respectively, with a year-on-year increase of 7.9% / 24.2% / 11.3% / 68.9% / 44.9%, and the revenue growth of 21q4 yeast series slowed down. In terms of subregions, China / foreign countries achieved revenue of 7.785 billion yuan / 2.822 billion yuan respectively in 21 years, an increase of 22.3% / 12% at the same time; 21q4 achieved revenue of RMB 2.322752 billion respectively, with a year-on-year increase of 21.5% / 15.4%. Due to the appreciation of RMB and shipping, the performance of foreign revenue was poor.
21q4 changes in product structure dragged down the gross profit margin. 21q4’s gross profit margin was 21.8%, down 2.77 percentage points from Q3, mainly due to the increase in the proportion of sugar making business with negative gross profit. In 21 years, the gross profit margin of the company’s sugar making business was – 2.99%, and the income of 21q4 sugar making business accounted for 18.55%, which increased by 12.09 percentage points compared with Q3. The increase of the proportion of sugar making business with negative gross profit dragged down the level of gross profit margin. The gross sales difference of 21q4 was 15.43%, a year-on-year decrease of 6.16 percentage points. On the one hand, due to the change of product structure, on the other hand, due to the rise of raw materials and energy costs, the price increase of the company could not be fully covered. 21q4 management / R & D / financial expense rates were 2.66% / 4.47% / 1.19% respectively, with a year-on-year ratio of -0.62 / + 0.16 / + 0.62 percentage points respectively. The net interest rate of 21q4 was 9.43%, a year-on-year decrease of 4.89 percentage points.
The 22-year revenue target shows development confidence. In 2022, the company’s planned operating revenue target is RMB 12.617 billion, with a year-on-year increase of 18.18%; The profit target was 1.372 billion yuan, a year-on-year increase of 4.85%. Under the high base, the company plans to increase its business by 18% year-on-year in 22 years, demonstrating its development confidence. Considering the high cost of raw materials, the pressure of depreciation and financial expenses, the profit target is relatively conservative.
Profit forecast and investment rating: we believe that Angel Yeast Co.Ltd(600298) has absolute channel and brand advantages in China, high market share and stable position. In the short term, the company is affected by the rise of raw material costs and profits, but the demand for yeast from downstream customers is rigid, so the company can transfer the cost pressure. It is estimated that the company’s EPS in 22-24 years will be 1.89/2.31/2.75 yuan respectively, and the corresponding PE will be 22.85/18.68/15.68 times respectively, maintaining the “buy” rating.
Stock price catalyst: product price increase; Molasses prices fell; Performance exceeds expectations, etc.
Risk factors: the price of molasses rose more than expected; Exchange rate fluctuations; The production capacity was lower than expected.
