\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
In 2021, the company’s revenue increased by 50.97% year-on-year, and the net profit attributable to the parent company increased by 81.03% year-on-year
On March 28, the company released the annual report of 2021: in 2021, the operating revenue was RMB 7.46 billion, with a year-on-year increase of 50.97%, the net profit attributable to the parent was RMB 676 million, which was converted into fully diluted EPS of RMB 1.62, with a year-on-year increase of 81.03%, and the net profit deducted from non attributable to the parent was RMB 658 million, with a year-on-year increase of 92.06%.
In terms of single quarter split, 4q2021 achieved an operating revenue of 1.488 billion yuan, a year-on-year increase of 18.04%, a net profit attributable to parent company of 95 million yuan, equivalent to a fully diluted EPS of 0.23 yuan, a year-on-year increase of 79.20%, and a net profit deducted from non attributable to parent company of 93 million yuan, a year-on-year increase of 93.14%.
In 2021, the comprehensive gross profit margin of the company increased by 1.88 percentage points and the expense rate during the period decreased by 0.34 percentage points
In 2021, the company’s comprehensive gross profit margin was 20.96%, with a year-on-year increase of 1.88 percentage points. In terms of single quarter split, the comprehensive gross profit margin of 4q2021 company was 20.13%, up 2.93 percentage points year-on-year.
In 2021, the company’s expense ratio was 9.66%, a year-on-year decrease of 0.34 percentage points, of which the sales / management / financial expense ratio was 7.72% / 1.76% / 0.18% respectively, with a year-on-year change of + 0.11 / – 0.32 / – 0.13 percentage points respectively. 4q2021’s expense rate during the period was 12.36%, with a year-on-year increase of 0.92 percentage points, of which the sales / management / financial expense rate was 10.00% / 2.11% / 0.26% respectively, with a year-on-year change of + 0.83 / + 0.24 / – 0.15 percentage points respectively.
Offline channels have been continuously expanded and the product matrix has been further improved
In 2021, the company actively promoted the national layout of brand stores. By the end of 2021, the company has covered the whole country. At the same time, the company has increased the channel construction of Ka. By the end of 2021, the company’s products have entered more than 20 large supermarkets. In addition, the company continued to build warehousing and logistics. By the end of 2021, the company had 36 warehouses across the country, covering 23 provinces and 3 municipalities directly under the central government. In terms of products, in 2021, the company jointly developed and exclusively represented Xijiu · cellar 1988 [Liujin] with Guizhou Xijiu and Jiugui Liquor Co.Ltd(000799) jointly developed and exclusively represented jinjiugui. By the end of 2021, the company had operated nearly 4000 products.
Cut the profit forecast and maintain the “buy” rating
The company’s performance is in line with the performance forecast issued by the company on January 10, 2022 (it is expected to realize the net profit attributable to the parent company of 6739689 million yuan – 6909689 million yuan). However, in view of the repeated outbreaks in many places in March 2022 and the uncertain recovery process of the epidemic in the future, we lowered the prediction of the company’s EPS in 2022 / 2023 by 7% / 12% to 1.97/2.34 yuan, and increased the prediction of the company’s EPS in 2024 by 2.75 yuan. The company has a close relationship with upstream wineries and obvious competitive advantage, maintaining the “buy” rating.
Risk tip: the cooperative relationship with upstream wine enterprises has not been maintained, and the channel expansion has not reached the expectation.
