\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 298 Angel Yeast Co.Ltd(600298) )
Conclusions and suggestions:
Performance summary:
The announcement realized an annual revenue of 10.68 billion, a year-on-year increase of 19.5%, recorded a net profit of 1.31 billion, a year-on-year decrease of 4.6%, a net profit of 1.06 billion after deduction, a year-on-year decrease of 13.1%, and a gross profit margin of 27.34%, a year-on-year decrease of 6.66 percentage points. 4q achieved a revenue of 3.08 billion, a year-on-year increase of 22.9%, recorded a net profit of 290 million, a year-on-year decrease of 19%, a net profit of 170 million after deduction, a year-on-year decrease of 38.7%, and a year-on-year increase of 3.6 percentage points to 21.8%.
Dividend scheme: cash dividend of 5 yuan per 10 shares
The revenue of the whole year maintained a rapid growth. The revenue of yeast and deep processing business was 7.98 billion, a year-on-year increase of 15.1%, the revenue of sugar business was 1.05 billion, a year-on-year increase of 68.4%, the revenue of packaging products was 420 million, a year-on-year increase of 25.6%, the revenue of dairy products was 60 million, a year-on-year increase of 35%, and the revenue of other businesses was 1.09 billion, a year-on-year increase of 15.6%. From a regional perspective, China’s business maintained strong growth, with an annual revenue of 7.78 billion, a year-on-year increase of 22.3%. Overseas business continued to promote, with a revenue of 2.82 billion, a year-on-year increase of 12%.
In terms of cost, affected by the rise in the prices of bulk commodity raw materials and molasses, the operating cost increased by 31.6% year-on-year, and the pressure on the gross profit margin was obvious. The annual gross profit margin decreased by 6.66 percentage points year-on-year (4q gross profit margin increased year-on-year, mainly benefiting from price increase), which corresponds to a 29.4% decrease in the net cash inflow from operating activities in the whole year. In terms of expenses, affected by the cost pressure, the annual expenses were strictly controlled, and the expense rate during the reporting period decreased by 1.42 percentage points year-on-year to 14.81%.
Looking forward to this year, the cost of molasses is expected to be high and fall back, but from the perspective of procurement, the average price will still be higher than that of last year. It is estimated that the procurement cost will increase by about 20%, the effect of price increase will continue to offset the cost pressure, and the operation is expected to gradually improve. In addition, the company has made positive progress in molasses alternative resources, and hydrolyzed sugar will replace some molasses from this year. In terms of production capacity, the company’s total production capacity reached 317000 tons in 2021. At present, factories outside China are basically in full production. In recent years, the company has gradually entered a new round of production expansion cycle (including the expansion of overseas factories). According to the construction period, it will be put into operation successively this year, and the expansion and technological innovation will add power to the subsequent operation.
The company plans to achieve a sales revenue of 12.6 billion this year and a steady increase in net profit. It is expected to continue to take the development opportunities of China’s foreign markets and steadily promote the development of various businesses. It is estimated that from 2022 to 2023, the net profit will be 1.39 billion and 1.76 billion respectively, with a year-on-year increase of 6.5% and 26% respectively. The EPS will be 1.67 yuan and 2.11 yuan respectively. The current share price corresponding to PE is 25 times and 20 times respectively. The valuation is reasonable and the “buy” investment proposal will be maintained.
Risk tip: overseas expansion is less than expected, cost rise is more than expected, terminal movable sales is less than expected, and exchange loss is more than expected
