\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 298 Angel Yeast Co.Ltd(600298) )
Key investment points
Event: the company issued]2021 annual report, which realized revenue of 10.68 billion yuan (+ 19.5%) and net profit attributable to parent company of 1.31 billion yuan (- 4.6%); Among them, 21q4 achieved a revenue of 3.08 billion yuan (+ 22.9%) and a net profit attributable to the parent company of 290 million yuan (- 19.1%), which was slightly lower than the market expectation. At the same time, it is proposed to distribute a cash dividend of 5 yuan (including tax) for every 10 shares.
Yeast revenue grew steadily and global sales progressed steadily. 1. The operating revenue of yeast and processed products was 1.9 billion yuan (+ 1.93 billion yuan) and 1.93 billion yuan (+ 3.3%) respectively. Traditional yeast and yeast derivatives grew steadily, and yeast extract grew rapidly driven by downstream demand. 2. In terms of channels, offline and online achieved operating revenue of 6.92 billion yuan (+ 23.8%) and 3.68 billion yuan (+ 12%) respectively. Stores were opened on angel's official mall, Bo Shisheng and other self owned e-commerce platforms and third-party mainstream e-commerce platforms to realize Omni channel sales. 3. In terms of subregions, the revenue growth rates of China and foreign countries were 22.3% and 12% respectively. The company's products have been sold to 163 countries and regions around the world, and it is the world's largest supplier of Ye and the second largest supplier of dry yeast.
The cost of raw materials rose sharply, weakening profitability in the short term. 1. The overall gross profit margin of the company was 27.3%, with a year-on-year decrease of 6.7pp, mainly due to the continuous shortage of molasses supply and the sharp rise of procurement costs, resulting in the weakening of profitability; At the same time, raise the price of major products and contribute to greater profit elasticity. 2. In terms of expense rate, the sales expense rate was 6.3%, a year-on-year decrease of 1pp; The rates of administrative expenses and R & D expenses were 3.4% and 4.5% respectively, basically the same; The financial expense rate was 0.7%, a year-on-year decrease of 0.4pp. The overall net interest rate was 12.4%, with a year-on-year decrease of 3.5pp, which was under pressure in the short term.
Steady progress has been made in capacity construction to provide a solid foundation for growth. The company plans to achieve a revenue of 12.6 billion yuan in 2022 and a steady increase in net profit, and ensure a revenue of 20 billion yuan in 2025. The company has established 12 factories around the world, with fermentation capacity reaching 316000 tons, an increase of 10.3% year-on-year, accounting for 60% and 15% respectively in China and the world, and the production and marketing scale ranks second in the world; The output of yeast extract exceeded 100000 tons, with a year-on-year increase of 22.9%. 1. In China, the company plans to raise 1.41 billion yuan in private to build 66500 tons of yeast and yeast extract production capacity and 5000 tons of enzyme preparation production capacity; Through the acquisition of Shengqi biology, we can quickly obtain 15000 tons of fermentation capacity. 2. Overseas, the company plans to invest 513 million yuan and 202 million yuan respectively in the construction of Egypt phase II and Russia phase II projects, which will increase the production capacity of 20000 tons and 8000 tons of yeast respectively. 3. Invest in the construction of deep-processing projects of hydrolyzed sugar in Yichang, Liuzhou and Chongzuo, and gradually adopt the process of hydrolyzed sugar instead of molasses, which is expected to further alleviate the cost pressure.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.42 billion yuan, 1.73 billion yuan and 2.19 billion yuan respectively, and the EPS will be 1.70 yuan, 2.08 yuan and 2.63 yuan respectively. The corresponding dynamic PE will be 24 times, 20 times and 16 times respectively, maintaining the "buy" rating.
Risk warning: the price of raw materials may fluctuate sharply; The exchange rate may fluctuate sharply.
