\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
Events
On the evening of March 28, 2022, the company released its annual report for 2021: the revenue in 2021 was 7.46 billion yuan, an increase of 50.97% at the same time; The net profit attributable to the parent company was 676 million yuan, an increase of 81.03% at the same time; Deduct 658 million yuan of non-profit, an increase of 92% at the same time.
Key investment points
Steady growth in performance and continuous improvement in profitability
The company’s revenue in 2021 was 7.46 billion yuan, an increase of 50.97% at the same time; The net profit attributable to the parent company was 676 million yuan, an increase of 81.03% at the same time; Deduct 658 million yuan of non-profit, an increase of 92% at the same time. This is basically consistent with the previous performance express.
Among them, the revenue of 2021q4 was 1.488 billion yuan, an increase of 18% at the same time; The net profit attributable to the parent company was 95 million yuan, an increase of 79% at the same time; Deduction of non RMB 93 million, an increase of 93% at the same time. The gross profit margin of the company was 20.96% (+ 1.9pct) in 2021, of which 2021q4 was 20.13% (+ 3PCT), which was the continuous improvement of the proportion of fine wine and the continuous optimization of the structure. The net profit margin in 2021 was 9.22% (+ 1.5pct), of which 2021q4 was 6.95% (+ 2.5pct), which was caused by the increase of gross profit margin and cost investment in the fourth quarter. The promotion cost of fine wine increased by 72.7% in 2021 and 331700% in 2021, which was caused by the same increase in the sales rate of fine wine in 2021. At the end of 2021, the contract liabilities were 605 million yuan, an increase of 455 million yuan month on month.
The performance of non-standard customization is excellent, and the main regions maintain high growth
In terms of products, the liquor revenue in 2021 was 7.366 billion yuan, an increase of 51% at the same time; Baijiu liquor revenue 6 billion 529 million yuan, accounting for 87.5%, an increase of 52%. Among them, the proportion of lotus wine and Tiegai Diaoyutai has increased, and we expect the revenue of lotus series to account for about 7%.
In terms of component price, Baijiu sales volume increased by 7 million 64 thousand and 200 liters (+77%) in 2021, corresponding price was 900 yuan / liter (-18%), and quantity contribution exceeded price. Wine revenue was 471 million yuan, accounting for 6%, with an increase of 32%; The sales volume of wine is 2.27 million liters, and the corresponding price is 0200 yuan / liter (+ 10%). The revenue of imported spirits was 306 million yuan, accounting for 4%, an increase of 53%.
In terms of subregions, the revenue of East China in 2021 was 2.505 billion yuan, an increase of 50% at the same time, accounting for 33.6%; The revenue of central China was 1.058 billion yuan, an increase of 27% at the same time, accounting for 14%; The revenue of South China was 992 million yuan, an increase of 96% at the same time; The revenue of North China was 896 million yuan, an increase of 42% at the same time; The revenue of Southwest China was 741 million yuan, an increase of 73.5%. Since 2021, the company’s “700 project” has completed the recruitment of more than 600 people, and the coverage of core areas has reached 100%.
Non standard customization continued to make efforts, and stores accelerated the nationwide layout
At present, the company has further improved its product structure, built a supply chain system through two pronged efforts, and carried out the procurement of famous wines and the development of fine wines simultaneously. The company has reached strategic cooperation with laigaohuai brand, and newly developed Xijiu · hoard 1988 [Liujin], golden wine ghost, Kweichow Moutai Co.Ltd(600519) wine (gold), Golden Lotus and other fine wines to form a “golden signboard” product matrix. By the end of 2021, the company had more than 30000 retail outlets and 273 new chain stores Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship stores have successively landed in Shanghai, Wuhan, Xiamen and other cities, effectively enhancing the brand influence. The company has 36 warehouses nationwide, covering 23 provinces and 3 municipalities directly under the central government.
Since 2021, the company has continued to promote the network layout of the national Huazhi famous wine warehouse, actively promoted the transformation of high-quality retail network customers into Huazhi famous wine warehouse by taking provinces and regions as units, and the number of stores and sales revenue of single stores have increased steadily. Currently Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) stores have completed version 3.0 upgrade iteration. In addition, the e-commerce platform of “Huazhi preferred” was upgraded and renamed as ” Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship store”, and the wechat applet and app were updated simultaneously to improve brand recognition. Users can place orders through the ” Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship store” wechat applet or app, and the company will distribute them to the warehouse through the system to realize product configuration, logistics distribution, etc.
Profit forecast
On the product side, at present, the company takes maowu as the drainage product, makes efforts to develop non-standard customized products, enriches the product matrix, and non-standard customized products have contributed to the profit side. On the channel side, at present, the company implements the development strategy of “small B and large c” channels, steadily expands about Shenzhen Jt Automation Equipment Co.Ltd(300400) stores every year, strengthens the concept of fidelity, and realizes customer transformation through stores and “Huazhi preferred” e-commerce platform. We expect that the EPS from 2022 to 2024 will be 2.49/3.40/4.38 yuan, and the current share price corresponding to PE will be 16 / 12 / 9 times respectively, maintaining the “recommended” investment rating.
Risk tips
Macroeconomic downside risk, consumption dragged down by the epidemic, fidelity risk, store opening less than expected, etc
