\u3000\u3 China Vanke Co.Ltd(000002) 891 Yantai China Pet Foods Co.Ltd(002891) )
Key investment points
Performance summary: in 2021, the company achieved an operating revenue of 2.88 billion yuan, a year-on-year increase of 29.1%, a net profit attributable to the parent of 120 million yuan, a year-on-year decrease of 14.3%, and a net profit attributable to the parent of 110 million yuan after deduction, a year-on-year decrease of 9.4%.
Comments: due to the expansion of the business scale of pet food and supplies, the company achieved revenue growth, with the sales volume reaching 79000 tons, a year-on-year increase of 34.2%. The operating revenue of pet snacks, cans and staple food was 1.98, 480 and 310 million yuan respectively, a year-on-year increase of 15.6%, 53% and 115.7%. The dry food business developed rapidly. The increase in operating costs of various businesses resulted in a year-on-year decline in gross profit. The total cost of snacks was 1.59 billion yuan, a year-on-year increase of 22.4%, the cost of canned food was 360 million yuan, a year-on-year increase of 58.2%, and the cost of staple food was 250 million yuan, a year-on-year increase of 163.2%. On the other hand, the sales expenses increased by 31.9% to 240 million yuan, mainly due to the strengthening of business promotion. By region, the domestic revenue in 21 years was 690 million yuan, with a year-on-year increase of 27.4%, and the overseas revenue was 2.19 billion yuan, with a year-on-year increase of 29.6%. The overall proportion remained basically unchanged. The overseas proportion in 21 years was 76%. The products were sold to the United States, the European Union, Japan and other countries and regions. In addition, the independent brand products have been sold to dozens of countries and regions such as Europe, Japan and Australia.
China's pet market is huge, the market share of domestic products is expected to increase, and the company's product matrix is rich and competitive. According to the data of pet white paper, the average annual growth rate from 2017 to 2021 was 16.8%. In 2021, the market scale of China's pet industry was 249 billion yuan, a year-on-year increase of 20.6%. With the increase of single adults living alone, the acceleration of aging level, the growth of residents' disposable income and the further change of pet care concept, China's pet food industry is expected to usher in a simultaneous rise in volume and price, and the market share of domestic products may increase. The company's products are of high quality and brand matrix is sound. In the future, new production capacity of dry and wet food will be put into operation one after another. ① Products: the company has rich product categories and sound brand matrix, which can meet the multi-level needs of consumers; The company has many years of OEM / ODM experience of well-known overseas manufacturers, has export-grade product quality and excellent quality control ability, and has obtained a number of authoritative quality certificates at home and abroad; The company continues to increase R & D investment and improve product categories and quality. The company has a high launch rate of new products and is widely recognized by the market. ② In terms of production capacity: the company currently has a production capacity of nearly 60000 tons, far exceeding the level of Chinese peers. Wet grain and snacks are in a state of full production and full sales, and the utilization rate of dry grain production capacity has increased significantly in the past two years. In 2020, 30000 tons of wet grain production capacity has been completed, and 20000 tons of New Zealand high-end wet grain production capacity and 60000 tons of dry grain production capacity will be completed. With the subsequent production capacity put into operation, the company will become a pet food enterprise with balanced development of snacks and staple food.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels develop together, committed to developing their own brand construction and enhancing the value of the company. ① Marketing: the company takes naughty wanpy and Zhenzhi zeal as the core, uses Wuxi Online Offline Communication Information Technology Co.Ltd(300959) various ways to promote products, actively participates in the gathering circle of young people, improves the brand awareness of the future generation, and creates a medium and high-end high-quality brand image. Benefiting from the differentiated pricing of different brands of the company and the demand for cost-effective products in the Chinese market, the company is expected to break the situation and grow in the main grain market; The snack market has a certain brand power, and the driving force is optimistic about the company's new product research and development and brand building in the future. ② Overseas channels: the company's core competitiveness in overseas markets lies in its supply chain advantages. Through a series of capital operations, the company has carried out capacity layout in major overseas markets, and the company's overseas business is expected to benefit from the stable development of resource integration. In addition, the company's overseas customer relationship is stable, which provides a guarantee for the company's overseas performance. ③ Chinese channels: online and offline collaborative development, in which e-commerce channels and professional channels are the company's traditional advantageous channels. In recent years, the company has widely distributed e-commerce channels, and the growth rate of online sales is obvious.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 0.52 yuan, 0.68 yuan and 0.90 yuan respectively, and the corresponding dynamic PE will be 41 / 31 / 23 times respectively, maintaining the "hold" rating.
Risk tips: exchange rate fluctuation risk, raw material price fluctuation, changes in China's foreign trade policies, capacity construction and utilization failing to meet expectations, etc.
