\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Yanker Shop Food Co.Ltd(002847) 2021 annual report: on March 30, the company released the 2021 annual report. In 2021, the company achieved a revenue of 2.282 billion yuan, a year-on-year increase of + 16.47%, a net profit attributable to the parent company of 151 million yuan, a year-on-year decrease of - 37.65%, and a net profit deducted from non attributable to the parent company of 91 million yuan, a year-on-year decrease of - 51.73%. It is proposed to distribute a cash dividend of 10 yuan for every 10 shares.
Revenue accelerated in the fourth quarter, and the coverage of all categories developed in a balanced manner. In 2021, the company achieved a revenue of 2.282 billion yuan, a year-on-year increase of + 16.47%, equivalent to 654 million yuan in the fourth quarter, a year-on-year increase of + 24.65%, significantly faster than that in the second and third quarters. The company operates with the channel strategy of "direct business surpasses the benchmark, dealers fully expand and sink, and emerging channels actively break through". In 2021, the direct business / distribution / e-commerce achieved revenue of RMB 659 / 1483 / 139 million respectively, accounting for 28.90% / 65.02% / 6.08% respectively, and the distribution mode increased significantly compared with 39.87% in 2017. At the end of 2021, the company had 1749 distributors, a significant increase over 880 at the end of 2020. Quantitative packaging is also rapidly spreading the market under the process of investment attraction, which is expected to drive the further development of the distribution model. Yanjin has completed the coverage of all categories in the independent production mode. In 2021, baked snacks / deep-sea snacks / leisure meat and fish accounted for 33.04% / 17.85% / 13.21% respectively, and the rest categories accounted for a relatively balanced proportion. While deep-sea snacks / dried fruits / vegetarian food achieved rapid growth, with a year-on-year increase of + 37.23% / + 37.23% / + 42.06% respectively. Under the "Experimental Factory" mode, it can quickly complete research and development to large-scale production, and continue to launch new snacks according to market demand and its own advantages.
The gross profit margin fell sharply and the net profit margin increased month on month in the fourth quarter. In 2021, the company's gross profit margin was 35.71%, with a year-on-year increase of -8.12pct, of which the gross profit margin in the fourth quarter was 25.52%, with a sharp year-on-year decrease of 22.01pct. In the context of the sharp rise in the price of upstream raw materials, the company actively responded by adjusting the product structure, and increased the R & D and promotion of products such as high margin deep-sea snacks. In 2021, the company's expense rate during the period was 30.70%, with a year-on-year rate of -1.19 PCT, of which the expense rates of sales / management / R & D / finance were 22.15% / 5.21% / 2.42% / 0.92% respectively, with a year-on-year rate of -1.91 / + 0.31 / - 0.21 / + 0.62 PCT respectively. The intensity of marketing activities was relatively weakened in the fourth quarter. The annual net interest rate in 2021 was 6.77%, with a year-on-year rate of -5.59pct, of which the net interest rate in the fourth quarter was 11.23%. After optimizing the cost investment and going through the quantitative installation promotion period, the net interest rate increased significantly month on month and has returned to the level of 2020.
The advantages of the island in the store are stable, and the incentive objectives are adjusted to achieve stable and far-reaching development. In the context of the decline of business supermarket passenger flow, the company adopted the distribution channel of quantitative packaging in March 2021. At present, it is continuing to expand the dealers of quantitative packaging, and is expected to layout the national market in the next 1-2 years. While " Yanker Shop Food Co.Ltd(002847) " and "Mr. Bean" dianzhongdao have established all-round advantages in brand, product and supply chain. Dianzhongdao is also in line with Shangchao's demand for branding and visualization transformation of bulk area. In the future, it will continue to lay dianzhongdao to consolidate the bulk advantage. The share based payment expenses disbursed in 2021 was 589872 million yuan. The company did not reach the incentive target of + 28% / + 42% of the revised revenue / profit respectively year-on-year in 2021, but the adjusted performance evaluation target is more pragmatic and more conducive to the stable and far-reaching development of the company. The company's revenue / profit assessment objectives in 2022 are + 18.48% / + 110.11% respectively year-on-year in 2021. With the continuous laying of the island in the store, the continuous expansion of quantitative packaging and the improvement of scale effect, it is expected to achieve better development in 2022.
Investment suggestion: it is estimated that the company's revenue from 2022 to 2024 will be RMB 2.720/3.285/3.893 billion, a year-on-year increase of + 19.2% / + 20.8% / + 18.5%; The net profit attributable to the parent company was 319 / 496 / 676 million yuan, a year-on-year increase of + 111.5% / + 55.5% / + 36.3%, equivalent to EPS of 2.46/3.83/5.22 yuan respectively, corresponding to PE of 24 / 16 / 11x. The company's valuation is slightly higher than the average expected valuation of the snack food industry in 2022 by 23x (arithmetic average method, wind consensus expectation). Considering that the company has established core competitive advantages in offline supermarkets and expanded the high growth potential of performance brought by quantitative packaging, it maintains the "recommended" rating.
Risk tip: industry competition intensifies, the expansion of quantitative packaging is less than expected, food safety problems, etc.
