\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
Event: the company issued the 2021 annual report. In 2021, the operating revenue reached 7.46 billion yuan, a year-on-year increase of 50.97%; The net profit attributable to the parent company was 676 million yuan, a year-on-year increase of 81.03%. Among them, 2021q4 achieved an operating revenue of 1.488 billion yuan, a year-on-year increase of 18.04%; The net profit attributable to the parent company was 95 million yuan, a year-on-year increase of 79.20%.
Revenue side: the company achieved an operating revenue of 7.46 billion yuan, a year-on-year increase of 50.97%. ① On a quarterly basis, Q1-Q4 achieved an operating revenue of 23.53/16.01/20.181488 billion yuan respectively in 2021, with a year-on-year increase of 81.74% / 49.93% / 53.08% / 18.04% respectively; Baijiu / wine / imported spirits / other main businesses achieved operating income of 65.29/4.71/3.06/1.53 billion yuan respectively, up by 52.00%/31.74%/53.33%/73.33% compared with the same period last year, accounting for 87.53%/6.31%/4.11%/2.06% respectively.
Gross profit margin: the company's gross profit margin in 2021 was 20.96%, with a year-on-year increase of 1.88pct. Among them, the gross profit rate of Baijiu was 21.48%, an increase of 1.42pct compared with the same period last year. The gross profit margin of wine was 23.06%, with a year-on-year increase of 7.05pct.
Expense side: the expense rate of the company during 2021 was 9.66%, with a year-on-year decrease of 0.34pct. Among them, ① the sales expense ratio was 7.72%, with a year-on-year increase of 0.11pct, mainly due to the increase of salary expenses caused by the increase of business personnel and the increase of promotion expenses caused by the expansion of sales scale; ② The management expense ratio was 1.76%, with a year-on-year decrease of 0.32 PCT; ③ The financial expense ratio was 0.18%, a year-on-year decrease of 0.13pct, mainly due to the reduction of bank loans and interest expenses.
Profit side: in 2021, the company realized a net profit attributable to the parent company of 676 million yuan, a year-on-year increase of 81.03%, and a net interest rate attributable to the parent company of 9.06%, a year-on-year increase of 1.50pct. The company's annual profit growth is mainly due to the continuous expansion of the global famous wine supply chain and the significant increase in the sales of customized fine wine and famous wine, which also makes a great contribution to the profit.
Product side: the company further improved the product structure and strengthened the promotion of fine wine. Relying on the continuous and stable cooperative relationship with upstream liquor enterprises and liquor merchants, the company has carried out the procurement of famous liquor and the development of high-quality liquor simultaneously. The company continued to strengthen the market promotion of fine wine, and the sales and profit contribution increased significantly.
Channel side: improve the multi-channel and three-dimensional marketing layout, and explore the "new retail" mode of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) linkage. ① Steadily promote the national layout of chain stores and retail outlets, and steadily improve the quantity and quality of chain stores and retail outlets. By the end of the reporting period, the company had more than 30000 retail outlets and 273 new chain stores. ② Actively expand e-commerce and new media channels, and the self operated e-commerce platform is in good operation. During the reporting period, "Huazhi optimization" e-commerce platform was upgraded and renamed as " Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship store", and wechat applet and app were updated simultaneously to improve brand recognition.
Investment suggestions: 21 years performance has exceeded expectations, the company's standard has been developing steadily, the quality of the liquor has been continuously improved, the market recognition has been continuously improved, and the customized products have been continuously pushed forward, helping the high-end Baijiu brand product line to be high-end. At the same time, the channel model of Huazhi has been continuously verified, which has greatly improved the efficiency of jiuliutong industry. Therefore, we expect the net profit attributable to the parent company in 22-23 years to be RMB 9 / 1.1 billion respectively, and the corresponding PE of the current stock price is 17x / 14x respectively, giving a buy rating.
Risk warning: the epidemic situation is repeated, the expansion of the company's channels is less than expected, and the company's operation risk
