\u3000\u3 Shengda Resources Co.Ltd(000603) 043 Guangzhou Restaurant Group Company Limited(603043) )
Event: on March 30, the company released its annual report for 2021, with annual revenue of 3.89 billion yuan, a year-on-year increase of + 18.33%; Q4 was 874 million yuan, a year-on-year increase of + 20.58%. The annual net profit attributable to the parent company was 558 million yuan, a year-on-year increase of + 20.28%; Q4 was 114 million yuan, a year-on-year increase of + 9.50%. The annual basic EPS is 0.99 yuan.
The catering business expanded against the trend, and the volume and price of moon cakes and quick-frozen products rose simultaneously. In 2021, the scale of revenue continued to expand and the profitability increased steadily. Specifically, the revenue of moon cake products / quick-frozen food / catering business / other products was RMB 1.521/8.48/7.25/753 billion respectively, with a year-on-year increase of + 10.36% / + 9.40% / + 48.32% / + 23.62% respectively; 21q4 achieved revenue of RMB 233 / 2.36/2.22/169 million respectively, a year-on-year increase of + 73.74% / + 38.14% / + 28.67% / + 18.00%. The income of moon cake business increased steadily year-on-year, and some income was deferred to Q4 for confirmation; The quick-frozen food business was affected by the high base effect during the 20-year epidemic closure period, and the income growth slowed down; Compared with the same period of 20 years, the catering business has achieved rapid growth, mainly because the company opened stores against the trend in 21 years. Among them, there are 7 brand stores newly opened and reopened " Guangzhou Restaurant Group Company Limited(603043) ," taotaoju "and" Xingyue city ", and 6 Haiyue taojumen stores have been acquired; Add one Guangzhou Restaurant Group Company Limited(603043) store and one taojumen store in Shenzhen; Foshan added one Guangzhou Restaurant Group Company Limited(603043) store and completed the upgrading of Guangzhou Restaurant Group Company Limited(603043) 2 main stores. In terms of sales volume, the sales of moon cake products / quick-frozen products were 15300 / 35300 tons, a year-on-year increase of + 4.40% / + 8.49%; The average sales price was 9.9724000 yuan / ton, with a year-on-year increase of + 5.71% / + 0.84%. The volume and price of the company's main products increased simultaneously.
The gross profit margin of moon cake business decreased slightly, and the cost control effect in each period was good. The overall gross profit margin of the company in 21 years was 37.83%, with a year-on-year increase of -1.50ppt. Among them, the gross profit margin of moon cake products / frozen food / catering industry was 56.46% / 36.18% / 9.41% respectively, with a year-on-year increase of -1.91ppt / + 0.74ppt / + 3.97ppt. The gross profit margin of moon cake business decreased slightly, which dragged down the overall gross profit margin performance. It is expected that the reason is the upward pressure on material costs; The gross profit margin of the catering industry increased slightly due to the easing of the epidemic in 21 years and the increase in the operating rate of catering stores. However, the local epidemic occurred in Guangzhou in late May of 21 years, resulting in a sharp decline in catering revenue, resulting in a relatively small increase in the gross profit margin of the whole year.
The sales expense rate in 21 years was 9.33%, with a year-on-year increase of + 0.10ppt (21q4 was 11.43%, with a year-on-year increase of + 3.80ppt), which was due to the company's deep cultivation of the market and optimization of sales channels, and the year-on-year increase of labor costs, advertising and marketing expenses, warehousing and storage expenses, etc. The management fee rate was 9.75%, with a year-on-year -0.85ppt (21q4 was 10.65%, with a year-on-year -4.37ppt) due to the significant year-on-year decrease in rent and property management fees. The R & D expense ratio was 1.99%, year-on-year -0.36ppt (21q4 was 2.45%, year-on-year -0.61ppt). The financial expense ratio was -0.62%, with a year-on-year increase of -0.10ppt (21q4 was -0.67%, with a year-on-year increase of + 0.18ppt), which was due to the year-on-year increase in bank interest income.
Investment suggestion: it is estimated that the company will achieve a revenue of RMB 4.755/56.30/6.581 billion and a net profit attributable to the parent company of RMB 666 / 806 / 952 million in 22-24 years, equivalent to EPS of RMB 1.17/1.42/1.68 respectively. At present, the corresponding share price of PE in 22-24 years is 18 / 15 / 13 times. The current valuation of the company is lower than 19 / 29 times the valuation level of other food / frozen food sectors in 22 years (wind unanimously predicted), and the production capacity of Meizhou base is expected to be gradually released in 22 years; After the epidemic eased, the catering business is expected to continue to recover, with good medium and long-term growth, and maintain the "recommended" rating.
Risk tips: intensified industry competition and food safety problems; The repeated impact of the epidemic exceeded expectations.
