\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 298 Angel Yeast Co.Ltd(600298) )
Event: the company achieved a revenue of 10.675 billion yuan in 2021, with a year-on-year increase of 19.50%; The net profit attributable to the parent company was 1.309 billion yuan, a year-on-year increase of – 4.59%; The net profit attributable to the parent company after non deduction was 1.060 billion yuan, a year-on-year increase of – 13.14%. Among them, the revenue of 2021q4 was 3.081 billion yuan, a year-on-year increase of 22.91%; The net profit attributable to the parent company was 291 million yuan, a year-on-year increase of – 19.06%; The net profit attributable to the parent company after non deduction was 161 million yuan, a year-on-year increase of – 41.01%.
Revenue growth was steady and Q4 accelerated month on month. In 2021, the company’s yeast and deep processing business realized a revenue of 7.984 billion yuan, with a year-on-year increase of 15.10%, of which the sales volume increased by 11.28% and the average price increased by 3.43% year-on-year, mainly benefiting from the contribution of price increase. The annual income of sugar making, packaging, dairy products and other main industries was 1.051 billion yuan, 4.19 billion yuan, 62 million yuan and 1.089 billion yuan respectively, with a year-on-year increase of 68.39%, 25.58%, 34.98% and 15.59% respectively. By channel, the offline and online revenue in 2021 reached 6.925 billion yuan and 3.682 billion yuan respectively, with a year-on-year increase of 23.75% and 11.97% respectively. China’s revenue increased by 2.28% and 2.28% year-on-year in 20201 and 20201 respectively. In 2021, the company’s dealers increased from 1934 to 20205, including 1401 and 533 in China and abroad respectively. 2021q4 company has strong demand for products, and its main business income increased by 19.96% year-on-year, accelerating month on month. Among them, the income of yeast and deep-processing products was 2.026 billion yuan, a year-on-year increase of 7.92%; The income from sugar making, packaging, dairy products and other industries was 570 million yuan, 120 million yuan, 19 million yuan and 338 million yuan respectively, with a year-on-year increase of 68.87%, 24.18%, 11.33% and 44.92% respectively.
The gross profit margin is under pressure due to rising costs, and the overall cost is well controlled. In 2021, the company’s gross profit margin decreased by 6.66 PCT to 27.34% year-on-year, mainly due to the rise in the prices of bulk commodity raw materials and molasses. The annual sales, management, R & D and financial expense rates were – 0.97, – 0.14, + 0.13 and – 0.43 PCT respectively to 6.26%, 3.37%, 4.45% and 0.74% year on year. The overall expense rate was well controlled. The annual net profit margin of sales decreased by 3.54 PCT to 12.38% year-on-year. Due to the adjustment of accounting standards, the comparable caliber of 2021q4 of the company has changed, and we consider the gross sales difference. The gross sales difference of 2021q4 company decreased by 6.17 PCT year-on-year, mainly due to the sharp rise in cost year-on-year and the increase in the proportion of sugar business income with low gross profit margin, resulting in the net profit margin of 2021q4 decreased by 5.22 PCT year-on-year to 9.36%.
Profit forecast: facing the pressure of sharp rise in raw material costs, the company adjusted its market strategy in time and adjusted the product price in a planned and step-by-step manner. As the leader of yeast in China, the company’s share is expected to continue to increase, and its overseas business will expand rapidly. According to the company’s annual report and financial budget report for 2022, we expect the company’s revenue from 2022 to 2024 to be RMB 12.620, 14.489 and 16.569 billion respectively, the net profit attributable to the parent company to be RMB 1.380, 1.744 and 2.217 billion respectively, and the EPS to be RMB 1.66, 2.09 and 2.66 respectively, corresponding to 25 times, 19 times and 15 times of PE, maintaining the “buy” rating.
Risk warning events: repeated global epidemics and slowing economic growth; Food safety risks; Molasses price fluctuation; Price fluctuation of export sea freight
