\u3000\u3 China Vanke Co.Ltd(000002) 242 Joyoung Co.Ltd(002242) )
The company disclosed the annual report of 2021:
21. Annual income: 10.5 billion yuan, yoy-6%; Return to parent: 750 million yuan, yoy-21%, deduct non 600 million yuan, yoy-12%; Q4: revenue of 3.51 billion yuan, yoy-15%; Return to parent: RMB 80 million, yoy-72%, deduct non RMB 50 million, yoy-36%. The difference before and after deduction is mainly due to the impact of the base deposit of 200 million land receipts and deposits in 2020. Dividend: cash dividend per share is 1 yuan, with a dividend rate of 103%.
Revenue side: domestic sales are under pressure, and the expectations of export companies are still optimistic
Annual sales: 9.08 billion yuan (yoy-11.7%); Export sales reached 1.46 billion (YoY + 56.1%). Domestic sales: the growth rate of the company is about the same as that of the industry. According to the report of Aowei kitchen industry, the year-on-year growth rate is – 14%. Next year, we will mainly see the improvement of the base. Export sales: the growth rate of Q3 / 4 has dropped slightly, but the company expects that the boom will continue in 2022. The related export target in 2022 is + 14% year-on-year, and the current related export in Q1 is + 29% year-on-year.
Profit side: Q4 net interest rate month on month -7pct
Gross profit margin: 28% for the whole year (yoy-4pct); Of which, 30% (yoy-4pct) for domestic sales and 12% (YoY + 4pct) for export sales; The gross profit margin of single Q4 is 24% (yoy-10pct, mom-5pct). Net interest rate: 7% (yoy-1pct) for the whole year, and 2% (yoy-5pct, mom-7pct) for Q4. Throughout the year: the decline of the company’s domestic gross profit margin was partly due to the impact of the new income standard (expected to affect 3PCT) and the pressure of raw materials (about 1PCT); The gross profit margin of export sales has improved. The annual net interest rate is relatively stable. Q4: the net interest rate fell sharply month on month. The main reason is that the company’s income is under pressure, but the absolute amount of expenses is relatively stable. For example, the R & D cost of 21q4 is 130 million, and that of 20q4 is 130 million; In terms of sales expenses, excluding the freight affected by the standards, the absolute value of 21h2 sales expenses is 900 million, compared with 960 million in the previous period).
Push repurchase / employee stock ownership and continue high dividend in the annual report
Push the employee stock ownership plan: it is proposed to raise no more than 350 million yuan for employee stock ownership, of which the transferee company repurchases no more than 12 million shares. The number of participants is expected to be no more than 30. The appraisal objective is the individual performance appraisal of employees. Large dividend: the company plans to pay 10 yuan for every 10 shares, with a dividend rate of 6.11% (corresponding to the closing price on the date of 0329 announcement).
Investment suggestion: under the pressure of the industry, follow-up attention will be paid to ① whether the export boom can be maintained and ② whether the gross profit margin can be upward. Considering the pressure of raw materials and adjusting the profit forecast, it is estimated that the parent company will return 860 million and 1.08 billion (the previous value is 1.06 billion and 1.31 billion) yoy + 23%, + 25%, pe15 and 12x in 22-23 years. Maintain buy rating.
Risk warning: downstream demand is less than expected, new category expansion is less than expected, and raw material prices rise
