\u3000\u3 China Vanke Co.Ltd(000002) 242 Joyoung Co.Ltd(002242) )
Event: in 2021, the company achieved an operating revenue of 10.54 billion yuan, a year-on-year increase of - 6.09%, and a net profit attributable to the parent company of 746 million yuan, a year-on-year increase of - 20.69%; Among them, 2021q4 achieved an operating revenue of 3.509 billion yuan, a year-on-year increase of - 15.27%, and a net profit attributable to the parent company of 82 million yuan, a year-on-year increase of - 72.16%. Taking 767 million shares as the base, the company distributed a cash dividend of RMB 10.0 (including tax) to all shareholders for every 10 shares, without giving bonus shares or increasing share capital with accumulation fund.
The growth rate of cooking utensils business is bright, and the growth rate of wall breaking machine has declined
In 21 years, the revenue of food processing / nutrition cooker / western electric appliances / cookers was 43.5/38.3/13.3/750 million yuan respectively, with a year-on-year increase of - 18% / 12% / - 13% / 69% respectively. Among them, the annual sales of just needed nutritional pot series increased steadily, and the growth rate of cooker business was bright. In the food processing series with high revenue, the sales of wall breaking machine decreased year-on-year. According to the business consultant data of Alibaba platform, the sales volume of Jiuyang wall breaking machine in 21 years was - 25% year-on-year. By region, the domestic and foreign sales revenue was - 12% / 56% year-on-year, and the domestic sales revenue decreased year-on-year; According to the related party transactions disclosed by the company, the industrial business revenue in the 21st century was 60% year-on-year, and the export OEM business grew well. Shark's related party transactions were - 45% year-on-year. According to the related party transactions disclosed in 22 years, the company expects the export OEM income in 22 years to be 1.35 billion yuan (calculated at the exchange rate of 6.3 US dollars to RMB), a year-on-year increase of + 14%.
The change of accounting standards affects the gross profit margin and the cost of the company has increased
From the perspective of non deduction performance, the company's non deduction performance of 21q4 was - 35.78% year-on-year, which was better than that of the parent company. In terms of reasons, the company obtained 135 million yuan of profit from the acquisition and storage of land in 20q4 (included in the current performance, if excluded, the net profit attributable to the parent in 21q4 (including government subsidies and other non recurring items) is about - 49%).
In 2021, the gross profit margin of the company was 27.79%, year-on-year -4.27pct, and the net profit margin was 6.65%, year-on-year -1.51pct;
The gross profit margin of 2021q4 was 23.49%, year-on-year -10.2pct, and the net profit margin was 1.91%, year-on-year -4.85pct. In 2021, the company's sales, management, R & D and financial expense rates were 14.99%, 3.33%, 3.39% and - 0.17% respectively, with a year-on-year increase of -1.65, - 0.22, + 0.31 and - 0.18pct; In the quarter of 21q4, the rates of sales, management, R & D and financial expenses were 15.49%, 3.43%, 3.73% and 0.09% respectively, with a year-on-year increase of -5.69, -0.46, + 0.65 and -0.25pct.
There are many reasons for the decline of the company's gross profit margin in 21 years, especially in 21q4: 1 Due to the adjustment of the company's accounting standards, part of the transportation expenses are regarded as the contract performance cost, which is caused by the adjustment of sales expenses into the main business cost. Among the sales expense items, the transportation expense is - 84% year-on-year. If the change of transportation expense is reduced according to the growth rate of revenue, the gross profit margin after reduction is 30.7%, a year-on-year decrease of 1.3pct. The gross profit margin of 21q4 was 32.3%, down 1.5pct year-on-year from 20q4. 2. In terms of regions, the gross profit margin of domestic sales of the company was 30.28% and that of export sales was 12.28% in the past 21 years. We believe that since Q4 is the peak season for overseas Christmas, black fifth and other festivals, the release of OEM business in the fourth quarter may also affect the gross profit margin of the company. 3. The change of raw material cost is also expected to have a certain impact. From the perspective of gross sales difference, the gross sales difference of 20q4 is 12.5%, and that of 21q1-q4 is 15.68% / 13.14% / 16.93% / 8%, of which the gross sales difference of 21q4 is - 4.5 PCTs year-on-year.
Investment suggestion: the company's cooking utensils business is growing rapidly and is expected to further contribute to the overall revenue in the future. In terms of profit, due to the influence of accounting standards, the gross profit margin changes greatly. If it is affected by restoration, the change range affected by cost is low. In the future, with the gradual elimination of the influence of the base, the company's profits are expected to return to normal. Based on the slowdown of the company's annual revenue growth in the past 21 years and the rising pressure of raw materials, we appropriately reduced the revenue of food processing machine series and increased the revenue of cooking utensils; At the same time, the gross profit margin of food processing machine and nutrition pot series has been lowered. It is estimated that the net profit in 22-24 years will be 870 / 1036 / 1158 million yuan (the value was 1090 and 1280 million yuan 22-23 years ago). The corresponding dynamic PE of the current stock price is 14.44x, 12.12x and 10.85x, maintaining the rating of "overweight".
Risk warning: the sales of new products are less than expected; The sales of shark brand is lower than expected; Raw material price fluctuation risk, etc.
