\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Event: the company released] the annual report of 2021. The annual revenue was 2.28 billion yuan (+ 16.5%), and the net profit attributable to the parent company was 150 million yuan (- 37.7%); Among them, 21q4 achieved a revenue of 650 million yuan (+ 24.7%) and a net profit attributable to the parent company of 73.45 million yuan (+ 37.9%). Meanwhile, the company plans to distribute a cash dividend of 10 yuan (including tax) for every 10 shares.
Focus on core large single products and rich reserves of new products. 1. By category, leisure baked snacks, leisure deep-sea snacks and leisure meat and fish products achieved operating revenue of 750 million yuan (+ 10.8%), 410 million yuan (+ 37.2%) and 300 million yuan (+ 22.5%) respectively. The company focuses on core large items such as deep-sea snacks, spicy brine snacks, leisure baking, potato chips and snacks, and continues to increase its share in the categories with large market volume, good growth, unsettled competition pattern and the company's supply chain advantages; At the same time, the company combines the R & D and production links with the "Experimental Factory" mode, and has rich reserves of new products. 2. By channel, the revenue growth rate of direct sales, distribution and e-commerce channels was 4.6%, 21.7% and 27.1% respectively. The company focuses on developing small bulk packaging products, and has a solid foundation for cooperation with large supermarkets; Dealers cover local supermarkets, community supermarkets, township supermarkets, etc. by the end of 2021, it has 1749 dealers, with a net increase of 869, effectively filling the market share outside the high-end channels; E-commerce channels and offline cooperation mainly promote new and popular products, and establish and build brand image.
Scale effect appears, and the cost of raw materials is under pressure in the short term. 1. In 2021, the company's gross profit margin was 35.7%, a year-on-year decrease of 8.1pp, mainly due to: 1) the continuous rise in the prices of raw materials such as soybean oil and palm oil, which lowered the overall gross profit margin; 2) The logistics and distribution expenses originally included in the sales expenses were included in the cost, driving the sales expense rate down 1.9pp to 22.2%; 3) The company focuses on core products and obtains cost advantages through large-scale. 2. In terms of expense rate, the management expense rate and R & D expense rate were 5.2% and 2.4% respectively, which remained basically stable; The financial expense ratio was 0.9%, with a year-on-year increase of 0.6pp, mainly due to the increase of loans. After the company's evaluation, optimization and adjustment, the cost investment in the third and fourth quarters tends to be reasonable; At the same time, the new products gradually passed the incubation and promotion period, and the scale effect gradually appeared. The overall net interest rate was 6.7%, down 5.6pp year-on-year.
Business transformation and transformation have been gradually promoted, and the advantages of the industrial chain are obvious. 1. Since the second quarter, the company has taken the initiative to carry out business transformation and reform. The bulk weighing products and quantitative products have been put into precise channels respectively, and the structural optimization of sales products, sales channels and sales areas has been carried out simultaneously. It has turned losses into profits in the third quarter, continued to improve month on month in the fourth quarter, and achieved obvious effect of upgrading and transformation. 2. Further focus on the core categories, give full play to the advantages of the industrial chain with the combination of large single products, and lay the foundation for high-quality growth.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 320 million yuan, 510 million yuan and 650 million yuan respectively, and the EPS will be 247 million yuan, 395 million yuan and 503 yuan respectively. The corresponding dynamic PE will be 24 times, 15 times and 12 times respectively, maintaining the "buy" rating.
Risk warning: the price of raw materials may fluctuate sharply; Channel expansion is less than expected; New product development is less than expected
