\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Event: the company released its annual report for 2021, with a revenue of 2.282 billion yuan in 2021, an increase of 16.47% at the same time; The net profit attributable to the parent company was 151 million yuan, with a decrease of 37.65%; Deduct the net profit not attributable to the parent company of 91 million yuan, with a decrease of 51.73%. Among them, the revenue of 2021q4 was 654 million yuan, an increase of 24.65% at the same time; The net profit attributable to the parent company was 73 million yuan, an increase of 37.90% at the same time; Deduct the net profit not attributable to the parent company of 66 million yuan, an increase of 40.68% at the same time.
The volume and price of deep-sea snacks have risen, and the channel adjustment has achieved initial results. In terms of products, in 2021, the revenue of leisure baked snacks (including potato chips) was 754 million yuan, an increase of 10.8% at the same time, the sales volume increased by 21%, the average price decreased by 9% at the same time, and the gross profit margin decreased by 36% at the same time; Leisure deep-sea snacks amounted to 407 million yuan, with an increase of 37%, sales increased by 25%, average price increased by 10.5% and gross profit margin decreased by 13 PCT. In terms of sub channels: (1) direct channels: in 2021, the company's direct business revenue exceeded 659 million yuan, yoy + 4.6%, accounting for 28.9% in 2021 from 32.2% in 2020. By the end of 2021, the company had directly operated 2131 Ka stores of 49 large chain supermarkets, and the annual sales of a single store increased by 51.56%. (2) Distribution channels: in 2021, the revenue of distribution channels was 1.483 billion yuan, an increase of 21.7% at the same time, and the proportion increased from 62% in 2020 to 65% in 2021. By the end of 2021, the company had 1749 dealers, with 869 new ones, and the sales of single dealers decreased by 38.8%. (3) E-commerce channels: in 2021, the revenue of e-commerce was 139 million yuan, an increase of 27.5%, and the proportion increased from 5.6% in 2020 to 6.1% in 2021.
The cost investment tends to be rational and the profitability picks up. The gross profit margin of 21q4 company was 25.52%, down 22.01pct, the sales expense rate was 7.54%, down 18.29pct, and the gross sales difference was 17.98%, down 3.71pct. We expect that the main reasons are: (1) the proportion of the company's distribution channels has increased, the proportion of direct operators has decreased, and the cost structure of the company has been changed; (2) Rising costs of raw materials (palm oil, soybean oil, etc.); (3) Reclassification of logistics costs and distribution costs under the new accounting standards. At the same time, under the scale effect, the management expense rate of 21q4 company decreased by 1.01pct to 4.43% at the same time; The R & D expense rate decreased by 2.03pct to 1.97% at the same time. To sum up, the net interest rate in the fourth quarter was 11.24%, an increase of 1.08pct.
Deepen the construction of marketing channels and promote strategic transformation. 2022 is the first year of the company's strategic transformation. The new sales points of the salty flavor business division are planned to double, and the standardized display of sales points is comprehensively promoted; The baking division launched 10000 new counters and opened 35000 outlets; The quantitative packaging business department will focus on 16 core provinces and cities, store the market kick-off meeting + multi-point display, and cover 100000 terminals; The circulation business department selects and matches individual products according to local conditions and the actual situation of each province, so as to expand and strengthen the market. The online business master tiled Yanjin brine, brand operation brand promotion, and strive to create a hot brine explosive matrix, tap the resources of people, grasp the jitter, and fight for more bonus opportunities, aiming tiktok sales doubled. Offline snack channels continue to make efforts to accelerate the expansion of chain snack channels such as "wife adult, lock flavor and love snacks"; The channel continues to sink and expand to the rural market, so that Yanjin snacks can be seen everywhere.
Investment advice: maintain the "buy" rating. Taking into account the decline of business supermarket passenger flow, the company adjusted the channel structure and adjusted the profit forecast. We expect the company's revenue in 22-24 years to be 2.849/35.14/4.154 billion yuan respectively, the net profit to be 3.59/5.58/689 million yuan respectively, and the EPS to be 2.78/4.31/5.32 yuan respectively (3.77/5.40 yuan in the previous 22 / 23 years), corresponding to the current PE to be 22x, 14x and 11x, maintaining the "buy" rating.
Risk tips: the epidemic continues to spread, the price of raw materials fluctuates, market competition intensifies, and food safety incidents.
