\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Event: the company released its annual report for 21 years. In 2021, the operating revenue was 2.282 billion yuan, 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%; The net profit deducted from non parent company was 91 million yuan, with a decrease of 51.73%. Among them, the operating revenue in 2021q4 was 654 million yuan, an increase of 24.65% at the same time; The net profit increased by 3.7 billion yuan to the parent company.
Revenue side: the annual operating revenue of 21 years was 2.282 billion yuan, an increase of 16.47% at the same time. ① Quarter by quarter: in Q2 of 21, the revenue was 472 million yuan, down 1.86% at the same time, affected by factors such as transformation cost investment and raw material price rise; In Q4 of the 21st year, affected by the advance of the Spring Festival holiday, the revenue increased to 654 million yuan, an increase of 24.65% at the same time. ② Sub channels: the company's direct business revenue exceeded 660 million yuan in 21 years, an increase of 4.59% at the same time; Distribution channels (including new retail and other channels) amounted to 1.48 billion yuan, an increase of 21.67% at the same time; The revenue of e-commerce channels was 140 million yuan, an increase of 27.08%. ③ Sub products: from the perspective of main products, the revenue of baked snacks in 21 years was 750 million yuan, an increase of 10.77% at the same time; Deep sea snacks (including fish, tofu, etc.) were 410 million yuan, an increase of 37.23% at the same time, accounting for an increase of 2.70 PCT; Leisure meat and fish products reached 300 million yuan, an increase of 22.51% at the same time.
Gross profit margin: the gross profit margin of the company in 2021 was 35.71%, with a decrease of 8.12%. Affected by the adjustment of accounting standards and the cost side, the gross profit margin remained stable after excluding the impact of accounting standards. By product, the gross profit margin of baked snacks (including potato chips) is 36.00%, with a decrease of 8.84%; The gross profit margin of deep-sea snacks (including fish, tofu, etc.) was 47.95%, with a decrease of 12.99%; The gross profit margin of leisure meat and fish products was 37.61%, with a decrease of 7.75%.
Expense side: affected by the new income standard, the expense rate of the company during 2021 is 30.70%, with a decrease of 1.19 PCT. ① The sales expense rate in the 21st year was 22.15%, with a decrease of 1.91 PCT, which was mainly due to the company's increasing market expansion and market investment, as well as the (pre tax) share based payment expense of 347601 million yuan. ② The management expense rate in the 21st year was 5.21%, with an increase of 0.31 PCT, which is the company's transformation and upgrading in human resources and share payment expenses (before tax) of 242272 million yuan. ③ The financial expense rate in the 21st year was 0.92%, with an increase of 0.62pct. ④ The R & D expense rate in 21 years was 2.42%, with a decrease of 0.21pct.
Profit side: the company's net profit of Q1-Q4 deduction from non parent company in 21 years was 68 million yuan, - 49 million yuan, 07 million yuan and 66 million yuan respectively, with a change of 67.64%, - 181.89%, - 82.75% and 40.68% respectively. In Q2, due to the investment of transformation costs, the impact of new retail channels such as community group purchase on traditional supermarket channels and other factors, the short-term performance has been affected. Since Q3, the company has optimized the structure of sales products, channels and regions, and deducted the non parent net profit.
Product side: focus on core categories and gradually enhance the strategic competitiveness of large single products. Over the past 21 years, the company has focused on five categories: deep-sea snacks, spicy brine, short-term baking, potato and dried fruit to improve the scale effect of products. canal
Channel end: the quantitative loading business continues to expand, and the traditional bulk Island delivery is more sinking. ① In terms of quantitative packaging, the company began to develop quantitative + circulation business in the second half of the year. It has made smooth progress in the past six months and is expected to continue to increase at a high rate in the follow-up. ② In terms of bulk, after controlling fees and streamlining SKUs to enhance scale advantages, some bulk businesses are still expected to achieve stable growth. In the follow-up, through more rational cost investment, the island floor efficiency in the store is expected to continue to improve.
Investment suggestion: the company has actively transformed in the second half of 21 years. We are optimistic about the company's continuous layout of channels and the continuous and large-scale issuance of revised equity incentive targets in 22 years. Taking into account the impact of the recent epidemic, we adjusted the company's net profit attributable to the parent company in 2022, 2023 and 2024 to 3.1/4.9/620 billion yuan respectively (the predicted net profit attributable to the parent company in the previous 22 / 23 years was 350 / 550 million yuan), and maintained the "buy" rating.
Risk tip: industry competition intensifies, the expansion of quantitative packaging is less than expected, and food safety problems
