\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Q4 performance continued to improve month on month, and business transformation achieved initial results
The company released the annual report of 2021. In 2021, the operating revenue was 2.282 billion yuan (+ 16.47%), the net profit attributable to the parent company was 151 million yuan (- 37.65%), and the non net profit deducted was 91 million yuan (- 51.73%). Among them, 2021q4 achieved an operating revenue of 654 million yuan, a year-on-year increase of + 24.65% and a month on month increase of + 15.92%; The net profit attributable to the parent company was 73 million yuan, a year-on-year increase of + 37.90% and a month on month increase of + 156.21%. The effect of the company's active transformation showed that Q4 not only accelerated the year-on-year growth of revenue, but also significantly rebounded the net interest rate. The business transformation has achieved initial results. We maintain the company's net profit attributable to the parent company in 20222023 is expected to be 308 / 417 million yuan respectively, increase the net profit attributable to the parent company in 2024 is expected to be 607 million yuan, corresponding to EPS of 2.38/3.22/4.69 yuan respectively, and the current share price corresponding to PE of 20222024 is 25.8/19.1/13.1 times respectively, maintaining the "buy" rating.
The growth of core large items was bright, and the sinking of dealer channels was steadily promoted
On the product side, in 2021, the company's product categories will further focus on the combination of core large items such as deep-sea snacks, spicy brine snacks, leisure baking, potato chips and dried fruits. In 2021, a series of new products such as cod tofu, cod crab fillet and COD sausage were successively launched. Among them, deep-sea snacks, dried fruit and vegetarian food performed well. In 2021, the revenue increased by 37.2% / 37.0% / 42.5% year-on-year respectively. On the channel side, the revenue of direct sales, distribution and e-commerce was RMB 660 million / 14.8 million / 140 million respectively, with a year-on-year increase of 4.6% / 21.7% / 27.1% respectively, and the proportion of revenue was 28.9% / 65.0% / 6.1% respectively. The company further accelerated the sinking of channels. In 2021, the number of dealers increased significantly by 98.8% year-on-year to 1749. Looking forward to 2022, the company will continue to deepen channel cooperation and expand to the rural market, so that Yanjin snacks can be seen everywhere.
The coordinated development of bulk weighing and quantitative loading can ensure the expected performance growth under the omni-channel transformation
Looking forward to 2022, the company will continue to promote the business strategy of "collaborative development of bulk weighing products and quantitative loading products, and covering all channels with different product combinations". The number of new sales points of salty flavor business division is planned to double; The baking division plans to launch 10000 new counters and develop 35000 outlets; The quantitative packaging business department will focus on 16 core cities and cover 100000 terminals. The advantages of the company's whole industrial chain layout remain the same, and the effect of coping with the impact of channel flow changes through the way of Omni channel layout is remarkable. At present, the company's core business supermarket channels are further sinking, and the continuous development of quantitative packaging, distribution channels and e-commerce channels will promote the company to return to high growth.
Risk tip: channel expansion is lower than expected; The promotion of new products is lower than expected; The price of raw materials has risen sharply.
