\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 132 Chongqing Brewery Co.Ltd(600132) )
Event: the company released its 2021 annual report. In 2021, the company achieved a total operating revenue of 13.12 billion yuan, a year-on-year increase of + 19.9%, and achieved a beer sales volume of 2.789 million kiloliters, a year-on-year increase of + 15.1%, corresponding to a beer sales ton price of 4601.4 yuan / kiloliter, a year-on-year increase of + 5.0%, a net profit attributable to the parent company of 1.17 billion yuan, a year-on-year increase of + 38.8%, deducting a net profit not attributable to the parent company of 1.14 billion yuan, a year-on-year increase of; In the single quarter of 2021q4, the company achieved a revenue of 1.93 billion yuan, a year-on-year increase of + 1.1%, and a net profit attributable to the parent company of 120 million yuan, up from – 7.086 million yuan in the same period last year. (pro forma caliber is used for performance growth)
High sales of high-end products lead to high-end, outstanding cost control and contribute to profits. In 2021, the company’s beer sales volume / selling price per ton / cost per ton were + 15.1% / + 5.0% / – 0.1% year-on-year respectively. If excluding the impact of changes in accounting standards (transportation expenses transferred from sales expenses to operating costs), the cost per ton of restored beer was – 1.1% year-on-year. In terms of products, the sales volume of high-end / mainstream / economic products was + 40.5% / 10.6% / 4.1% year-on-year respectively, the sales ton price was + 2.1% / 0.2% / 6.2% year-on-year to 7076.7/4056.5/3126.6 yuan / kiloliter respectively, the revenue proportion was 36.5% / 51.0% / 12.5% respectively, and the high-end revenue proportion was + 5.8pct year-on-year. The high sales volume of high-end products represented by Wusu, the upward upgrading of other products and the outstanding cost control ability contributed to the gross profit margin, The company’s overall gross profit margin / reduced gross profit margin increased from + 3.3/3.5pct to 50.9% / 54.2% year-on-year, and the high-end process has attracted much attention.
Operating efficiency continued to improve, deducting the high growth of non performance. In 2021, the company’s sales / restoration sales / management / financial expense ratio increased from – 1.3 / – 1.0 / – 2.3 / – 0.18pct to 16.9% / 20.1% / 3.9% / – 0.1% year-on-year respectively, of which the sales expense increased by + 11.5% year-on-year, while the advertising and marketing expenses increased by only 4% year-on-year under the condition of high revenue. The company’s expense delivery was accurate and effective; Administrative expenses decreased by 24.4% year-on-year, mainly due to the decrease of wages (- 13.1%) and office and intermediary service fees (- 51.0%); Financial expenses decreased from 6.22 million yuan in 2020 to – 15.88 million yuan due to the year-on-year decrease of 60.4% in interest expenses after repayment of loans, plus the decrease in handling fees and exchange losses; The superposition of government subsidy and long-term operating profit decreased to 22.5% year-on-year. In 2021, the company’s capacity utilization ratio increased from + 4pct to 80.1% year-on-year. As the income tax rate of the company’s subsidiary located in Xinjiang increased from 15% to 25% in 2020, the overall income tax rate increased from + 0.7pct to 18.4% year-on-year. Superimposed with the decrease of non current assets disposal income and medical insurance plan carry forward and other non current items income, the net interest rate attributable to / deducted from the parent company increased from + 1.2/2.8pct to 8.9% / 8.7% year-on-year.
Pay attention to the repeated impact of the epidemic in the short term, and pay attention to the development of ussu and product portfolio in the medium and long term. The short-term epidemic situation repeatedly affects the transportation and beer consumption scenarios. If it returns to normal before the peak season, it is expected to have little impact on the company’s development throughout the year; From the perspective of products in the medium and long term, Wusu is the current growth core of the company. The sales volume in the first three quarters was + 42% year-on-year. Although the revenue growth of Q4 company slowed down as a whole (year-on-year + 1.1%), it is expected to grow rapidly throughout the year. Wusu has achieved high growth in recent years with excellent product strength. From the perspective of medium and long term, we should pay attention to the driving effect of Wusu single products on other products of the company. At present, the company has built a “local + international” brand combination, including Lebao, Carlsberg 1664 and other brand products are quite attractive, and it is expected to form coordinated development in the future. Yangfan 22 strategy has entered the closing year, and Yangfan 27 will appear in the future. We are optimistic about the company’s “continued success”.
Profit forecast: slightly adjust the previous profit forecast and introduce it into 2024. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 14.6/19.3/2.33 billion yuan (originally 14.7/1.9 billion yuan), corresponding to 37 / 28 / 23 times of PE, maintaining the “buy” rating.
Risk warning: the epidemic situation repeatedly affects the mobile sales; The expansion of new products is less than expected; The dynamic sales in peak season are less than expected; Industry competition intensifies.
