\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 48 He Bei Cheng De Lolo Company Limited(000848) )
Event: the company released its annual report for 2021, and achieved an operating revenue of 2.524 billion yuan in 2021, with a year-on-year increase of 35.65%; The net profit attributable to shareholders of listed companies was 570 million yuan, a year-on-year increase of 31.77%; Among them, Q4 revenue was 670 million yuan, a year-on-year increase of 39.48%, and the net profit attributable to the parent company was 169 million yuan, a year-on-year increase of 28.15%.
The recovery of domestic demand and market penetration have developed step by step, and the performance has been significantly released. The growth of revenue in 2021 mainly comes from the recovery of market demand brought by the control of the epidemic and the company’s continuous development of blank market. By product, almond dew achieved a revenue of 2.472 billion yuan in 2021, a year-on-year increase of 33.84%, accounting for 97.95%; The revenue of nut walnut series was 49 million yuan, with a year-on-year growth rate of 300.78%. “Lulu” almond dew, as the company’s main product, has become the leading product in the market segment of plant protein beverage. In terms of sub channels, the sales revenue of distribution channels reached 2.473 billion yuan in 2021, with a year-on-year increase of 33.37%, which is the core sales mode of the company at present; The year-on-year growth rate of direct sales channels was 706.79%. We believe that the company’s goal is to continuously refine the market and bring excellent performance to the market.
Cost side optimization has good effect and reduces cost pressure. In 2021, the comprehensive gross profit margin was 46.79%, with a year-on-year decrease of 3.34pct, It is mainly due to the rising cost. In 2021, the cost of raw materials of the company’s products accounted for 87.58%, including almonds, cans and other packaging materials. From the cost side, the sales expense rate decreased by 0.10pct; The management expense ratio continued to optimize, down 1.23pct. From last year; The R & D investment was strengthened, and the R & D expense rate was increased by 0.16pct. The company makes every effort to reduce the impact of cost side and maintain the stability of net interest rate through fine management and channel expansion.
The adjustment of the management adds vitality, and the reform has gradually achieved results. Last March, the adjustment of the company’s management brought a series of development changes. On the product side, from the development of low sugar products and new flavor products to almond milk products with higher plant protein content, the company takes the core product “Lulu” as the axis, constantly enriches product categories and expands consumers, and penetrates into the southern market. Brand side, relying on the positioning of well-known brands, continuously improve the brand image through market promotion. Kwai tiktok is a subsidiary of the offline distribution channel, and the direct selling channel of local large stores. Meanwhile, it set up online operation departments, and cooperated with Tmall, Jingdong, many spreaders, jigsaw and fast hands to develop online channels. In addition, the company announced that it plans to use its own funds to repurchase some A shares in the form of centralized bidding transaction, demonstrating its growth confidence. It is expected that the total repurchase funds will be 200400 million yuan, the repurchase price will not be higher than 13.30 yuan / share, and the repurchase amount will account for 1.40% ~ 2.79% of the issued share capital. We believe that the company’s series of positive innovations have brought remarkable results, and we look forward to the further development of subsequent markets and the diversified development of product structure.
Investment suggestion: we expect the company’s earnings per share from 2022 to 2024 to be 0.61, 0.78 and 0.98 yuan respectively, and the six-month target price is 11.52 yuan, corresponding to the dynamic P / E ratio of 18x in 2022, maintaining the buy-b rating.
Risk tip: cost impact; The market went south and the effect of new products was not as expected; The industry is highly competitive.
