\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
Event description
The company released the main financial data of 2021 and the main operation in the first quarter of 2022. In 2021, the company achieved a total operating revenue of 19.971 billion yuan, a year-on-year increase of 42.75%; The net profit attributable to the parent company was 5.313 billion yuan, a year-on-year increase of 72.56%. 22q1 is expected to achieve a total operating revenue of 10.5 billion, a year-on-year increase of 43%, and a net profit attributable to the parent company of 3.7 billion, a year-on-year increase of 70%.
Event comments
For the first time, it exceeded 10 billion in a single quarter, and Q1 revenue and profit exceeded expectations. According to the performance announcement, in 2021, the operating revenue reached 19.971 billion yuan, a year-on-year increase of 42.75%, and the net profit attributable to the parent company was 5.313 billion yuan, a year-on-year increase of 72.56%, close to the median value of the notice. In the first quarter of 2022, it is expected to achieve a total operating revenue of 10.5 billion yuan, with a year-on-year increase of about 43%, and a net profit attributable to the parent company of 3.7 billion yuan, with a year-on-year increase of about 70%. The revenue and profit exceed the market expectations, mainly due to the contribution of major increments from January to February and steady growth in March. In 2022, under the product strategy of “grasping blue and white, strengthening waist and stabilizing glass Fen”, more resources will be invested in blue and white series by reducing the quota of glass Fen. It is expected that the blue and white series will continue to grow at a high rate. Overall, low-end products are growing steadily, waist products are poised to grow, and high-end products are growing rapidly. The overall growth rate is still fast in 2022.
Expand the original wine production and energy storage to escort the medium and long-term development. At present, the company’s original liquor production capacity is about 100000 tons (including the main plant + leasing Zhongfen liquor industry). With the continuous optimization and adjustment of the company’s product structure, the demand for high-quality production capacity is increasing. According to the medium and long-term development strategy of Fen Liquor and the 14th five year plan, the company plans to invest 9.102 billion yuan to build 51000 tons of original liquor production capacity and 134400 tons of original liquor storage energy. After the completion of the project, the production and storage capacity of Fen Liquor will be effectively improved. This expansion is not only the pursuit of scale, but also the overweight of quality, the support of brand and the upgrading of competitiveness. The improvement of the production and storage capacity of the company will also directly contribute to the high-quality development of Fen Liquor.
Blue and white series will continue to make efforts and focus on four optimizations in the future. From January to March 2022, the blue and white series increased significantly. Blue and white is the inevitable choice for the future development of Fen Liquor and is expected to continue to develop. At the 2021 dealer conference, three indicators were defined to measure the development of Qinghua Fenjiu: Qinghua sales volume index, Qinghua 20 terminal index and Qinghua Fenjiu opinion leader guidance index. Each area was assessed and dealers were guided to focus on Qinghua. The next three years will be a major strategic development period of Fen Liquor. 2022 is very important. The company will focus on maximizing brand value, focusing on market structure optimization, product structure optimization, quality improvement and management improvement, so as to promote the high-quality development of Fen Liquor in an all-round way.
Investment advice
2022 will get off to a good start. In the medium and long term, the company has a clear goal of high-end products + national channels, and strong performance certainty. In the next two years, the operating revenue will be 30 billion yuan and 50 billion yuan in three to four years, with a compound annual growth rate of about 29%. Therefore, in the future, with the upgrading of product structure, prominent scale effect and optimization of management and operation level, the profit growth rate is higher than the income growth rate, and the net interest rate will continue to increase. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 5.318 billion, 7.462 billion and 10.088 billion, and the EPS will be 4.36 yuan, 6.12 yuan and 8.27 yuan respectively. Corresponding to the current stock price, PE will be 53 times, 38 times and 28 times respectively. Maintain the “buy” rating.
There are risks
The risk of epidemic exceeding expectations, the expansion outside the province does not meet expectations, and the macroeconomic risk
