\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
Event: the company released the main financial data of 2021 and the announcement of main business conditions in the first quarter of 2022. According to the announcement, the company achieved a total operating revenue of 19.971 billion yuan in 2021, a year-on-year increase of 42.75%; The net profit attributable to the parent company was 5.314 billion yuan, a year-on-year increase of 72.56%. According to the preliminary accounting of the company, the company is expected to achieve a total operating revenue of about 10.5 billion yuan in the first quarter of 2022, with a year-on-year increase of about 43%; The net profit attributable to the shareholders of the listed company is expected to be about 3.7 billion yuan, with a year-on-year increase of about 70%.
Comments:
The company ended successfully in 2021 and made a good start in 2022. According to the announcement, the company achieved a total operating revenue of 19.971 billion yuan in 2021, a year-on-year increase of 42.75%; The net profit attributable to the parent company was 5.314 billion yuan, with a year-on-year increase of 72.56%. It ended smoothly in 2021. In a single quarter, 2021q4 achieved a total operating revenue of 2.714 billion yuan, a year-on-year decrease of 24.92%; The net profit attributable to the parent company was 435 million yuan, a year-on-year decrease of 29.61%. Considering that the company actively controlled the delivery rhythm in the fourth quarter of 2021 and based on the high base in the fourth quarter of 2020, the growth rate of the company’s 2021q4 performance slowed down year-on-year. During the Spring Festival in 2022, dealers have a high enthusiasm for payment, and the channel inventory of the company’s core products is at a relatively low level. 2022 has a good start and a successful conclusion. In the first quarter of 2022, the company expects to achieve a total operating revenue of about 10.5 billion yuan, an increase of about 43% year-on-year; The net profit attributable to the shareholders of the listed company is expected to be about 3.7 billion yuan, with a year-on-year increase of about 70%.
Blue and white achieved rapid growth and the brand potential continued to rise. In the process of development, the company adheres to the product strategy of “grasping blue and white, strengthening waist and stabilizing glass Fen”, and implements blue and white glass Fen two wheel drive. Among them, the company’s blue and white series mainly enhance the brand influence. According to the announcement data released by the company, the medium and high-end products such as blue and white Fen Liquor series of 2022q1 company have achieved significant growth, the blue and white brand is likely to continue the upward trend, and the high-end process continues to advance. At present, the price of blue and white 20 is about 375 yuan, and the price of blue and white 30 revival version is about 830 yuan. In addition, the company’s Bofen products increased steadily after the favorable price, and the company’s product structure was further optimized.
It is planned to expand the production capacity of raw wine, and the high-quality development of the company can be expected. The company recently issued an announcement on investing in the original wine production and storage expansion project. It plans to invest 9.1 billion yuan to build and implement the original wine production and storage expansion project of Fenjiu 2030 technical transformation (phase I). The construction period is planned to be three years. After the completion of the project, the company is expected to increase the annual output of original wine by 51000 tons and the energy storage of original wine by 134400 tons. At the global distributor conference of Fenjiu in 2021, the new chairman pointed out that the next three years will be a major strategic development period of Fenjiu, and 2022 is very important. The company’s initiative to expand the production capacity of raw wine is in line with the company’s medium and long-term strategic development tone in the future, and the company’s high-quality development can be expected.
Maintain rating recommendation. It is estimated that the company’s EPS from 2021 to 2022 will be 4.36 yuan and 6.31 yuan respectively, and the corresponding PE will be 53 times and 36 times respectively. The company ended successfully in 2021 and made a successful start in 2022. As a leading liquor of Qingxiang Baijiu, the company will continue the keynote of “Fen speed”, increase brand influence and continuously optimize the product and channel structure. Under the catalysis of multi-party reform, the company’s performance is expected to have large elastic growth space in the future, and high-quality growth is expected to continue in 2022. Maintain the “recommended” rating of the company.
Risk warning. Product promotion is less than expected, market expansion is less than expected, industry competition intensifies, macroeconomic problems and food safety problems.
