\u3000\u3 Shengda Resources Co.Ltd(000603) 043 Guangzhou Restaurant Group Company Limited(603043) )
Key points
The performance was in line with expectations, and the net profit of revenue maintained a high growth rate: the revenue in 21 years was 3.89 billion, a year-on-year increase of 18.33%, and the net profit attributable to the parent was 558 million, a year-on-year increase of 20.28%. The EPS was 0.99 yuan / share, and the performance was in line with expectations. Among them, Q4 revenue was 874 million, with a year-on-year increase of 20.58%, and the net profit attributable to the parent was 114 million, with a year-on-year increase of 9.5%. The difference between the two was mainly due to the slight decline of gross profit margin due to the epidemic in some areas in the fourth quarter.
The overall gross profit margin in 21 years was 37.83%, with a year-on-year decrease of 1.5pct, mainly due to the increase in the proportion of quick freezing business with low gross profit. The inventory was 310 million, with a year-on-year increase of 46.23%, mainly due to the increase of goods preparation at the end of the Spring Festival ahead of the end of the year, and the increase of raw materials and goods in stock; In terms of three expenses, the sales expense rate was 9.33%, with a year-on-year increase of 0.11pct; The management fee rate was 9.74%, with a year-on-year decrease of 0.88pct; The financial expense ratio decreased by 0.1pct year-on-year, mainly due to the increase of interest income; The R & D expense ratio was 1.98%, with a year-on-year decrease of 0.36pct. In the fourth quarter alone, the company's overall gross profit margin was 36.38%, a year-on-year decrease of 1.16pct; In terms of expenses, the sales expense rate was 11.44%, with a year-on-year increase of 3.84 PCT; The management fee rate was 10.64%, down 4.42pct year-on-year; The financial expense ratio increased by 0.14 PCT year-on-year; The R & D expense rate was 2.4%, with a year-on-year decrease of 0.64pct.
All products maintained high growth, and opened stores against the trend, superimposed taotaoju and thickened the income of the catering industry: from the perspective of products, the revenue of moon cake series products in 21 years was 1.521 billion, a year-on-year increase of 10.38%; The revenue of quick-frozen food was 848 million, a year-on-year increase of 9.42%; The revenue of other products was 753 million, a year-on-year increase of 23.65%; The revenue of catering industry was 725 million yuan, with a year-on-year increase of 48.26%, mainly due to the low base affected by the epidemic in the same period of last year, and a total of 7 brand stores of " Guangzhou Restaurant Group Company Limited(603043) ," taotaoju "and" Xingyue city "were opened and reopened against the trend, completing the acquisition of Haiyue
There are 6 taojumen stores, resulting in a total of 13 new stores.
In the future, the quick-frozen production capacity will be further released, and the channel layout will be accelerated: 1) in 2021, Guangzhou and Maoming bases will further improve the production capacity through technological transformation. The moon cake production capacity of Guangzhou and Xiangtan bases will realize cross regional coordination and linkage, and the production capacity of Xiangtan base will be further improved. Meizhou phase I trial production will be carried out in the third quarter of 2021, and the subsequent gradual production will help the quick-frozen business to make further breakthroughs in production capacity; Xiangtan phase II will be put into operation in 2023 and is expected to add 38500 tons of capacity, supporting the accelerated growth of quick freezing business. 2) Strategically, the company insists on deepening and penetrating the market in Dawan district and promoting the development of supermarkets in central and East China. With the continuous promotion of tuozhang, the number of dealers increased by 168 in 2021. In terms of sales area, the number of dealers outside Guangdong Province increased by 112, the number of dealers inside the province increased by 58, and the expansion outside the province continued to accelerate.
Profit forecast, valuation and rating: considering the repeated impact of the epidemic, we lowered the net profit forecast for 22-23 years by 10% / 5% to 620 / 800 million respectively, increased the net profit forecast for 2024 to 950 million, and maintained the "overweight" rating.
Risk warning: food safety, rising raw materials and delayed production capacity.
