\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 298 Angel Yeast Co.Ltd(600298) )
Events
21. The company achieved an operating revenue of 10.675 billion yuan, a year-on-year increase of 19.50%; The net profit attributable to the parent company was 1.31 billion yuan, a year-on-year decrease of 4.6%. 21q4 achieved a revenue of 3.08 billion yuan, a year-on-year increase of 22.9%; The net profit attributable to the parent company was 290 million yuan, a year-on-year decrease of 19.1%.
Key investment points
In the 21st year, the revenue growth was steady, further consolidating the competitive advantage
The revenue side of the company maintained steady growth in the past 21 years: (1) in terms of products, the revenue of yeast series / sugar making / packaging / dairy products / others in the past 21 years was 79.84/10.51/4.19/0.631089 billion yuan respectively, with a year-on-year increase of 15.1% / 68.4% / 25.6% / 35.0% / 15.6%; (2) In terms of regions, China’s revenue in the past 21 years was 7.78 billion yuan, with a year-on-year increase of 22.3% and a gross profit margin of 30.7%, a decrease of 5.5pct compared with the same period last year, mainly due to the rise in the cost of raw materials; The foreign business income was 2.82 billion yuan, with a year-on-year increase of 12.0% and a gross profit margin of 18.1%, a decrease of 10.6pct compared with the same period last year, mainly due to the increase in the cost of raw materials and sea freight.
The rising cost of raw materials and sea freight leads to pressure on the profit side
In 21 years, the net profit deducted from non parent company was 1.06 billion yuan (government subsidy was 280 million yuan, last year was 168 million yuan), a year-on-year decrease of 13.1%. The gross profit margin was 27.3%, down 6.7pct from the same period last year, mainly due to the rise in the prices of bulk commodity raw materials and molasses; The net interest rate was 12.4%, down 3.5pct from the same period last year. In terms of expense ratio, the sales / management expense ratio was 6.26/3.37% respectively, a decrease of 0.97/0.02pct compared with the same period last year.
The 22-year revenue plan is positive and the medium-term performance is flexible
In 22 years, the company’s revenue target was 12.617 billion yuan, with a corresponding growth rate of 18.18%, and the net profit was 1.372 billion yuan, with a corresponding growth rate of 4.85%. The pressure on short-term performance still exists, and the elasticity of medium-term performance can be expected: 1) the early expansion projects are gradually implemented, and the production capacity is gradually released; 2) In addition to special varieties such as high sugar yeast and high nucleic acid yeast, about half of the products can be produced by hydrolyzed sugar. After the company’s hydrolyzed sugar capacity is put into operation, it may lock in the upper cost limit: 3) Ye and other yeast derivatives have broad space, providing new driving force for the company’s growth.
Profit forecast and valuation
It is estimated that the company’s revenue from 2022 to 2024 will be RMB 12.66 billion, RMB 14.54 billion and RMB 16.5 billion respectively; The net profit attributable to the parent company was 1.508 billion yuan, 1.854 billion yuan and 2.265 billion yuan respectively; EPS is 1.73, 2.12 and 2.59 yuan / share; The corresponding PE is 22, 18 and 15 times respectively, maintaining the overweight rating. Risk tips: 1. Raw materials continue to rise; 2. Overseas business development is less than expected; 3. Exchange rate fluctuation
