\u3000\u3 China Vanke Co.Ltd(000002) 557 Chacha Food Company Limited(002557) )
Event: the company issued the 2021 annual report. In 2021, the operating revenue reached 5.985 billion yuan, a year-on-year increase of 13.15%; The net profit attributable to the parent company was 929 million yuan, a year-on-year increase of 15.35%. Among them, 2021q4 achieved an operating revenue of 2.103 billion yuan, a year-on-year increase of 28.33%; The net profit attributable to the parent company was 334 million yuan, a year-on-year increase of 21.46%.
Revenue side: the company achieved an operating revenue of 5.985 billion yuan, a year-on-year increase of 13.15%. ① Quarter by quarter, Q1-Q4 achieved operating revenue of RMB 1.379/10.02/15.02/2.103 billion respectively in 2021, with a year-on-year change of 20.22% / - 12.70% / 10.71% / 28.33% respectively. ② In terms of products, sunflower seeds / nuts / other businesses achieved an operating revenue of RMB 39.43/13.66/675 million respectively, with a year-on-year increase of 5.86% / 43.82% / 9.94% respectively, accounting for 65.89% / 22.83% / 11.28% of the operating revenue respectively.
Gross profit margin: the company's gross profit margin in 2021 was 31.95%, with a year-on-year increase of 0.06pct. Among them, the gross profit margin of sunflower seeds was 34.13%, with a year-on-year increase of 0.78pct; The gross profit margin of nuts was 29.26%, with a year-on-year increase of 0.97pct.
Expense side: the expense rate of the company during 2021 was 14.78%, with a year-on-year increase of 0.21pct. Among them, ① the sales expense ratio was 10.10%, with a year-on-year increase of 0.33pct; ② The management expense ratio was 4.44%, with a year-on-year decrease of 0.15pct; ③ The R & D expense rate was 0.754%, with a year-on-year increase of 0.07pct, mainly due to the expansion of the R & D team due to the company's development and research of new product items; ④ The financial expense ratio was -0.51%, a year-on-year decrease of 0.03pct.
Profit side: in 2021, the company realized a net profit attributable to the parent company of 929 million yuan, with a year-on-year increase of 15.35%, mainly due to the continuous growth of sales of key categories, and realized a net profit attributable to the parent company of 15.52%, with a year-on-year increase of 0.29pct. Quarterly, the net profit rates of Q1-Q4 in 2021 were 14.33% / 13.06% / 17.78% / 15.90%, with a year-on-year change of 1.35% / 0.19% / 0.48% / - 0.90% respectively. Product side: the company focuses on the business of melon seeds and nuts, and the key categories have achieved growth. ① Melon seeds: the flavor of blue bag series products continues to break through, the product matrix continues to enrich, and the sales volume continues to grow. Among them, rattan pepper melon seeds and sea salt melon seeds continued to be focused and promoted in some markets. The trial sales of the newly launched tangerine peel melon seeds were well reflected, and the sales of the high-end melon seed product "kuizhen" achieved rapid growth. ② Nuts: the annual sales of nuts in small yellow bags are nearly 1 billion yuan, and the annual sales of probiotic products in small blue bags are more than 100 million yuan. Daily nut oatmeal has achieved annual sales of more than 100 million yuan by continuously expanding new flavors.
The nut gift box enriches the matrix of nut products, and the sales volume increases rapidly during the Spring Festival.
Channel side: the number of outlets under the channel intensive cultivation strategy is nearly 120000, new channels continue to expand Wuxi Online Offline Communication Information Technology Co.Ltd(300959) coordinated development, and overseas markets continue to develop. ① Through digital channel management, the company empowers dealers and partners to tap market potential, gradually improve efficiency and accurately complete market layout; 2. TO-B group purchase, catering, nutrition and other new channels to break through tiktok, interact with young people frequently, and achieve Wuxi Online Offline Communication Information Technology Co.Ltd(300959) marketing synergy through new channels like jitter, live broadcast and other channels. ③ Overseas sales increased throughout the year, the markets of Thailand, Indonesia and Vietnam continued to be intensively cultivated, the channels of Japan and South Korea broke through, and new channels and blank markets such as the Middle East and Russia were developed.
Investment suggestion: we are optimistic about the second curve of the company's nut products. With the continuous optimization of the company's core melon seed category structure and the continuous improvement of the nut category matrix, we expect the revenue and profit to maintain a steady increase. It is estimated that the company will realize a net profit of 1.13 billion yuan from 2022 to 2023, and the corresponding PE is 26x / 23x respectively, which is continuously recommended.
Risk tips: raw material price fluctuations, shop opening progress is less than expected, operation is less than expected, macroeconomic risks, etc
