\u3000\u3 Shengda Resources Co.Ltd(000603) 369 Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) )
The company issued the 2021 annual report, which achieved high-quality growth. In 2021, the company achieved an operating revenue of 6.408 billion yuan, an increase of 25.1% and a net profit attributable to the parent company of 2.029 billion yuan, an increase of 29.5% and a gross profit margin of 74.61%, an increase of 3.49pct. The improvement of product structure led to a significant increase in gross profit margin; The sales / management expense ratio was 15.10% / 4.50% respectively, with a decrease of 1.99/0.41pct respectively, and the scale effect led to the decline of the expense ratio during the period; Excluding the impact of investment income and net income from changes in fair value, the company achieved an operating profit of 2.493 billion yuan in 2021, an increase of 51.3% at the same time, and the operating profit achieved rapid growth; The balance of contract liabilities at the end of 2021 was 2.067 billion yuan, an increase of 1.206 billion yuan from the end of the third quarter, an increase of 971 million yuan from the end of 2020, and the performance was "sufficient reservoir".
The product structure continued to improve, and the expansion outside the province was steadily promoted. In terms of product structure, in 2021, the revenue of special a + products increased by 35.7%, accounting for 65.3%, with a year-on-year increase of about 5.1pct. The product structure continued to improve. We expect that the company will continue the trend of structural upgrading in 2022, and the V series and Sikai above the secondary high-end products are expected to maintain rapid growth; In terms of regional expansion, the company's revenue in Jiangsu Province increased by 24.4% in 2021, of which the strategic markets in southern Jiangsu and central Jiangsu maintained good growth, and the revenue increased by 32.9% / 32.5% respectively. The north of the province is sinking and the penetration rate in the south is expected to continue to increase; In 2021, the income outside the province increased by 36% at the same time, accounting for 7.0% and 0.6pct at the same time; In terms of the number of dealers, the company's dealers increased by 103 in 2021, including 88 outside the province, continuing the expansion outside the province. It is expected that the company will still take Southern Jiangsu and central Jiangsu as the main incremental markets in the province in 2022, and will maintain steady growth outside the province.
In 2022, the "four campaigns" will be deepened around the policy of 13455. According to the disclosure of Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) 2022 development conference, the company has made it clear that the marketing policy of 13445 in 2022: 1 refers to focusing on quality and concentrating on new leaps. 3 refers to the three modernizations strategy, highlighting differentiation, building core competitiveness, striving for high-end, seizing new competitive tracks, speeding up full flower, and fighting a breakthrough war outside the province. 4 refers to industry confidence, brand confidence, quality confidence and development confidence. 4 refers to deepening the "four battles": 1) unswervingly, strive to improve the potential energy of V9 brand, promote supremacy, sell business, and have V9 first and then V series; 2) Improve quality and expand coverage, continue to strengthen the basic market of opening system, enlarge the popularity of brand reputation, improve the control and profit sharing system, and continue to promote regional intensive cultivation; 3) Highlight the characteristics and strengthen the effectiveness of Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) brand activation; 4) Take multiple measures at the same time to accelerate the market breakthrough of sectors outside the province, coordinate the layout of dual brands, build diversified sectors, and cultivate innovative new consumption. 5 refers to strengthening the five guarantees, upgrading the marketing organization (strengthening V9 business unit, establishing Guoyuan Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) business unit and Gaogou sales company), increasing market investment, deepening process reform, implementing the business excellence plan and improving the incentive mechanism. We believe that the 13455 marketing policy will help the company strengthen the "brand + channel" two wheel drive strategy and achieve high-quality development.
Investment suggestion: the company achieved high-quality growth in its financial statements in 2021 and steadily improved its product structure. It is expected that the product structure will continue to improve in 2022 and the regional expansion in the province will advance steadily. It is expected that the company's revenue from 2022 to 2024 will be 8 / 99 / 11.7 billion yuan respectively, the net profit attributable to the parent company will be 25.4 / 32.7 / 40.7 yuan respectively, and the corresponding P / E of the current stock price will be 22 / 17 / 14x respectively, maintaining the "recommended" rating.
Risk tips: 1) economic fluctuations exceed expectations, affect high-end demand and squeeze V-series and other growth space; 2) The intensified competition in the province has caused the dynamic sales of leading products to be less than expected and the price is unbalanced; 3) The impact of the epidemic exceeded expectations.
