\u3000\u3 Shengda Resources Co.Ltd(000603) 369 Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) )
Core conclusion
Event: in 2021, the company realized an operating revenue of 6.406 billion yuan, a year-on-year increase of + 25.12%; The net profit attributable to the parent company was RMB 2.029 billion, a year-on-year increase of + 29.50%; The net profit deducted from non parent company was 2.033 billion yuan, a year-on-year increase of + 30.50%. Among them, 2021q4 company realized an operating revenue of 1.073 billion yuan, a year-on-year increase of + 15.84%; The net profit attributable to the parent company was 330 million yuan, a year-on-year increase of + 30.39%; The net profit deducted from non parent company was 331 million yuan, with a year-on-year increase of + 29.45%. The income met expectations and the performance exceeded expectations.
The old open series continued to increase in large quantities, the breakthrough high growth of V series, the proportion of special a + class accelerated, and the high potential energy in the province remained unchanged. In terms of products, the special a + class achieved a revenue of 4.165 billion yuan, a year-on-year increase of + 35.71%, and the proportion increased 5pcts to 65.4%. The four opening restored high growth and the V-series opened potential energy. In terms of subregions, the revenue inside / outside the province reached 5.933 billion yuan and 447 million yuan respectively, with a year-on-year increase of + 24.43% / 36.05%. The potential energy of Huaihai continued, the growth rate of central and southern Jiangsu increased, and the proportion of revenue outside the province increased by 0.56pct to 7.01%. In the whole year, there was a net increase of 103 dealers, channels in the province stabilized, a net increase of 15 optimized, and a net increase of 88 accelerated layout outside the province.
Gross profit increased and expenses decreased, and profitability was further enhanced. The gross profit margin of the company in 2021 was 74.61%, with a year-on-year increase of + 3.49pcts, mainly driven by the replacement and price increase of the new fourth opening and the recovery of high growth of special class A and above. In terms of expense rate, the company's sales expense rate in 2021 was 15.10%, with a year-on-year rate of -1.99pcts, an administrative expense rate of 4.91%, and a year-on-year rate of -0.41pct. The old opening system became mature, the cost was reduced and the price was high, and the company's management efficiency was optimized, which promoted the expense rate to drop by 3.01pcts to 18.59%. Superimposed on the impact of investment income and other profits and losses, the company's net interest rate increased by 1.07pcts to 31.68%, and its profitability continued to improve.
Deepen the four major campaigns and strive for "good in good and fast in development". The new chairman is familiar with the smooth connection of business, and is expected to sprint to 10 billion in 2023. The price band of 450 yuan on the new station of Xinsi Kaihuan, tamping the basic sector of the old opening system; Establish and improve the V99 alliance and seek the prosperity of V-series with high-quality group buyers; D20 / d30 force Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) brand sub high-end wedding banquet scene; Allocate market backbones in the province, explore outside the province and promote development. Chairman Zhou retired at the age of. The new chairman, general manager Gu, has been in the company for many years and is familiar with the smooth connection of business. He will accelerate the market refinement in 2022. We believe that the high-end and nationalization of the company is expected to speed up and maintain the "buy" rating.
Risk tip: the high-end is less than expected, the expansion outside the province is less than expected, and the competition in the province is intensified
