\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
Events
On the evening of April 19, 2022, the company released the first quarterly report of 2022: the revenue of 2022q1 was 3.554 billion yuan, an increase of 51.03% at the same time; The net profit attributable to the parent company was 249 million yuan, an increase of 30.39% at the same time; Deduct non net profit of 244 million yuan, an increase of 28.15% at the same time.
The performance was in line with expectations, and the famous wine pulled down the gross profit margin
The company's revenue in 2022q1 was 3.554 billion yuan, an increase of 51.03% at the same time; The net profit attributable to the parent company was 249 million yuan, an increase of 30.39% at the same time; Deduct non net profit of 244 million yuan, an increase of 28.15% at the same time. The revenue falls within the central upper limit range of the previous performance forecast, and the net profit falls within the central lower limit range of the previous performance forecast. The gross profit margin of 2022q1 is 26.68% (the same decrease of 6pct), which is caused by the higher proportion of famous wines and the lower gross profit margin; The net profit margin of 2022q1 is 10.45% (with 6pct decrease), which is caused by the decline of gross profit margin. At the end of 2022q1, the contract liabilities were 160 million yuan, a month on month decrease of 450 million yuan and a year-on-year increase of 28 million yuan. The accounts receivable in 2022q1 was 266 million yuan, an increase of 94% at the same time, which was caused by the increase in the amount of unsettled accounts receivable at the end of the period in large Ka stores such as metro, Wal Mart and China Resources Wanjia.
We believe that there are several reasons for the high performance in the first quarter: 1) the first quarter is the peak season of the Spring Festival, and the company's famous liquor such as maowu made a great contribution; 2) since March, the epidemic has affected the consumption of Baijiu, but the famous liquor and fine liquor have been in good market. 3) In the first quarter, the company received a tax return of 4.55 million yuan; 4) The internal management process was further optimized, and the market response ability and operation efficiency were significantly improved; 5) The number of direct control terminals continued to expand, and the distribution capacity of chain stores continued to improve; 6) Strengthen the promotion of fine wine.
At present, the stores in Shenzhen have been restored, and the stores in East China, especially in Shanghai, have not been restored. It is expected to recover around May Day.
Non standard customization continued to make efforts, and stores accelerated the nationwide layout
At present, the company has further improved its product structure, built a supply chain system through two pronged efforts, and carried out the procurement of famous wines and the development of fine wines simultaneously. The company has reached strategic cooperation with laigaohuai brand, and newly developed Xijiu · hoard 1988 [Liujin], golden wine ghost, Kweichow Moutai Co.Ltd(600519) wine (gold), Golden Lotus and other fine wines to form a "golden signboard" product matrix. By the end of 2021, the company had more than 30000 retail outlets and 273 new chain stores Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship stores have successively landed in Shanghai, Wuhan, Xiamen and other cities, effectively enhancing the brand influence. The company has 36 warehouses nationwide, covering 23 provinces and 3 municipalities directly under the central government.
Since 2021, the company has continued to promote the network layout of the national Huazhi famous wine warehouse, actively promoted the transformation of high-quality retail network customers into Huazhi famous wine warehouse by taking provinces and regions as units, and the number of stores and sales revenue of single stores have increased steadily. Since 2021, the company's "700 project" has completed the recruitment of more than 600 people, and the coverage of core areas has reached 100%.
Currently Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) stores have completed version 3.0 upgrade iteration. In addition, the e-commerce platform of "Huazhi preferred" was upgraded and renamed as " Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship store", and the wechat applet and app were updated simultaneously to improve brand recognition. Users can place orders through the " Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship store" wechat applet or app, and the company will distribute them to the warehouse through the system to realize product configuration, logistics distribution, etc.
Profit forecast
On the product side, at present, the company takes maowu as the drainage product, makes efforts to develop non-standard customized products, enriches the product matrix, and non-standard customized products have contributed to the profit side. On the channel side, at present, the company implements the development strategy of "small B and large c" channels, steadily expands about Shenzhen Jt Automation Equipment Co.Ltd(300400) stores every year, strengthens the concept of fidelity, and realizes customer transformation through stores and "Huazhi preferred" e-commerce platform. We expect that the EPS from 2022 to 2024 will be 2.49/3.40/4.38 yuan, and the current share price corresponding to PE will be 15 / 11 / 9 times respectively, maintaining the "recommended" investment rating.
Risk tips
Macroeconomic downside risk, consumption dragged down by the epidemic, fidelity risk, store opening less than expected, etc.
