\u3000\u3 China Vanke Co.Ltd(000002) 216 Sanquan Food Co.Ltd(002216) )
Events
On the evening of April 18, 2022, the company released its annual report for 2021: the revenue in 2021 was 6.943 billion yuan, an increase of 0.25% at the same time; The net profit attributable to the parent company was 641 million yuan, with a decrease of 16.55%; Deduct the non net profit of 551 million yuan, with a decrease of 3.44%.
In the fourth quarter, the performance accelerated month on month, and the gross profit margin increased significantly year-on-year
The company’s revenue in 2021 was 6.943 billion yuan (+ 0.25%), and the net profit attributable to the parent company was 641 million yuan (- 16.55%), with a deduction of 551 million yuan (- 3.44%); In 2021q4, the revenue was 1.864 billion yuan (+ 8.24%), the net profit attributable to the parent company was 255 million yuan (+ 29.37%), and the deduction was 241 million yuan (+ 39.02%). The accelerated performance in the fourth quarter was due to the company’s continuous stock products and channel structure adjustment, product innovation, efficiency tapping and other measures.
The gross profit margin in 2021 was 27.17% (decreased by 2.7pct at the same time), of which 2021q4 was 30.02% (increased by 20.91pct at the same time), which was caused by price increase and product structure optimization in the fourth quarter; The net interest rate in 2021 was 9.22% (with a decrease of 1.9pct), of which 2021q4 was 13.69% (with an increase of 2.2pct). In 2021, the sales cost was 900 million yuan, a decrease of 10% at the same time, which was caused by the optimization of the company’s traditional channel structure and the growth of emerging channels. In 2021, the net cash flow from operating activities was 963 million yuan (with a decrease of 24%), mainly due to the following reasons: 1) income side: in 2020h1, affected by the epidemic, the sales return was significantly higher than that in previous periods; 2) Expenditure side: the price of pork increased in 2019, and the company paid for a large amount of meat in advance, resulting in a decrease in loan expenditure in 2020h1.
The proportion of catering continued to increase, and the prices of quick-frozen and prepared foods rose at the same time
By industry, in 2021, the revenue of retail and innovation market was 5.772 billion yuan (with a decrease of 4%), accounting for 83.13% (with a decrease of 3.3pct), the net profit was 508 million yuan (with an increase of 1%), and the gross profit margin was 28.04% (with a decrease of 3PCT). The revenue of catering market was 1.171 billion yuan (with an increase of 25%), accounting for 16.87% (with an increase of 3PCT), the net profit was 727 million yuan (with an increase of 10%), and the gross profit margin was 21.63% (with a decrease of 1.5pct).
By product, in 2021, the revenue of quick-frozen flour and rice products was 6.032 billion yuan (with a decrease of 3%), accounting for 86.87% (with a decrease of 3PCT), and the gross profit margin was 29.16% (with a decrease of 2pct). The revenue of quick-frozen and prepared food was 746 million yuan (with an increase of 42%), accounting for 10.74% (with an increase of 2.4pct), and the gross profit margin was 11.93% (with a decrease of 7pct). The revenue of refrigeration and short-term insurance was 123 million yuan (with an increase of 40%), accounting for 1.77% (with an increase of 0.5pct), and the gross profit margin was 10.13% (with a decrease of 2pct). The revenue from other businesses was 42 million yuan (increased by 33% at the same time), accounting for 0.62% (increased by 0.2pct at the same time), and the gross profit margin was% (+ 30pct).
Detailed disassembly of quick-frozen noodles and rice products: in 2021, the revenue of Tangyuan, dumplings and zongzi was 4.213 billion yuan (with a decrease of 8%), accounting for 69.85% (with a decrease of 5.3pct), and the gross profit margin was 31.21% (with a decrease of 1PCT). The revenue of dim sum and pastry was 1.819 billion yuan (with an increase of 10%), accounting for 30.15% (with an increase of 5.3pct), and the gross profit margin was 24.41% (with a decrease of 3.7pct).
Split the volume and price. In 2021, the main business revenue was 6.943 billion yuan (with an increase of 0.3%), the total sales volume was 657800 tons (with a decrease of 0.4%), and the corresponding ton price was 10600 yuan / ton (with an increase of 5%); The sales volume of quick-frozen noodles and rice products is 591700 tons (with a decrease of 1.7%), and the corresponding ton price is 10100 yuan / ton (with a decrease of 1.5%); The sales volume of quick-frozen prepared food was 54500 tons (with an increase of 12.5%), and the corresponding ton price was 13700 yuan / ton (with an increase of 12%). The sales volume of refrigeration and short-term insurance was 0.72 (with an increase of 32%), and the corresponding ton price was 17000 yuan / ton (with an increase of 6.5%). At present, the company has established production bases in Zhengzhou, Foshan, Chengdu, Tianjin, Suzhou, Wuhan and other places, with production capacity covering major cities in China, and the production capacity under construction is 235000 tons.
In terms of sub regions, the revenue of the eastern region in 2021 was 1.595 billion yuan (with a decrease of 1%), accounting for 22.97% (with a decrease of 0.2pct). The revenue of the Southern District was 1.353 billion yuan (4% less), accounting for 19.49% (1 PCT less). The revenue of the western region was 1.415 billion yuan (with a decrease of 6%), accounting for 20.38% (with a decrease of 1.4pct). The revenue of North District was 2.580 billion yuan (with an increase of 7%), accounting for 37.16% (with an increase of 2.5pct).
By channel, the distribution revenue in 2021 was 5.124 billion yuan (with an increase of 5%), accounting for 73.80% (with an increase of 3PCT). The direct operating revenue was 1.617 billion yuan (with a decrease of 16%), accounting for 23.29% (with a decrease of 4pct). The revenue of direct e-commerce was 159 million yuan (with an increase of 76%), accounting for 2.29% (with an increase of 1PCT). Other business revenue was 42 million yuan (with an increase of 33%), accounting for 0.61% (with an increase of 0.2pct).
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) Qifa power, product channel, two wheel drive
At present, the offline company has built a sales channel layout covering all provinces, cities and counties in China. By the end of 2021, the company had 5638 dealers, with a net increase of 16. On the online side, the company has established good cooperative relations with Jingdong and other head e-commerce platforms, dingdong and other fresh e-commerce, Xingsheng optimization and other community e-commerce, as well as Jingdong home and other store home platforms, and will continue to increase online business investment. In 2021, we will focus on retail terminals, actively explore the channels of farmers’ market, and launch high-cost and high-quality product series. Among them, Sanquan fresh food “raw” series products will be introduced into large-scale supermarket system. In 2022, the company will focus on the development of new categories and the layout of new channels, and the layout results of new products and new channels will gradually appear.
In terms of product innovation, the breakfast scene launched thin skinned steamed buns, Hangzhou small steamed buns, etc; The new category introduces crispy pancakes, Shaxian style steamed dumplings and festival dumplings (retail end: “Fu” series printed dumplings; catering end: Xiaoyuanzi Series); In terms of rinsing and baking scenes, provide customized products for supermarkets and maintain high growth; In terms of fresh food business, in-depth cooperation with strategic partners to strengthen R & D and innovation capabilities.
Profit forecast
We are optimistic about the continuous promotion of the company’s internal mechanism reform, the deep cultivation of the quick-frozen rice noodle market and the entry into the field of prefabricated dishes through the catering market. It is estimated that the EPS from 2022 to 2024 will be 0.74/0.89/1.06 yuan, and the current share price corresponding to PE will be 23 / 19 / 16 times respectively. It will be covered for the first time and given a “recommended” investment rating.
Risk tips
Macroeconomic downside risks, the epidemic drag on consumption, the promotion of new products is less than expected, the equity incentive target is less than expected, and the promotion of the catering market is less than expected.
