\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
Event: the company released the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 3.554 billion yuan, a year-on-year increase of 51.03%, and a net profit attributable to the parent company of 249 million yuan, a year-on-year increase of 30.39%.
Revenue side: the company achieved operating revenue of RMB 2.353 billion / 16.01/20.18/14.88/3.554 billion from Q1 of 21 to Q1 of 22, with a year-on-year increase of 81.74% / 49.93% / 53.08% / 18.04% / 51.03% respectively. The company's revenue maintained a steady growth trend in the first quarter of 22 years, mainly due to the continuous expansion of Huazhi fidelity chain brand effect, grasping the market demand during the Spring Festival, better coping with the epidemic situation, orderly marketing scheduling, the continuous improvement of the distribution capacity of chain stores and the continuous increase in the number of direct supply terminal outlets.
Gross profit margin: the company achieved a gross profit margin of 15.26% in the first quarter of 2022, with a year-on-year decrease of 5.36 PCT and a month on month decrease of 4.87 PCT, mainly due to the large demand for standard liquor with low profit during the Spring Festival.
Expense side: the expense rate of the company during the first quarter of 2022 was 6.57%, a year-on-year decrease of 3.01pct. Among them, ① the sales expense ratio was 5.28%, a year-on-year decrease of 2.67 PCT; ② The management expense ratio was 1.18%, with a year-on-year decrease of 0.24pct; ③ The financial expense rate was 0.11%, a year-on-year decrease of 0.1pct.
Profit side: the net profit attributable to the parent company from Q1 of 21 to Q1 of 22 was RMB 191 / 1.76 / 2.15 / 0.95 / 249 million respectively, with a year-on-year increase of 95.22% / 51.80% / 100.54% / 79.20% / 30.39% respectively. In 2022q1, the net profit margin attributable to the parent company was 7.00%, with a month on month increase of 0.65pct, mainly due to the continuous expansion of the company's fidelity chain brand effect, the further optimization of the company's internal management process, and the significant improvement of market response ability and operation efficiency.
Cash flow side: in the first quarter of 2022, the net cash flow from the company's operating activities was 150900 yuan, an increase of 100.03% year-on-year, mainly due to the increase in cash received from selling goods due to the increase in sales revenue; The net cash flow from investment activities was -7037700 yuan, a year-on-year decrease of 91.53%, mainly due to the increase in cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets; The net cash flow from financing activities was -10.788 million yuan, a year-on-year decrease of 111.81%, mainly due to the decrease in cash received from loans.
Continue to increase the proportion of fine wine and explore multi-channel three-dimensional marketing layout. On the product side, relying on the continuous and stable cooperative relationship with upstream liquor enterprises and liquor merchants, the company carried out the procurement of famous liquor and the development of high-quality liquor simultaneously, continued to strengthen the market promotion of high-quality liquor, and further achieved a profit breakthrough. On the channel side, steadily promote the national layout of chain stores and retail outlets, and steadily improve the quantity and quality. According to the company's 2021 annual report, the company has more than 30000 retail outlets and 273 new chain stores. At the same time, actively expand e-commerce and new media channels to improve brand recognition.
Investment suggestion: since 21 years, the performance has continued to exceed expectations, and the high growth under the "double hundred goals" can be expected. The company's standard is developing steadily, and the quality of the Baijiu is continuously increased, the market recognition has been continuously improved, and the customized products have been continuously pushed forward, helping the high-end brand of high-end liquor products to become high-end. At the same time, the channel model of Huazhi has been continuously verified, which has greatly improved the efficiency of jiuliutong industry. Therefore, we expect the net profit attributable to the parent company in 22-23 years to be RMB 9 / 1.1 billion respectively, and the corresponding PE of the current stock price is 17x / 14x respectively. It is recommended continuously!
Risk warning: the epidemic situation is repeated, the expansion of the company's channels is less than expected, and the company's operation risk
