\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
The company’s 1q2022 revenue increased by 51.03% year-on-year, and the net profit attributable to the parent company increased by 30.39% year-on-year
On April 19, the company announced the first quarterly report of 2022: 1q2022 achieved an operating revenue of 3.554 billion yuan, a year-on-year increase of 51.03%, a net profit attributable to the parent of 249 million yuan, equivalent to a fully diluted EPS of 0.60 yuan, a year-on-year increase of 30.39%, and a deduction of non attributable net profit of 244 million yuan, a year-on-year increase of 28.15%.
The company’s 1q2022 comprehensive gross profit margin decreased by 5.36 percentage points and the period expense rate decreased by 3.01 percentage points
The company’s gross profit margin decreased by 260215 percentage points year-on-year.
1q2022 company’s expense rate during the period was 6.57%, with a year-on-year decrease of 3.01 percentage points. Among them, the sales / management / financial expense rate was 5.28% / 1.18% / 0.11% respectively, with a year-on-year change of – 2.67 / – 0.24 / – 0.10 percentage points respectively.
Offline channels continue to expand and develop new customized wine products
In 2021, Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship stores were successively launched in Shanghai, Wuhan, Xiamen and other cities, effectively enhancing the brand influence. In 2022, the company will continue to promote the national network layout of retail outlets and chain stores. In terms of Ka channels, the company’s Ka store customers are mainly well-known large supermarkets such as metro, Bufeng lotus, Wal Mart and China Resources Vanguard, which are characterized by a wide range of stores, large distribution scale and stable market share. In terms of product research and development, in 2021, the company successively developed Xijiu cellar 1988 Liujin, jinjiugui, Lai Gaohuai and other products. In 2022, the company plans to launch upgraded hutoufen, gujinggong 1818 and other new products.
Constantly improve the warehousing and logistics system, and take multiple measures to ensure that the wine is genuine
In terms of warehousing and logistics, by the end of 2021, the company had 36 warehouses nationwide, covering 23 provinces and 3 municipalities directly under the central government. In terms of “fidelity”, the company takes the following measures: 1) the company insists on product source procurement, selecting qualified suppliers and safe handover with manufacturers, so as to ensure the control of product quality in the procurement link. 2) With the help of anti-counterfeiting technologies and management measures such as logistics code, anti-counterfeiting label system and anti-counterfeiting box label, the company has established a traceability system for liquor products in transportation and sales, which is convenient for query and counterfeiting inspection in circulation management. 3) The company sends special personnel to participate in the anti-counterfeiting team of the wine enterprise company, and cooperate with the strength of the manufacturer to maintain the market order.
Raise the profit forecast and maintain the “buy” rating
The company’s performance exceeded our expectations, indicating that the dynamic sales of the company’s customized wine exceeded our expectations. The company continued to develop new customized wine, which was conducive to improving the company’s revenue and profit. We raised our forecast of EPS for 2022 / 2023 / 2024 by 3% / 5% / 4% to 2.03/2.45/2.87 yuan. The company has maintained a good cooperative relationship with upstream liquor enterprises, continuously expanded offline channels and maintained the “buy” rating.
Risk tip: the cooperative relationship with upstream wine enterprises has not been maintained, and the channel expansion has not reached the expectation.
