\u3000\u3000 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) (300755)
The net profit attributable to the parent company in 2021 increased by 80.61% – 85.16% year-on-year
The company released the annual performance forecast for 2021: the net profit attributable to the parent company in 2021 was 673.9689 million yuan – 690.9689 million yuan, and the net profit attributable to the parent company in the same period in 2020 was 373.6181 million yuan, with a year-on-year increase of 80.61% – 85.16%. The company’s performance basically met our expectation of 704 million yuan of net profit attributable to the parent company in 2021. In a single quarter, the net profit attributable to the parent company of 4q2021 was 93 million yuan – 110 million yuan, with a year-on-year increase of 76.23% ~ 108.45%.
The company’s operating revenue in 2021 increased by 50.36% – 53.80% year-on-year
The company’s operating revenue in 2021 is between 7430 million yuan and 760 million yuan, an increase of 50.36% – 53.80% over the same period in 2020, which is in line with our expectation of 7.488 billion yuan in 2021. In a single quarter, the company’s 4q2021 operating revenue was between 1458121800 yuan and 1628121800 yuan, with a year-on-year increase of 15.66% ~ 29.14%.
The main reasons for the increase of the company’s performance compared with the same period in 2020 are: 1) Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) fidelity chain brand effect continues to expand, and the concepts of “buying real wine to Huazhi” and “buying famous wine to Huazhi” have been further recognized by channels and consumers; 2) The company’s 700 marketing strategy layout has been steadily promoted, the marketing team has been continuously expanded, and the comprehensive marketing ability has been continuously improved; 3) The number and quality of the company’s direct supply terminal stores and Huazhi chain stores have been steadily improved, the company’s service empowerment of stores has been continuously promoted, the distribution capacity has been significantly improved, and the sales revenue has increased significantly year-on-year; 4) The company’s global famous wine supply chain has been continuously expanded, and the sales of customized fine wine and famous wine have increased significantly, which has made a great contribution to the company’s sales and profits.
Hunan Huazhi digital marketing subsidiary was established to deepen the online business layout
On December 29, 2021, the company announced that in order to further promote the development of e-commerce business, Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) jointly invested with Mr. Wu Qirong, Mr. Hu Jinwen and Mr. He Zhongzhong to establish Hunan Huazhi Digital Marketing Service Co., Ltd., of which Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) accounts for 51% of the registered capital. Hunan Huazhi digital marketing company will mainly carry out short video Live broadcasting and related business are conducive to Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) further promoting Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated business layout, obtaining more customers through online channels and guiding offline stores.
Maintain profit forecast and “buy” rating
The company’s performance is basically in line with expectations. As the company has not yet disclosed the specific annual report data, we have maintained a forecast of 1.69/2.13/ 2021/ 2022/ for the company’s EPS 2022/ for 2.68 yuan. The company has benefited from the value preservation property of high-end Baijiu, and the business situation is relatively stable. The custom liquor category is constantly enriched, and the smooth development of the channel will further increase the company’s revenue and profits. Maintain the “buy” rating.
Risk tip: the cooperative relationship with upstream wine enterprises failed to be maintained, and the channel expansion did not meet expectations
