\u3000\u3 China Vanke Co.Ltd(000002) 330 Shandong Delisi Food Co.Ltd(002330) )
The performance meets the express report and maintains the "overweight" rating
Shandong Delisi Food Co.Ltd(002330) 2021 revenue of 3.13 billion yuan, down 4.6% year on year; The net profit attributable to the parent company was 44 million yuan, a year-on-year increase of 50.3%. We maintain the profit forecast for 2022 and 2023, and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 81, 131 and 171 million yuan, EPS will be 13, 20 and 27 yuan, and the corresponding PE of the current stock price will be 71.9, 44.7 and 34.1 times Shandong Delisi Food Co.Ltd(002330) short term focus on the b-end and medium-term focus on the C-end consumers of the prefabricated vegetable industry. With the release of production capacity, they expanded from Shandong to the whole country and maintained the "overweight" rating.
The base market has grown steadily with the development of prefabricated vegetable business
Specifically: (1) by product: in 2021, due to the downward trend of pig price, the revenue of chilled meat and frozen meat decreased by 24.8% year-on-year; With the continuous development of b-end customers and the establishment of cooperative relations with Haidilao, Shengnong, Guoquan Shihui, Zhengxin chicken chops, the whole family and other customers, the prefabricated vegetable business grew rapidly, and the revenue of quick-frozen conditioning products and beef series products increased by 2.1% and 53.2% respectively year-on-year. (2) In terms of regions, the company's base market grew steadily, and the revenue of Shandong Province increased by 4.7% year-on-year in 2021 Shandong Delisi Food Co.Ltd(002330) steadily expanded outward from Shandong. The number of dealers in peripheral markets increased significantly in 2021. The number of dealers in East China, Northeast China, North China and other regions increased by 70.8%, 92.2%, 123.9% and 161.4% year-on-year. Looking forward to 2022, with the continuous strengthening of strategic cooperation with b-end customers and continuous efforts on the C-end line, it is expected that the prefabricated vegetable business can still maintain rapid growth under the omni-channel layout.
The increase in net profit margin was mainly due to the rise in gross profit margin
In 2021q4, the net profit attributable to the parent company increased by 0.4pct to 0.7%, mainly due to the increase of gross profit margin. The gross profit margin of 2021q4 increased 6pct to 9.9% year-on-year, mainly due to the decline in the cost of raw pork.
The production capacity has been released one after another and expanded outward from Shandong, which is still in the golden period of development
The 50000 ton prefabricated vegetable production capacity of the company's Shaanxi base is expected to be put into operation in 2022h2. In addition, in order to further improve the enthusiasm of employees, the company optimized the equity incentive plan and increased the net profit growth rate as one of the assessment objectives. The performance assessment objective is to take 2020 as the base year, and the revenue growth rate from 2021 to 2023 shall not be less than 30%, 60% and 100% respectively; Or taking 2020 as the base year, the net profit growth rate from 2022 to 2023 shall not be less than 50% and 80% respectively. In the future, with the release of production capacity, the further improvement of channels and the improvement of employees' enthusiasm, the company is still in the golden period of development.
Risk tips: production capacity is less than expected, market expansion is less than expected, raw material price fluctuation risk, etc.
