\u3000\u3 China Vanke Co.Ltd(000002) 330 Shandong Delisi Food Co.Ltd(002330) )
Event: on April 20, the company released its annual report for 2021, with annual revenue of 3.13 billion yuan, a year-on-year increase of - 4.59%; The net profit attributable to the parent company was 44 million yuan, a year-on-year increase of + 50.30%. The basic EPS is 0.09 yuan. Q4 achieved a revenue of 369 million yuan, a year-on-year increase of - 47.15%; The net profit attributable to the parent company was 03 million yuan, a year-on-year increase of + 14.03%.
The prosperity of slaughtering business rebounded significantly, and the annual profit increased rapidly year-on-year. On the revenue side, affected by the downward trend of pig prices in 21 years, the company's slaughtering business revenue fell year-on-year, which dragged down the overall revenue growth; The revenue of beef series products and beef trade increased significantly year-on-year. On the profit side, although the income scale of slaughtering business was dragged down by the decline of pork price, the operating rate increased, and the gross profit margin recovered significantly, driving the significant year-on-year growth of overall profit. In terms of products, the revenue of chilled meat and frozen meat / low-temperature meat products / quick-frozen conditioning / beef series products in 21 years was 17.47/3.57/2.69/178 million yuan, a year-on-year increase of - 24.82% / - 5.56% / + 2.07% / + 53.22%; The revenue of beef trade was 392 million yuan, a new classification for 21 years. The income of chilled meat and frozen meat fell year-on-year due to the downward impact of pork prices; Beef series products have achieved high growth; Beef trade products began to contribute revenue.
The recovery of the outlook of the slaughtering industry led to the rise of the gross profit margin, and the cost rate during the period was stable year-on-year. The gross profit margin of the company in 21 years was 7.78%, year-on-year + 1.00ppt (21q4 was 9.90%, year-on-year + 5.99ppt). The gross profit margin of chilled meat and frozen meat / low-temperature meat products / quick-frozen conditioning / beef series products was 3.33% / 25.31% / 18.26% / 7.51%, with a year-on-year increase of + 2.57ppt / - 4.45ppt / - 1.92ppt / - 2.22ppt. Chilled meat and frozen meat benefited from the recovery of slaughtering business, and the gross profit margin rebounded significantly; The gross profit margin of beef trade is 4.22%, which is relatively high. The company's sales expense ratio in 21 years was 2.88%, with a year-on-year decrease of -0.44ppt (21q4 was 6.19%, with a year-on-year increase of + 4.20ppt), which was due to the year-on-year decrease in operating expenses caused by the over conversion of some small and medium-sized direct distributors to dealers. The management expense ratio was 1.89%, year-on-year + 0.22ppt (21q4 was 3.09%, year-on-year + 1.67ppt). The R & D expense rate was 0.27%, with a year-on-year increase of + 0.21ppt (21q4 was - 1.63%, with a year-on-year increase of -1.70ppt), which was due to the increase of R & D personnel and R & D investment. The financial expense rate was 0.48%, year-on-year + 0.07ppt (21q4 was 1.00%, year-on-year + 0.42ppt), which was due to the rise of interest expenses and negative exchange gains and losses.
Actively arrange beef and prefabricated vegetable business, and there is still room for expansion of slaughtering and meat products production capacity. In the 21st year, the company developed quick-frozen conditioning products, such as braised meat, Sixi balls, etc; Develop instant leisure products, such as pig head meat, roast chicken, etc; Develop beef series products, such as rattan pepper steak, Yuanqi beef soup, etc; Develop quick-frozen rice noodles products, such as wonton, dumplings, etc. In terms of production capacity, Shandong 100000 t / a meat products project has been put into operation; Shaanxi 2 million pigs / year slaughtering and meat products project is stepping up construction, and the company's Prefabricated vegetable production capacity is expected to be further improved in the future.
Investment suggestion: it is estimated that the company will achieve revenue of RMB 4.789/59.50/7.338 billion and net profit attributable to parent company of RMB 0.82/132182 million in 22-24 years, which is equivalent to EPS of RMB 0.13/0.21/0.29 respectively. At present, the corresponding share price of PE in 22-24 years is 75 / 47 / 34 times. The current valuation of the company is 18 times higher than the overall valuation level of the meat products sector in 22 years. The company is the leader of meat products. At present, it is making every effort to increase the investment in the field of prefabricated vegetables and beef products. In the future, the new production capacity will be gradually put in, and the overvalued value is expected to be digested through high growth. Maintain the "prudent recommendation" rating.
Risk tip: pork price fluctuation exceeds expectations, cost rise exceeds expectations, food safety problems, etc.
