\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
The company released the performance report for the first quarter of 2022. In 2022q1, the company achieved a revenue of 575 million yuan, a year-on-year increase of - 2.91%, and a net profit attributable to the parent company of 61.4 million yuan, a year-on-year increase of - 25.15%.
Comments:
The performance is basically in line with expectations. On a year-on-year basis, the slight decline of 22q1 performance is due to the high base of 21q1. Compared with 21 years, the new year in 22 years ranks among the top 10 days. At the end of the first quarter of this year, under the environment of stricter overall epidemic control, the company's Q1 performance basically met expectations. Q1 achieved a gross profit margin of 38.59%, with a year-on-year increase of -5.43pct, mainly due to the impact of logistics fees included in operating costs. The parent net interest rate is 10.68%, which fluctuates slightly month on month under the influence of the epidemic. It is expected that the trend of steady improvement month on month since 21q4 will not be changed. The expense rate is stable, including the sales expense rate of 20.06%, year-on-year -1.9pct, and the management expense rate of 5.71%, year-on-year + 1.1pct. The sales revenue is 628 million yuan, matching the revenue. The net cash flow from operating activities increased significantly year-on-year, and the performance of operating cash flow was more stable.
At present, the company has actively adjusted 21q3, significantly improved 21q4 month on month, slightly declined 22q1 financial indicators, and is expected to show a low performance before and high performance after the quarter of 22 years. From the performance of the past two quarters, the 21q3 adjustment has shown initial results. In the follow-up, at the category end, baking is expected to speed up in 22 years through the combination of baking Ning and bean dad. Deep sea snacks firmly grasp the east wind of industry development and are expected to continue to grow at a high rate. Quantitative loading of multiple specifications and items is expected to continue to contribute to the increment. At the channel end, the flexible launch of Zhongdao is expected to continue to promote the sinking of the channel. At present, the company also has a certain volume in snack chain channels such as busy snacks. In the future, it is expected to continue to contribute to the increment with the development of the terminal. E-commerce has achieved high growth in 21 years, the adjustment effect is initially reflected, and 22 years are still expected.
Profit forecast and investment rating: previously, the company's equity incentive lowered its performance target for 22-23 years. The target is pragmatic and is expected to be unlocked smoothly. We expect the earnings per share from 2022 to 2024 to be 2.45, 3.51 and 4.74 yuan respectively, maintaining the "buy" rating of the company.
Risk factors: the cultivation of quantitative packaging does not meet expectations; The competition of Zhongdao model intensifies; Food safety issues.
