\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Events
On the evening of April 22, 2022, the company released the first quarterly report of 2022: the revenue of 2022q1 was 575 million yuan, a decrease of 2.9% at the same time; The net profit attributable to the parent company was 61 million yuan, with a decrease of 25.2%; Deduct non net profit of 49 million yuan, with a decrease of 27.3%.
The performance is in line with expectations, and the change of accounting standards disturbs the gross profit margin
The company’s revenue in 2022q1 was 575 million yuan, with a decrease of 2.91%; The net profit attributable to the parent company was 61 million yuan, with a decrease of 25.15%; Deduct non net profit of 49 million yuan, with a decrease of 27.3%, and the performance is in line with expectations; The gross profit margin of 2022q1 is 38.59% (- 5.4cpt), which is caused by the change of accounting standards. After restoration, the gross profit margin is almost the same; In 2022q1, the net profit margin of the company is 10.67% (- 3.5pct) under the sales expense rate of 20.06% (- 2pct), management expense rate of 5.71% (+ 1.1pct), taxes and surcharges of 1.03% (+ 0.3pct); At the end of 2022q1, the contract liabilities were 78 million yuan, an increase of 15 million yuan month on month and 16 million yuan year on year.
In the second quarter, with the easing of the epidemic and the recovery of consumption, we believe that the company’s performance (superimposed with the base effect in the same period) improved month on month, better than that in the first quarter.
Double middle island strategy remains unchanged, focusing on building four brands
The company is committed to building a food safety and quality control system with “source control, independent production and product traceability” as the core to ensure food safety in the three links of procurement, production and sales. The company pays attention to the construction of marketing channels, and vigorously promotes the “double middle island strategy” of ” Yanker Shop Food Co.Ltd(002847) ” snack house and “bean dad” bakery “with” direct business surpassing the benchmark, dealers expanding in an all-round way, channels sinking, and active breakthroughs in emerging channels such as e-commerce and snack channels “. At present, there are four production bases in Liuyang, Hunan, Xiushui, Jiangxi, Pingxiang, Guangxi and Luohe, Henan. More than 95% of all leisure snacks sold by the company are produced by the company itself.
In 2022, the company focused on two points: 1) focusing on the five categories of deep-sea snacks, spicy brine, short-term guarantee baking, potato and dried fruit, and building four brands, namely the main brand of ” Yanker Shop Food Co.Ltd(002847) ” spicy brine Zero food, “the sub brand of” 31 ° fresh “medium and high-end deep-sea Zero food,” short-term guarantee leisure baking “and the sub brand of” potato chip “under the brand of” father bean “. 2) The new sales points of the salty flavor business division are planned to double, and the standardized display of sales points is comprehensively promoted; The baking division launched 10000 new counters and opened 35000 outlets; The quantitative packaging business department will focus on 16 core provinces and cities, shop market kick-off meeting + multi-point display, and cover 100000 terminals.
Profit forecast
We are optimistic about the company’s reform in products and channels, and are expected to complete the equity incentive target in 2022. We expect that the EPS from 2022 to 2024 will be 2.04/3.08/4.11 yuan, and the current share price corresponding to PE will be 32 / 22 / 16 times respectively, maintaining the “recommended” investment rating.
Risk tips
Macroeconomic downside risk, consumption dragged down by the epidemic, the promotion of new products is not as expected, the risk of rising raw materials, the reduction of business overload passenger flow, etc.
