\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Event: the company released the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 575 million yuan, a year-on-year decrease of 2.91%, and a net profit attributable to the parent company of 61 million yuan, a year-on-year decrease of 25.15%.
Revenue side: in 2022q1, the company achieved a revenue of 575 million yuan, a year-on-year decrease of 2.91%. Q1-Q4 achieved operating revenue of 592 / 472 / 564 / 654 million yuan respectively in 21 years, with a year-on-year change of 27.45% / – 1.86% / 15.30% / 24.65% respectively.
Gross profit margin: the gross profit level improved significantly month on month. The gross profit margin of the company in 2022q1 was 38.59%, a year-on-year decrease of 5.43pct and a month on month increase of 13.07pct. The gross profit margin of Q1-Q4 of the company in 2021 was 44.02% / 36.11% / 38.47% / 25.52% respectively, with a year-on-year change of 3.59pct / – 6.99pct / – 5.37pct / – 22.01pct respectively.
Expense side: the expense rate of the company during 2022q1 was 28.41%, a year-on-year decrease of 1.75pct. Among them, ① the sales expense rate was 20.06%, a year-on-year decrease of 1.90pct; ② The management expense ratio was 5.71%, with a year-on-year increase of 1.10 PCT; ③ The financial expense ratio was 0.47%, with a year-on-year decrease of 0.24pct, mainly due to the decrease of the company’s bank borrowings compared with the same period last year and the receipt of loan discount interest, which offset the financial expenses in accordance with the requirements of the standards; ④ The R & D expense rate was 0.47%, a year-on-year decrease of 0.24pct. Profit side: in 2022q1, the net profit attributable to the parent company was 61 million yuan, a year-on-year decrease of 25.15%, and the net interest rate attributable to the parent company was 10.69%, a year-on-year decrease of 3.18 PCT. From Q1 to Q4 in 21 years, the net profit attributable to the parent company was RMB 82 / – 0.33/0.29/073 million respectively, with a year-on-year change of 43.41% / – 145.92% / – 51.03% / 37.90% respectively.
Focus on core categories, optimize product matrix, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) coordinate layout, and build a multi-level, wide coverage and efficient three-dimensional marketing network. On the product side, the company focuses on the core categories in the two product camps of “salty snacks” and “sweet snacks”, multi brand layout, continuously enriches the multi specification product matrix, and provides consumers with diversified and full scene product choices. On the channel side, the direct business supermarket has set a benchmark, the dealers have comprehensively expanded the channel sinking, and the emerging channels such as e-commerce and snack channels have made positive breakthroughs to create an omni channel matrix. A multi-level, wide coverage and efficient three-dimensional marketing network has been gradually formed. According to the company’s 2021 annual report, the company directly operates 2131 Ka stores of 49 large chain supermarkets. The company actively expanded e-commerce and new media channels. In 2021, the operating revenue of the company’s e-commerce channels was 1387901 million yuan, a year-on-year increase of 27.08%.
Investment suggestion: the company has actively transformed in the second half of 21 years. We are optimistic that the company’s continuous distribution of channels and large-scale products in 22 years are expected to improve its performance. Taking into account the impact of recent epidemic factors, we adjusted the company’s net profit attributable to the parent company in 2022 / 2023 to RMB 260 / 420 million respectively (the previous value was RMB 310 / 490 million), and the corresponding PE of the current stock price was 33x / 21x respectively, maintaining the “buy” rating.
Risk tips: repeated epidemic risk, less than expected recovery of offline passenger flow, less than expected expansion of channels, etc
