\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
Event: the company released the 21st Annual Report and the 22nd quarterly report, and achieved a revenue of 5.116 billion yuan in the 21st year, a year-on-year increase of – 0.15%; The net profit attributable to the parent company was 742 million yuan, a year-on-year increase of – 16.63%. Among them, Q4 achieved a revenue of 1.704 billion yuan, a year-on-year increase of 29.70%; The net profit attributable to the parent company was 375 million yuan, a year-on-year increase of + 68.93%. 22q1 company achieved a revenue of 1.347 billion yuan, a year-on-year increase of + 6.63%, and a net profit attributable to the parent company of 158 million yuan, a year-on-year increase of – 9.46%.
21q4 improved month on month, and 22q1 performance was under short-term pressure. The revenue of Q1-Q4 in 2021 was + 9.51% / – 24.85% / – 12.70% / + 29.70% year-on-year. In the second and third quarters, due to the impact of repeated epidemic, controlling goods and digesting inventory, impact of new channels and so on, the revenue continued to decline. The company’s Q4 revenue increased by 29.70% year-on-year and significantly improved month on month. We believe that the main reasons are as follows: 1) the channel inventory has returned to a benign state; 2) The impact of community group buying is weakened; 3) Spring festival goods preparation shall be carried out in advance; 4) The company confirms the sales revenue of commercial houses of the “East Bank of Qijiang” project. 22q1 company achieved an operating revenue of 1.347 billion yuan, with a year-on-year increase of 6.63%, and the growth rate decreased month on month. It is expected that the main reasons are: 1) repeated epidemic in March; 2) Spring Festival stock in advance; 3) The inventory of Q4 price increase channel was high in 21 years.
The company continues to promote nationalization and focus on the main business of condiments. In 2021, Meiweixian achieved a sales revenue of 4.618 billion yuan, a year-on-year decrease of 7.24%, of which Meiweixian Q4 achieved an operating revenue of 1.34 billion yuan, a year-on-year increase of 6.69%; 22q1 achieved an operating revenue of 1.23 billion yuan, a year-on-year decrease of 0.51%. By product, in 2021, the operating revenue of soy sauce / chicken essence, chicken powder / edible oil / other products was 28.27/5.46/490703 million yuan, a year-on-year increase of -9.48% / + 10.46% / – 18.74% / – 1.10%. 22q1, the operating income of soy sauce / chicken powder / edible oil / other products was 7.5 / 1.5 / 1.1 / 200 million yuan, a year-on-year increase of -1.13% / + 10.43% / – 21.79% / + 9%. In 2021, the company increased the intensive cultivation and national layout of channels, focused on subdividing channels and blank districts and counties in the main sales areas, and accelerated the sinking of channels and the development of blank districts and counties in non main sales areas. During the year, 281 to 1702 new dealers were added, with the cumulative coverage of prefecture level cities nationwide reaching 92.28% and the development rate of districts and counties reaching 59.97%, respectively increasing by 3.26pcts and 8.93pcts compared with the same period last year.
Under the pressure of cost, the company’s profit is under pressure in the short term. The company achieved a net interest rate of 15.33% in 21 years, a year-on-year decrease of 3.63 PCTs, and a net interest rate of 12.54% in 22q1, a year-on-year decrease of 2.26 PCTs. Affected by the rise in the prices of soybeans and auxiliary materials, the company’s gross profit margin decreased. In 21 years, the gross profit margin was 34.87%, a year-on-year decrease of 3.39 PCTs; 22q1 gross profit margin was 32.30%, down 3.2pcts year-on-year. From Q1 to Q4, the net profit attributable to the parent company changed by – 15.17% / – 57.86% / – 59.15% / + 68.93% year-on-year. Q4 improved significantly, mainly due to the thickening profit of commercial houses in the “East Bank of Qijiang” project; 22q1 net profit attributable to the parent company was 158 million yuan, a year-on-year decrease of 9.46%. Among them, Meiweixian achieved a net profit attributable to the parent company of 140 million yuan, a year-on-year decrease of 27.74%, mainly due to the rise in the unit price of condiment raw materials and the decline in gross profit from sales. The sales / management / R & D expense ratio of the company in 21 years was 8.06% / 4.97% / 3.33% respectively, with a year-on-year change of + 0.31 / – 0.51 / + 0.32pct; 22q1 sales / management / R & D expense rates were 8.79% / 5.04% / 2.92% respectively, with a year-on-year change of + 0.13 / – 0.82 / – 0.39pct, and the expense rate remained stable. Looking forward to 22 years, the company’s raw material cost is still under pressure. The company will hedge through the gradual transmission of 21q4 price increase, and support the steady growth of performance through the continuous optimization of internal efficiency.
In the short term, there is still pressure on demand and cost. In the long term, the company’s nationwide layout will be promoted, and the potential energy of reform may be released. It is expected that with the decline of raw material costs, profitability is expected to improve. In the short term, the epidemic affects the company’s logistics and terminal consumer demand. However, with the weakening of the impact of the epidemic, the recovery of the company’s channels, the completion of price increase and the improvement of cost-effectiveness ratio, we expect the company’s performance to usher in an inflection point. In the long run, the company will expand the national layout, constantly enrich the product matrix and open the catering market. In the future, with the continuous promotion of channel sinking and catering channels, the company is expected to maintain steady growth under the continuous promotion of capacity expansion. In addition, the company’s reform has been continuously promoted in recent years. Through the market-oriented incentive mechanism, it is expected to stimulate the motivation of sales and employees and support performance growth.
Profit forecast: adjusted the company’s profit forecast according to the first quarterly report, the company is expected to achieve a revenue of 5.97770948359 billion yuan in 22-24 years, with a year-on-year increase of 16.83% / 18.69% / 17.83% (22.79% / 18.68% before 22-23), a net profit of 833 / 1039 / 1304 million yuan, with a year-on-year increase of 12.31% / 24.67% / 25.55% (22-23 + 27.83% / 21.26%), and EPS of 1.05/1.30/1.64 yuan respectively, maintaining the “hold” rating of the company.
Risk warning: macroeconomic downside risk; Food safety risks; Covid-19 epidemic risk; Risk of rising costs; The risk of real estate stripping is less than expected
