\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
Event: the company achieved a revenue of 5.116 billion yuan in 2021, with 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%; The net profit attributable to the parent company after non deduction was 718 million yuan, a year-on-year increase of – 19.98%. Among them, 2021q4 achieved 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%; The net profit attributable to the parent company after non deduction was 364 million yuan, a year-on-year increase of 49.50%. The company achieved revenue of 1.347 billion yuan in 2022q1, with a year-on-year increase of 6.63%%; The net profit attributable to the parent company was 158 million yuan, a year-on-year increase of – 9.46%; The net profit attributable to the parent company after non deduction was 155 million yuan, a year-on-year increase of – 8.59%.
The price increase drives the 2021q4 condiment sales to pick up, and the 2022q1 epidemic repeatedly affects the demand. The seasoning revenue of 2021q4 company was 1.324 billion yuan, with a year-on-year increase of 6.66%. The growth rate rebounded significantly compared with the first three quarters, mainly because the company’s price increase drove dealers to increase purchase efforts. In terms of products, 2021q4 soy sauce, chicken powder, edible oil and other condiments achieved revenue of 848 million yuan, 156 million yuan, 129 million yuan and 192 million yuan respectively, with a year-on-year increase of 8.29%, 2.18%, – 1.35% and 9.24% respectively. In terms of regions, the eastern, southern, central and western regions and northern regions of 2021q4 achieved revenue of 357, 559, 250 and 159 million yuan respectively, with a year-on-year increase of 35.54%, 6.32%, – 3.68% and – 17.88% respectively. In 2022q1, the company achieved a seasoning revenue of 1.216 billion yuan, a year-on-year increase of – 0.55%, mainly due to the repeated impact of the epidemic in South China, East China, northeast and other places on the company’s sales. In terms of products, in 2022q1, soy sauce, chicken powder, edible oil and others achieved revenue of 752 million yuan, 155 million yuan, 106 million yuan and 203 million yuan respectively, with a year-on-year increase of – 1.13%, 10.43%, – 21.79% and 9.00% respectively. In terms of regions, the eastern, southern, central and western regions and northern regions of 2022q1 achieved revenue of 276, 497, 258 and 185 million yuan respectively, with a year-on-year increase of – 7.93%, 3.70%, 8.55% and – 10.21% respectively. 2022q1 has a net increase of 46 to 1748 dealers.
The gross sales difference in 2021q4 is improved, and the profitability in 2022q1 is under pressure. Because the company adjusted the accounting standards in 2021q3 and adjusted the freight included in the sales expenses to the operating cost at one time, we considered the gross sales difference. 2021q4’s gross sales difference and management expense ratio were + 1.89 and – 3.65 PCT respectively year-on-year. The increase of gross sales difference was mainly due to the increase of income, dilution of fixed costs and sales expenses, and good control of management expenses. Overall, the net profit margin of 2021q4 company was 4.26 PCT year-on-year. 2022q1 company’s gross sales difference and management expense ratio were -3.33 and -0.82 PCT respectively year-on-year. The gross sales difference decreased significantly, mainly due to the year-on-year increase in the price of raw materials. Overall, the net profit margin of 2022q1 company was -2.26 PCT year-on-year.
Profit forecast: in 2021, the company will continue to adjust internally, accelerate the real estate stripping, and focus on the main seasoning industry. At the same time, the repurchase of shares for equity incentive is expected to further activate the operating power. In 2022, facing the repeated impact of the epidemic on the demand side and the continuous rise of raw material prices, the company actively responded and looked forward to marginal improvement. According to the company’s annual report and the first quarterly report, considering the rising cost in 2022, we adjusted the profit forecast. It is estimated that the company’s revenue from 2022 to 2024 will be 5.390 billion yuan, 5.785 billion yuan and 6.445 billion yuan respectively, the net profit attributable to the parent company will be 718 million yuan, 842 million yuan and 970 million yuan respectively (the original forecast value from 2022 to 2023 is 792 million yuan and 985 million yuan), and the EPS will be 0.90 yuan, 1.06 yuan and 1.22 yuan respectively, corresponding to 30 times, 26 times and 22 times of PE, maintaining the “buy” rating.
Risk warning events: food safety risks; The competition of medium and high-end soy sauce is intensified; Nationalization is less than expected; Coronavirus proliferation risk; Uncertainty risk of fixed increase project; Risk of failure or less progress of real estate stripping
