\u3000\u3 China Vanke Co.Ltd(000002) 847 Yanker Shop Food Co.Ltd(002847) )
Yanker Shop Food Co.Ltd(002847) quarterly report of 2022: in the first quarter of 2022, the company achieved a revenue of 575 million yuan during the reporting period, a year-on-year increase of - 2.91%; The net profit attributable to the parent company was 61 million yuan, a year-on-year increase of - 25.15%; The net profit deducted from non parent company was 49 million yuan, a year-on-year increase of - 27.28%.
Under the influence of the Spring Festival and the epidemic, the revenue in the first quarter was basically flat. In the first quarter of 2022, the company achieved a revenue of 575 million yuan, a year-on-year increase of - 2.91%. In the first quarter, under the influence of the Spring Festival and the epidemic, the overall revenue scale remained basically the same as that in the same period last year, which verified the stability of the company's performance. It is expected that the whole year will continue to develop steadily with the laying of terminal stores and the expansion of emerging channels.
Short term profit margin is disturbed by the change of accounting standards. In the first quarter of 2022, the company realized a net profit attributable to the parent company of 61 million yuan, a year-on-year increase of - 25.15%. On the one hand, the pressure on the profit side comes from the general rise in the price of raw materials, squeezing the profit space, on the other hand, it is expected to be related to the decline in the proportion of direct channels with relatively high gross profit margin. Gross profit margin: in the first quarter, the company's gross profit margin was 38.59%, a year-on-year increase of -5.43pct, mainly due to the change of accounting standards and the adjustment of transportation expenses to the cost side. It is expected that after the retrospective adjustment, the gross profit margin will remain relatively stable. In addition, the rise in the price of bulk raw materials to varying degrees also has an impact on the gross profit margin. Period expense ratio: the period expense ratio of the company in the first quarter was 28.41%, with a year-on-year rate of -1.75pct, of which the sales / management / R & D / financial expense ratio was 20.06% / 5.71% / 2.18% / 0.47%, with a year-on-year rate of -1.91 / + 1.10 / - 0.70 / - 0.24pct respectively. The decline of sales expense rate is affected by the change of accounting standards. It is expected that after retrospective adjustment, the sales expense rate will increase slightly compared with the same period. In the stage of gradual improvement of market demand and expansion of quantitative packaging, the company's marketing is steadily in progress. Net interest rate: the net interest rate in the first quarter was 10.67%, year-on-year -3.50pct.
Focus on core products + Omni channel transformation to jointly drive the growth of the company. In terms of products, we will continue to adjust the product structure, focus on the potential core single products of various categories, and eliminate some slow growing single products. With the continuous volume of large single products, we are expected to gradually give play to the advantages of scale, and improve the profit space by adjusting the sales proportion of products with high gross profit. In terms of channels, the company continued to promote the laying of island in store and put in bulk business. The quantitative packaging business department has made efforts in 16 core provinces and cities to strengthen the distribution of quantitative packaging distribution channels, expand market share through investment promotion and improve the construction layout of distribution channels. Tiktok and fast hand should also be increased in the development of online emerging channels and the expansion of Kwai Chi channels under the offline chain.
Investment suggestion: it is estimated that the company's revenue from 2022 to 2024 will be RMB 2.720/3.285/3.893 billion, a year-on-year increase of + 19.2% / + 20.8% / + 18.5%; The net profit attributable to the parent company was 319 / 496 / 676 million yuan, a year-on-year increase of + 111.5% / + 55.5% / + 36.3%, equivalent to EPS of 2.46/3.83/5.22 yuan respectively, corresponding to PE of 27 / 17 / 13X. Considering that the company has established the core competitive advantage of offline supermarkets and expanded the high growth potential of performance brought by quantitative packaging, the "recommended" rating is maintained.
Risk tips: channel expansion is less than expected, epidemic impact is more than expected, food safety problems, etc.
