\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
Event: Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) released the 2021 annual report and the first quarterly report of 2022. In 2021, the revenue was RMB 5.12 billion, a year-on-year increase of - 0.2%, the net profit attributable to the parent company was RMB 740 million, a year-on-year increase of - 16.6%, and the revenue of Q4 alone was RMB 1.7 billion, a year-on-year increase of + 29.7%, the net profit attributable to the parent company was RMB 380 million, a year-on-year increase of + 68.9%, which was mainly due to the increase of revenue and net profit confirmed by the real estate project of Q4 parent company. The revenue met the expectations of the previous performance express, and the performance was slightly lower than the expectations; In 2022q1, the revenue was 1.35 billion yuan, a year-on-year increase of + 6.6%, and the net profit attributable to the parent company was 160 million yuan, a year-on-year increase of - 9.5%.
With repeated epidemics and high base, the income performance of 2022q1 is stable. 1) The revenue / net profit of delicious food was + 6.6% / - 6.8% year-on-year in 2021q4 and - 0.5% / - 27.7% year-on-year in 2022q1. The high base superimposed on the epidemic situation in March repeatedly affected the delivery. The revenue of delicious food in Q1 decreased slightly year-on-year, and the performance was under pressure under cost pressure; By product, soy sauce / chicken powder / edible oil / other income + 8.3% / + 2.2% / - 1.3% / + 9.2% year-on-year in 2021q4 and - 1.1% / + 10.4% / - 21.8% / + 9.0% year-on-year in 2022q1; In terms of subregions, the Eastern / Southern / central and Western / Northern 2021q4 was + 35.5% / + 6.3% / - 3.7% / - 17.9% year-on-year, and 2022q1 was - 7.9% / + 3.7% / + 8.6% / - 10.2% year-on-year; 2) The channel sinking continued to advance. In 2021, the number of dealers increased by 281, the cumulative coverage rate of prefecture level cities nationwide reached 92.3%, and the development rate of districts and counties reached 60.0%. At the end of 2022q1, the number of dealers increased by 46 compared with the end of 2021.
High costs rise, dragging down profits in the short term. 2021q4 gross profit margin / gross sales difference 38.5% / 31.9%, year-on-year + 1.1pct / + 1.9pct, sales / management expense rate 6.6% / 2.2%, year-on-year -0.8pct / - 3.7pct, net profit margin 22.8%, year-on-year + 4.3pct; 2022q1 gross profit margin / gross sales difference is 32.3% / 23.5%, year-on-year - 3.2pct / - 3.3pct, sales / management expense ratio is 8.8% / 5.0%, year-on-year + 0.1pct / - 0.8pct, net profit margin is 12.5%, year-on-year - 2.3pct, dragged down by the cost pressure of raw materials such as soybeans, profit is under short-term pressure.
After the deregulation, the income is expected to be replenished, and the steady growth of the whole year can be expected. 1) 2022q2 Outlook: at present, the channel inventory in the place where the epidemic occurs is accelerated, and it is expected that the follow-up control will be liberalized and the income will be replenished. The performance side is subject to the cost pressure, and the growth rate is expected to be slower than the income side; 2) Outlook for 2022: in the stock competition of the industry, the company is expected to achieve steady growth through deep cultivation of channels and category expansion. At the same time, the company has completed the repurchase of 14.388 million shares in 2021 (with a capital of 600 million yuan), which will be used for the subsequent implementation of equity incentive. It is expected that the equity incentive will be implemented within the year to further stimulate the endogenous business vitality.
Investment advice. We adjusted the profit forecast for 20222023 according to the annual report and introduced the forecast for 2024. It is estimated that the operating revenue in 20222024 will be RMB 5.45/61.0/6.85 billion (the value before 20222023 is RMB 5.53/6.37 billion), with a year-on-year increase of + 6.5% / + 12.0% / + 12.2%, and the net profit attributable to the parent company will be RMB 740/86/10.1 billion (the value before 20222023 is RMB 710 / 820 million), with a year-on-year increase of + 0.3% / + 15.4% / + 17.9%, corresponding to pe29 / 25 / 21 times, maintaining the "buy" rating.
Risk tip: the industry demand is lower than expected, the cost is higher than expected, and the channel development is lower than expected.
