\u3000\u3 Shengda Resources Co.Ltd(000603) 156 Hebei Yangyuan Zhihui Beverage Co.Ltd(603156) )
Event: the company released its annual report, and achieved an operating revenue of 6.906 billion yuan in 2021, with a year-on-year increase of 55.99%; The net profit attributable to the parent company was 2.111 billion yuan, a year-on-year increase of 33.77%; In the first quarter of 2022, the company realized an operating revenue of 2.048 billion yuan, a year-on-year decrease of 8.42%; The net profit attributable to the parent company was 524 million yuan, a year-on-year decrease of 29.10%.
The annual net profit of non deduction increased sharply, and the epidemic affected the performance of 22q1 in the short term. In 2021, the company realized an operating revenue of 6.906 billion yuan (+ 55.99%), benefiting from the market recovery in 2021 and the post Spring Festival, and the market demand recovered greatly; The net profit attributable to the parent company was 2.111 billion yuan (33.78%), and the net profit deducted from non attributable to the parent company was 1.765 billion yuan (+ 60.09%). The non recurring profit and loss mainly came from investment income of 286 million yuan and government subsidy of 114 million yuan. The company's operating cash flow was 2.029 billion yuan (+ 87.69%), mainly benefiting from the growth of sales revenue. The revenue of 2022q1 is 2.048 billion yuan (- 8.42%), considering the decline in demand caused by covid-19 epidemic, but the stickiness of six walnut users is strong, and the growth is expected to remain stable after the recovery of the epidemic. Meanwhile, the company plans to distribute a cash dividend of 20 yuan (including tax) to all shareholders for every 10 shares.
The diversified development of products and the bright growth of functional drinks. The company continues to steadily upgrade the "six walnuts" brand products, enrich the product matrix in subdivided fields, and meet the diversified needs of consumers. Combine the company's "memory + innovation" products with its own "memory + disease control" products, and highlight the positive function of the company's "memory + disease control" products. At the same time, the company actively seeks the innovation of functional drinks. In 2021, the revenue of functional drinks was 194 million yuan (+ 235.66%), thanks to the expansion of the demand for functional drinks. The second largest strategic single product vegetable milk series brought the company a revenue of 1.4582 million yuan in 2021, with a year-on-year increase of 26.24%. It is expected that it will continue to make efforts in the future to create the company's second growth curve.
Carry out "C-end operation" to meet the diversified needs of customers. The company complies with the development trend of "the era of consumer sovereignty", constantly improves the product matrix, expands the consumption scene, introduces more high-end walnut milk to meet the diversified needs of consumers, and strives to enhance the competitiveness of vegetable milk products. At the same time, on the one hand, the company consolidated the channel advantages of traditional Wuxi Online Offline Communication Information Technology Co.Ltd(300959) : in 2021, the company achieved sales revenue of 6.688 billion yuan through dealer channels, with a year-on-year increase of 58.60%; Direct sales revenue was 214 million yuan, a year-on-year decrease of 1.78%. On the other hand, three marketing nodes "college entrance examination season", "Mid Autumn Festival season" and "Spring Festival season" are established around the product characteristics, and a content + scene + social marketing system is built through a three-dimensional sales network covering the whole country.
Investment suggestion: with the multi-point flowering of the epidemic in 2022q1 all over the country, the beverage industry has been affected to a certain extent, and consumers' living habits and consumption ideas have also changed due to the epidemic, and nutrition and health have become more popular. The company will develop in-depth cooperation among online platforms, refine the operation of various subdivided channels, focus on consumers and launch more products to meet the diversified needs of consumers. We believe that the impact of the epidemic is limited at this stage, and the company will achieve further growth after the epidemic eases. We estimate that the company's revenue from 2022 to 2024 will be 7.705/83.56/8.976 billion yuan respectively, with a year-on-year growth rate of 11.6% / 8.4% / 7.4% respectively, and the net profit attributable to the parent company will be 2.332/25.23/2.815 billion yuan respectively, with a year-on-year growth rate of 10.5%, 8.2% and 11.6% respectively; Maintain the investment rating of overweight-a.
Risk tip: the macroeconomic growth rate is lower than expected; Failure of new product promotion; Risk of food safety incidents.
