\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
Event: the company disclosed the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized operating revenue / net profit attributable to parent company / net profit not attributable to parent company deducted by 5116 / 742 / 718 million yuan, with a year-on-year increase of -0.15% / – 16.63% / – 19.98%, of which 21q4 realized operating revenue / net profit attributable to parent company / net profit not attributable to parent company deducted by 1704 / 375 / 364 million yuan, with a year-on-year increase of + 29.70% / + 68.93% / + 49.50%. 22q1 achieved operating income / net profit attributable to parent company / deduction of net profit not attributable to parent company of RMB 1.347158/155 billion, with a year-on-year increase of + 6.63% / – 9.46% / – 8.59%. 22q1 performance was slightly lower than expected.
The real estate business increased its revenue in 2021, and the 22q1 condiment business was under pressure. In the condiment business, in 21q4, the revenue of soy sauce / chicken powder / edible oil / other condiments (vinegar, cooking wine, etc.) was RMB 848 / 156 / 129 / 192 million, with a year-on-year revenue of + 8.29% / + 2.18% / – 1.35% / + 9.24%, and in 22q1, the revenue was RMB 752 / 1.55/1.06/203 million, with a year-on-year revenue of – 1.13% / + 10.43% / – 21.79% / + 9.00%. The overall performance of the company was better than that of the second batch of mobile terminals in November, because the inventory of condiments was gradually increased in November, and the overall performance of the company was better than that of the second batch of mobile terminals. In 2022, the company made a good start through delivery incentives in January. In February, due to the reduction of returning passenger flow during the Spring Festival and the impact of the epidemic, sales entered the off-season, and dynamic sales in some areas were difficult. In March, high value chicken essence and chicken powder promoted dynamic sales through activity promotion, superimposed with the release of inventory dividends at the end of 2021, the overall performance was good in March, and the comprehensive revenue of 22q1 delicious food was -0.51% year-on-year, Slightly lower than expected under the pressure of consumption power and catering. The real estate business achieved a revenue of 410 million yuan in 2021, a year-on-year increase of + 369.1%, mainly because the company headquarters confirmed the sales revenue of commercial houses of the “East Bank of Qijiang” project, which significantly increased the growth rate.
Rising raw material costs put pressure on profits, and marketing reform promoted channel development. In 2021, the gross profit margin was 34.87%, with a year-on-year increase of -3.39pct, mainly due to the continuous rise in the prices of raw materials such as soybeans / packaging materials and the year-on-year increase in the cost of direct materials of soy sauce / edible oil by + 43.71% / + 15.91%, resulting in pressure on profits. The sales expense rate was 8.06%, with a year-on-year increase of + 0.31pct. The advertising and publicity expenses of delicious food, dealer conference expenses and e-commerce expenses increased. At the same time, the marketing expenses of “East Bank of Qijiang” increased. The management fee rate was -0.50pct year-on-year, resulting in a net interest rate of 14.50% and -2.87pct year-on-year. 22q1 achieved a gross profit margin of 32.30%, year-on-year -3.19pct, mainly due to the continuous rise in the cost of condiment raw materials and the year-on-year sales / management / financial expense rate of + 0.13 / – 0.83 / – 0.39pct, resulting in a net profit margin of 11.76%, year-on-year -2.09pct. By the end of 2021, the company had 1702 dealers, with a development rate of 92.28% in prefecture level cities and 59.97% in district and county markets. The process of nationalization has been steadily promoted. Looking forward to the whole year, the company continued to promote marketing reform, set up a sales supervision department, newly established 4 primary marketing regions and 38 offices, and gave positive incentives to marketing personnel through the assessment system. According to the channel research, the motivation of the company’s sales personnel has been greatly improved and the development of the national market has been accelerated.
Investment suggestion: we estimate that the company’s revenue from 2022 to 2024 will be 5.532 billion yuan, 6.053 billion yuan and 6.656 billion yuan respectively, and the net profit will be 704 million yuan, 823 million yuan and 945 million yuan respectively. We maintain the investment rating of Buy-A, and the 12-month target price is 35.34 yuan, which is equivalent to the dynamic P / E ratio of 40x in 2022.
Risk tips: macroeconomic and policy risks, food safety problems, and the price rise is less than expected
