\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
Event: the company released the annual report of 2021 and the first quarterly report of 22 years, and achieved a revenue of 5.12 billion yuan in 21 years, a year-on-year decrease of 0.2%; The net profit attributable to the parent company was 740 million yuan, a year-on-year decrease of 16.6%; Among them, 21q4 achieved a revenue of 1.7 billion yuan, a year-on-year increase of 30%, and a net profit attributable to the parent company of 380 million yuan, a year-on-year increase of 69%. At the same time, it is proposed to distribute a cash dividend of 3 yuan (including tax) for every 10 shares. 22q1 company achieved a revenue of 1.35 billion yuan, a year-on-year increase of 6.6%; The net profit attributable to the parent company was 160 million yuan, a year-on-year decrease of 9.5%.
The income of the main seasoning industry is under pressure, and the nationwide expansion is steady. Meiweixian achieved an annual revenue of 4.62 billion yuan, a year-on-year increase of – 7.2%, of which 21q4 achieved a revenue of 1.34 billion yuan, a year-on-year increase of + 6.7%. In terms of products, the company’s soy sauce / edible oil / other businesses achieved revenue of 2.82/4.9/7 billion yuan respectively in 21 years, a year-on-year decrease of 9.5% / 18.7% / 7.3%; This is mainly due to the weak consumer demand caused by the repeated epidemic, and the income of the main seasoning industry is under pressure. Benefiting from the gradual repair of catering channels and the launch of new products, chicken essence and chicken powder performed well, with a revenue of 550 million yuan in 21 years, a year-on-year increase of 10.5%. From the performance of 22q1, the growth rate of soy sauce / edible oil was – 1.1% / – 21.8% respectively, and that of chicken essence, chicken powder and other were 10.4% / 9% respectively; Benefiting from the company’s continuous promotion of catering channel adjustment and accelerating the progress of new products on the market, the 22q1 volume of chicken powder and other businesses is obvious. In terms of sub regions, the advantageous regions still maintain a steady growth rate. In the past 21 years, the revenue growth rate of the East / South / central and Western / north of the company was + 1.9% / + 11.4% / – 12.9% / – 18.9% respectively year-on-year. By channel, thanks to the formal establishment of the e-commerce export department in the past 21 years, the growth rate of online business revenue increased by 28.4% year-on-year. The company maintained a steady pace of national expansion, implemented the subdivision development strategy, and accelerated the improvement of blank market penetration. In the past 21 years, the company’s prefecture level city coverage increased by 3.3pp to 92.3% year-on-year; The market coverage of districts and counties increased 9pp to 60% year-on-year. The number of dealers continued to expand, with a net increase of 281 to 1702 in 21 years and 46 to 1748 in 22q1.
Raw material cost pressure continued throughout the year, reducing fees and improving efficiency and thickening profits of real estate business. In 2021, the company’s gross profit margin was 34.9%, a year-on-year decrease of 6.7pp; The gross profit margin of 21q4 / 22q1 was 38.5% / 32.3% respectively, with a year-on-year decrease of 2.3/6.6pp. The pressure on gross profit margin is mainly affected by the continuous upward price of raw and auxiliary materials such as soybeans and packaging materials; In addition, the price increase of the company has not been fully transmitted to the terminal, which also suppresses the recovery of gross profit margin. In terms of expense rate, the sales expense rate in 21 years decreased 3PP to 8.1% year-on-year, mainly due to the company’s initiative to control the intensity of advertising expenses and improve the efficiency of expense use; The rate of administrative expenses remained stable, with a year-on-year decrease of 0.5pp to 5%. The parent company realized a net profit of 110 million yuan in 21 years due to the recognition of the income of real estate projects on the East Bank of Qijiang, which thickened the company’s performance. The cost side continued to be under pressure, resulting in the overall net profit margin of the company falling by 3.6pp to 15.3%.
The internal management mechanism was optimized and the fundamentals were stable and good. 1) The company straightened out the internal management mechanism, optimized the evaluation and incentive mechanism for sales personnel, and promoted equity repurchase in an orderly manner, so that the sales team has a strong military heart. 2) In terms of channels, the company continued to promote the subdivision development strategy of “one third and one special contract” in the main sales areas, and accelerated the sinking of channels and the development of blank markets in non main sales areas; The penetration rate of superimposed catering channels has increased steadily, online channels have continued to make efforts, and channel marketing reform has added impetus to performance. 3) Accelerate the divestiture of real estate business, list and sell the equity of Zhonghui hechuang, a subsidiary, and concentrate resources on condiment business. 4) The expansion of the company is expected to be completed in May last year, and the company’s production capacity will continue to improve. It is expected that the company will continue to improve its production capacity and improve its production capacity in May last year.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 0.97 yuan, 1.13 yuan and 1.34 yuan respectively, and the corresponding dynamic PE will be 25 times, 22 times and 18 times respectively, maintaining the “buy” rating.
Risk tips: price fluctuation risk of raw materials, repeated covid-19 epidemic risk and intensified market competition risk
