\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
The company released 21 annual reports and 22 first quarterly reports: the revenue in 2021 was 5.12 billion yuan, a year-on-year increase of – 0.2%; The net profit attributable to the parent company was 740 million yuan, a year-on-year increase of – 16.6%; EPS 0.93 yuan / share. Among them, the revenue of 4q21 was 1.7 billion yuan, a year-on-year increase of + 29.7%; The net profit attributable to the parent company was 380 million yuan, a year-on-year increase of + 68.9%; EPS 0.47 yuan / share. 1q22 revenue was 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 increase of – 9.5%; EPS 0.20 yuan / share.
Key points supporting rating
The income of delicious food, the main body of condiments, has gradually recovered, and the contribution of real estate business in 2021 has increased by 300 million yuan. (1) Meiweixian’s revenue in 2021 was 4.62 billion yuan, a year-on-year increase of – 7.2% (1q21-1q22 + 10% / – 27% / – 17% / + 7% / – 1% respectively). The positive growth of 4q was mainly due to the increase in the price of the company’s products from late November and the increased purchase efforts of dealers; At the same time, this year’s Spring Festival is ahead of schedule, and dealers prepare goods ahead of schedule. The revenue of 1-3q21 was – 12% year-on-year, and the overall revenue of 4q21 and 1q22 increased by 3%, stopping the decline and stabilizing. (2) By category, the revenue of soy sauce / chicken essence, chicken powder / edible oil / others was – 9% / + 10% / – 19% / – 1% year-on-year in 2021, and that of 1q22 was – 10% / + 10% / – 19% / – 1% year-on-year, which was basically consistent with the year-on-year change in 2021. With the gradual release of production capacity, a series of new products such as oyster sauce, cooking wine, rice vinegar and sauce are developing rapidly, and a multi category development pattern is gradually taking shape. (3) In terms of subregions, the income of 2021 in the East / South / Middle West / North is + 2% / + 11% / – 13% / – 19%, and that of 1q22 is – 8% / + 4% / + 9% / + 10%. (4) The company focuses on subdividing channels and blank districts and counties. Non main sales areas accelerated the sinking of channels and the development of blank districts and counties, expanded the market network, and achieved 281 new dealers (1702 in total) during the year. The cumulative coverage of prefecture level cities nationwide reached 92.28%, and the development rate of districts and counties reached 59.97%. (5) In 2021, the parent company’s revenue was 298 million yuan, with a year-on-year increase of 297 million yuan, mainly due to the revenue of sold commercial houses recognized in the early stage of the “East Bank of Qijiang” real estate project. (6) Zhonghui hechuang’s revenue in 2021 was 71.27 million yuan, a year-on-year increase of + 35.4%. 1q22 revenue was 8.58 million yuan, a year-on-year increase of + 8.19 million yuan. (7) The income of Zhongju Seiko in 2021 was 86.3 million yuan, a year-on-year increase of + 52.1%. 1q22 revenue was 24.1 million yuan, a year-on-year increase of + 39.9%.
Affected by the rising cost of raw materials, the profitability of 2021 / 1q22 condiment business declined. (1) The gross profit margin of Meiweixian in 2021 / 1q22 is 33.1% / 30.7% respectively, with a year-on-year increase of – 5.0 / – 5.1pct, mainly due to the sharp rise in the price of raw materials, which runs through the whole year of 2021, and 1q22 continues to rise. (2) The cost rate of Meiweixian 2021 / 1q22 was 17.2% / 16.8%, with a year-on-year rate of – 1.7 / + 0.1pct. Among them, the sales expense ratio 2021 / 1q22 was + 0.7 / + 0.7pct year-on-year, mainly due to the increase of corresponding sales rebate and business expenses to promote sales. (3) Meiweixian achieved a net profit attributable to its parent company of 610 million yuan in 2021, a year-on-year increase of – 29.5%, of which 4q21 achieved a net profit attributable to its parent company of 210 million yuan, an increase of more than 10% at the same time. The main reasons are: ① the output increased by nearly 20% month on month compared with 3q, and the increase in output reduced the amortization of fixed costs; ② There were 36.34 million asset impairment losses in the same period of last year. Excluding the impact of asset impairment loss, the net profit attributable to the parent company of 4q21 is – 7%. The net profit of 1q22 delicious food returned to the parent company was 140 million yuan, a year-on-year increase of – 27.7%, mainly due to the rise in the unit price of condiment raw materials and the decline in sales gross profit. (4) The net profit of the parent company in 2021 was 114 million yuan, a year-on-year increase of 98 million yuan, and the profit margin was as high as 38%, mainly due to the low cost of the plot of land belonging to the project, which has been on the company’s account for many years. (5) On the whole, the company realized a net profit attributable to the parent company of 740 / 160 million yuan in 2021 / 1q22, with a year-on-year rate of – 16.6% / – 9.5% and a year-on-year net interest rate of – 2.9 / – 2.1pct.
The price increase was gradually implemented after the Spring Festival. The company actively arranged sketch categories and expanded its sales network, waiting for the demand to pick up. Meiweixian company raised the price on November 27, 2021 and officially landed among dealers from 2022; It will be gradually implemented to the terminal after the Spring Festival in 2022, which is expected to be completed in May. The company actively arranges sketches, vigorously expands the marketing area, and waits for the demand to pick up.
Valuation
Adjust the profit forecast according to the latest financial report. It is expected that the EPS in 22-24 years will be 1.01/1.16/1.30 yuan, an increase of 8.6% / 15.0% / 11.5% at the same time, maintaining the buy rating.
Main risks of rating
Rising raw material costs, less than expected capacity expansion, intensified industry competition and pledge risk of major shareholders.
