\u3000\u3 Shengda Resources Co.Ltd(000603) 345 Fu Jian Anjoy Foods Co.Ltd(603345) )
2022q1 annual report and 2021 quarterly report of the company. In 2021, the revenue reached 9.27 billion yuan, a year-on-year increase of + 33.1%. The net profit attributable to the parent company was 680 million yuan, a year-on-year increase of + 13.0%; Q4’s single quarter revenue was 3.18 billion, a year-on-year increase of + 28.1%, and the net profit was 190 million yuan, a year-on-year increase of – 15.1%. In 2022q1, the revenue was 2.34 billion, a year-on-year increase of + 24.2%; The net profit attributable to the parent company was 200 million, a year-on-year increase of + 17.7%.
The revenue growth was stable and the growth rate of dishes was significant. In 2021, the company achieved a revenue of 9.27 billion yuan, a year-on-year increase of + 33.1%, and the revenue grew steadily. Among them, the income contribution of main business of Anji / Mr. frozen products / XINHONGYE / Kung Fu food is 8.6 billion / 260 million / 470 million (380 million after deduction) / 30 million respectively; Product side: the revenue of rice noodles / meat products / surimi / dishes was 20.5/21.4/34.8/1.43 billion yuan respectively, with a year-on-year increase of + 23.6% / 19.2% / 23.1% / 112.4% respectively; Channel side: the revenue of distributors / supermarkets / special communications direct sales / e-commerce increased by 31.6% / 9.5% / 173.4% / 101.7% respectively year-on-year, with a net increase of 619 dealers in the whole year; Profit side: in 2021, the gross profit margin / net profit margin of the company were 22.1% / 7.4%, respectively – 3.6/1.3pct year-on-year. The decrease in gross profit margin was mainly due to the increase in raw materials, employee wages, freight and other costs and the lower gross profit margin of Mr. frozen products and XINHONGYE. If excluding the impact of new consolidated profit of RMB 30 million, consolidated investment income of RMB 80 million and equity incentive expenses of RMB 60 million, the net profit attributable to the parent company will be restored to about RMB 620 million, a year-on-year increase of – 10.6%.
Q1 performance exceeded expectations, waiting for the recovery of b-end demand. According to the contribution of revenue in 2021, we estimate that the revenue of Anjing in 22q1 is about 2 billion, that of Mr. frozen products is about 100 million, that of XINHONGYE is 320 million and that of kungfu is 20 million, and the revenue of main business is + 8.5% year-on-year. The company added 380 million contract liabilities, a year-on-year increase of + 26.3%. There was a strong demand for replenishment through channels, and the subsequent growth momentum was strong. Revenue: under the influence of the epidemic, the demand for C-end is growing rapidly, and the sales of hot pot ingredients, dishes and pastry products are booming. With the control of the epidemic situation and the recovery of catering, the company’s B / C channel balance strategy is expected to contribute to the high growth of business revenue; Cost: in 22q1, the cost of soybean protein, beef and flour remained high, the price of surimi and poultry meat was basically stable, and the price of pork decreased significantly; Profit side: the gross profit margin of 2022q1 company is 24.2%, year-on-year -2.3pct, sales / management expense ratio is 10.3% / 3.0%, year-on-year -0.7pct / – 0.3pct, net profit attributable to parent company is 8.7%, year-on-year -0.5pct. In the future, with the completion of technical transformation, the cost of surimi, meat and other raw materials will decrease, and the profit margin of the company is expected to increase.
The acquisition of xinliuwu helped the long-term growth of performance. The company plans to acquire 70% equity of xinliuwu food in two steps with a total of no more than 640 million yuan. The revenue / net profit of xinliuwu in 2021 was 820 million yuan / 60 million yuan respectively, and the performance commitment in 2022 / 23 / 24 was that the net profit should not be less than 70 million yuan / 0.8 million yuan / 0.9 million yuan. This acquisition, on the one hand, strengthened the control of raw materials such as upstream surimi, on the other hand, improved the deep-processing business of crayfish, further improved the market competitiveness of the cuisine business, and helped the high growth of the company’s performance.
Profit forecast: considering the steady investment of the company’s raised funds and the increase of interest income after the fixed increase, the net profit attributable to the parent company in 2022 / 23 / 24 will be increased to RMB 970 / 1270 / 1650 million, a year-on-year increase of + 42% / 32% / 30%, corresponding to pe34 / 26 / 20 times. After considering the equity incentive fee, the net profit attributable to the parent company in 2022 was RMB 980 million, a year-on-year increase of + 35%, corresponding to 34 times of PE, maintaining the “buy” rating.
Risk tip: the production capacity is lower than expected, the cost rises, the market competition intensifies, and the promotion of new products is lower than expected
