\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 872 Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) )
Event: Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) disclosed that the annual report of 2021 and the first quarterly report of 2022 showed that the operating revenue of the company in 2021 and 22q1 was 5.116/1.347 billion yuan respectively, yoy-0.15% / + 6.63%; The net profit attributable to the parent company was 742 / 158 million yuan, yoy-16.63% / – 9.46%.
Soy sauce and edible oil business dragged down revenue growth, and real estate projects contributed to performance: the company achieved an operating revenue of 1.7 billion yuan in 21q4, a year-on-year increase of + 29.7%, mainly due to the sales revenue of sold commercial houses of the “East Bank of Qijiang” project confirmed in December. Meiweixian subsidiary achieved a revenue of 4.62 billion yuan in 21 years, a year-on-year decrease of 7.2%, mainly due to the decrease in the sales revenue of condiments. 1) By product, the revenue of soy sauce / chicken powder / edible oil / other products was 28.3 / 5.5 / 4.9 / 700 million yuan, yoy-9.5% / + 10.5% / – 18.7% / – 1.1%. 2) In terms of sub channels, the operating revenue of distribution / direct marketing channels was 4.44/130 billion yuan, yoy-7.6% / – 2.0%. By the end of 2021, the company had more than 1700 dealers, an increase of more than 300 compared with the end of 2020.
The gross profit margin of 21q4 company was 38.46%, with a year-on-year increase of 1.11pct, and the net profit margin was 22.77%, with a year-on-year increase of 4.26pcts. The improvement of 21q4 profitability mainly benefits from the increase of the proportion of real estate business income with high gross profit margin in 21q4. On the expense side, the sales expense rate of 21q4 was 6.60%, a year-on-year decrease of 0.78pcts; 21q4 management expense ratio was 2.19%, down 3.65pcts year-on-year.
Revenue growth in the first quarter was in line with expectations: 2022q1 company achieved revenue of 1.347 billion yuan, of which Meiweixian company achieved revenue of 1.229 billion yuan, a year-on-year decrease of 0.51%. In terms of product structure, soy sauce revenue is 752 million yuan, yoy-1.13%; The income of chicken essence and chicken powder was 155 million yuan, yoy + 10.43%; The income of edible oil was 106 million yuan, yoy-21.79%. In terms of finance, the gross profit margin in 2022q1 was 32.30%, a year-on-year decrease of 3.20pcts. The ratio of sales / management / R & D / financial expenses of 2022q1 company was + 0.13pcts / – 0.82pcts / – 0.56pcts / – 0.61pcts respectively year-on-year. 22q1 company’s net profit margin on sales was 12.54%, a year-on-year increase of -2.26pcs.
2022 is still an adjustment year. We should pay attention to the adjustment rhythm of the company: in the short term, the epidemic situation may accelerate the de stocking of channels and terminals, and the addition of the company’s products to the Shanghai guaranteed supply list will also help sales. In 2021, the company continued to promote the adjustment of business strategy, accelerate the sinking of channels and the development of blank areas. Looking forward to 2022, under the background of pressure in the industry, it is expected that the company will still focus on cultivating internal skills this year. We believe that the company still has strong brand power. In the future, with the recovery of consumer demand, the growth of the company is expected to be improved.
Profit forecast, valuation and rating: considering the epidemic or accelerating the progress of destocking and the acceleration of channel sinking, we raised the forecast of net profit attributable to parent company from Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) 2022 to 2023 to 775 / 897 million yuan respectively (up 1.8% / 3.0% respectively), and introduced the forecast of net profit attributable to parent company in 2024 to 1.008 billion yuan. Equivalent to EPS of 0.97/1.13/1.27 yuan from 2022 to 2024, the current share price corresponds to PE of 25X / 22x / 20x from 2022 to 2024, maintaining the rating of “overweight”.
Risk tips: raw material price fluctuation risk and food safety risk.
