\u3000\u3 Shengda Resources Co.Ltd(000603) 345 Fu Jian Anjoy Foods Co.Ltd(603345) )
Event: on April 25, the company released the 2021 annual report and the first quarterly report of 2022. 21. In the whole year / 21q4 / 22q1, the revenue was 9.27231762339 billion yuan, a year-on-year increase of + 33.12% / + 28.06% / + 24.16%; The net profit attributable to the parent company was 682 / 188 / 204 million yuan, a year-on-year increase of + 13.00% / – 16.11% / + 17.65%.
The revenue side grew rapidly, and the upward cost dragged down the profit performance. The reason for the rapid growth of revenue in 21 years is that the company has strengthened product sales promotion and channel development. On the profit side, the growth rate of net profit attributable to the parent company is lower than that of income due to factors such as the increase of outsourcing cost, labor and production investment. 21q1 excluding the impact of consolidation of XINHONGYE and overseas subsidiaries, the revenue growth rate is expected to be about 9%, and the net profit growth rate is slightly lower than the revenue growth rate. In terms of products, in the past 21 years, the company’s income from flour and rice products / meat products / surimi products / dishes products was RMB 2.054/21.42/34.78/1.429 billion respectively, with a year-on-year increase of + 23.60% / + 19.16% / + 23.07% / + 112.41%. The business of rice flour products, meat products and surimi products grew steadily; The rapid growth of dishes products business is mainly due to the substantial increase in sales of dishes products, Mr. frozen dishes, XINHONGYE crayfish products and other products. 22q1 achieved revenue of 511 / 479 / 750 / 516 million yuan respectively, with a year-on-year increase of + 16.59% / + 0.04% / + 1.30% / + 129.88%. The growth of noodle business was stable, the revenue of meat products / surimi products was flat year-on-year, and the growth of dish products remained high. In the past 21 years, the sales of flour and rice products / meat products / surimi products / dishes were 19.81/15.97/26.35107000 tons, with a year-on-year increase of + 23.44% / + 18.38% / + 21.24% / + 50.91%; The average sales price is 1.04/1.34/1.32/1.34 (10000 yuan / ton), with a year-on-year increase of + 0.13% / + 0.66% / + 1.51% / + 40.75%. The sales volume of flour and rice products / meat products / surimi products increased significantly, and the selling price was flat year-on-year; The volume and price of dish products increased significantly year-on-year.
The cost upward pulled down the gross profit margin for 21 years, and the period expense rate fell slightly year-on-year. The gross profit margin of the company in 21 years was 22.12%, with a year-on-year rate of -3.56ppt (21q4 / 22q1 was 22.38% / 24.20%, with a year-on-year rate of + 0.47ppt / – 2.28ppt). The gross profit margin of flour and rice products / meat products / surimi products / dishes products in 21 years was 24.08% / 24.91% / 22.68% / 14.21%, with a year-on-year increase of -3.72ppt / + 0.16ppt / – 3.19ppt / – 7.76ppt. The sales expense rate in 21 years was 9.15%, with a year-on-year increase of -0.10ppt (21q4 / 22q1 was 9.27% / 10.31%, with a year-on-year increase of + 4.28ppt / – 0.69ppt), which was due to the increase of advertising expenses, employee compensation, social security and welfare expenses. The management expense ratio was 3.45%, with a year-on-year -0.81ppt (21q4 / 22q1 was 3.58% / 3.92%, with a year-on-year -0.18ppt / – 0.35ppt), which was due to the year-on-year decrease in the amortization of share based payment expenses. The R & D expense rate was 0.95%, with a year-on-year rate of -0.11ppt (21q4 / 22q1 was 0.85% / 0.88%, with a year-on-year rate of -0.04ppt / – 0.02ppt). The financial expense rate was 0.01%, year-on-year -0.05ppt (21q4 / 22q1 was 0.05% / – 0.34%, year-on-year + 0.07ppt / – 0.33ppt), which was due to the increase of interest income and the decrease of loan interest.
Investment suggestion: it is estimated that the company will achieve a revenue of RMB 11.880147.94/18.098 billion and a net profit attributable to the parent company of RMB 885/11.89/1.490 billion in 22-24 years, equivalent to EPS of RMB 3.02/4.05/5.08 respectively. At present, the corresponding share price of PE in 22-24 years is 37 / 28 / 22 times. The company is a leading enterprise in the quick freezing industry. Large single products have achieved omni-channel coverage, strong product competitiveness and good medium and long-term growth. Maintain a “recommended” rating.
Risk tip: the epidemic situation repeatedly affects residents’ consumption power; The promotion of new products is less than expected; Food safety accidents, etc
