\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 73 Ligao Foods Co.Ltd(300973) )
Event: the company released the 21st Annual Report and the first quarterly report of the 22nd year. In 2021, the company’s operating revenue was 2.817 billion yuan, an increase of 55.66% at the same time; The net profit attributable to the parent company was 283 million yuan, an increase of 21.98%. 22q1 achieved an operating revenue of 630 million yuan, an increase of 8.83% at the same time; The net profit attributable to the parent company was 40 million yuan, with a decrease of 45.29%.
Revenue side: 2021: ① sub sales mode: sales revenue of 1.835 billion yuan, an increase of 30.35% at the same time; The direct sales revenue was 960 million yuan, an increase of 144.60% at the same time; The retail revenue was 20 million yuan, an increase of 140.33%. ② Sub products: the revenue of frozen baked goods was 1.718 billion yuan, with a same increase of 79.70%, and the sales volume was 7803255 tons; The revenue of cream was 471 million yuan, an increase of 26.95% and the sales volume was 3697928 tons; The revenue of fruit products was 218 million yuan, an increase of 29.27% and the sales volume was 1390456 tons; The revenue of sauce was 183 million yuan, an increase of 33.17% and the sales volume was 1563991 tons; The revenue of other baking raw materials was 224 million yuan, an increase of 28.07%. ③ Quarter by quarter: 21q1 / Q2 / Q3 / Q4 achieved revenue of RMB 579 / 673 / 710 / 856 million, with a year-on-year increase of 130.54% / 60.59% / 33.84% / 40.43% respectively. Company 22q1: ① sub products: the revenue of frozen baked goods was 372 million yuan, an increase of 11.14% at the same time; The revenue of baked food raw materials was 258 million yuan, an increase of 5.57%. We believe that the revenue growth slowed down in the first quarter or the logistics delivery was limited under the epidemic, which put pressure on the industry as a whole.
Cost side: 1) the gross profit margin of the company’s main business in the past 21 years was 34.93%, with a decrease of 3.39%. The gross profit margin of frozen baked goods / cream / fruit products / sauces / other baking raw materials was 36.59% / 38.08% / 28.19% / 21.82% / 32.84% respectively, with a year-on-year change of -4.11pct / – 4.37pct/1.68pct / – 7.54pct / – 1.49pct respectively. The decline in gross profit margin was mainly due to the increase in operating costs caused by the rise in the price of bulk raw materials; 2) The expense rate during the period was 21.9%, with a year-on-year increase of 0.21pct, and the expense rate during the period was generally stable. The expense rate of 22q1 company during the period was 25.19%, with a year-on-year increase of 5.61pct.
Profit side: the net profit attributable to the parent company of 21q1-q4 was 73 million yuan / 64 million yuan / 61 million yuan / 86 million yuan respectively. The net profit attributable to the parent company increased by 21.98% in the whole year of 21 years, and the deduction of non net profit was 269 million yuan, a year-on-year increase of 19.20%. Under the pressure of fully resisting the price rise of bulk raw materials such as oil, base construction and channel expansion, as well as the provision of share based payment, the overall profit of the company increased steadily. 22q1 company’s net profit attributable to the parent company was 40.02 million yuan, with a decrease of 45.29%, mainly due to 1) the increase of raw material cost. 2) 22q1 company accrued 194687 million yuan of share based payment for equity incentive.
Product side: ① optimize the layout of frozen and baked food production line and improve the overall capacity: the design capacity is 115500 tons, the actual capacity is 93700 tons and the capacity under construction is 45900 tons; The cream production line will be energized and supplemented, and the production capacity will continue to be put into operation in the future: the design capacity is 43000 tons, the actual capacity is 37500 tons, and the capacity under construction is 60000 tons; The production line of fruit products has been put into operation and gradually updated: the design capacity is 22900 tons and the actual capacity is 13200 tons. ② Divided by company, aokun, a key subsidiary of the company, achieved an operating revenue of 1.547 billion yuan and a net profit of 227 million yuan in 21 years; Haodao has an operating revenue of 262 million yuan and a net profit of 4.99 million yuan.
Investment suggestion: the company continues to optimize the production capacity layout and increase construction investment, actively cultivate new products and expand channels, and the new products such as cassava and frozen cake rise rapidly. Under the catalysis of current cost pressure, the market continues to clear, and the market share is expected to increase in the future. Based on the impact of the current epidemic on demand and the rise of raw material costs, we adjusted the net profit of 22 / 23 years to 290 / 420 million respectively (the previous value was 360 million yuan / 480 million yuan), corresponding to 39 / 27xpe. Maintain the “buy” rating.
Risk tips: business risks of the company, intensified industry competition, macroeconomic risks and food safety risks
