\u3000\u3 Shengda Resources Co.Ltd(000603) 345 Fu Jian Anjoy Foods Co.Ltd(603345) )
The company released 21 annual reports and 22 first quarterly reports: in 2021, it achieved a revenue of 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%; EPS2. 33 yuan / share. Among them, the revenue of 4q21 was 3.18 billion yuan, a year-on-year increase of + 28.1%; The net profit attributable to the parent company was 190 million yuan, a year-on-year increase of - 16.1%; EPS0. 64 yuan / share. 1q22's revenue was 2.34 billion yuan, a year-on-year increase of + 24.2%; The net profit attributable to the parent company was 200 million yuan, a year-on-year increase of + 17.7%; EPS 0.70 yuan / share.
Key points supporting rating
1q22 the growth of original business income slowed down, and XINHONGYE consolidated table and Mr. frozen products brought increment to dish products. (1) In 2021, the company realized a revenue of 9.27 billion yuan. The holding subsidiary XINHONGYE was included in the scope of consolidated statements from August 2021. Kung Fu food consolidated statements in September. Excluding the impact of the new consolidated statements, we judged that the original business income of 4q21 / 1q22 increased by 15% - 20% / 5% - 10%. The main reason for the slowdown of 1q22 growth month on month was ① base effect in the same period of last year; ② The impact of weak consumption on terminal demand; ③ This year's epidemic has imposed restrictions on logistics. (2) By category, the revenue of noodle rice / meat products / surimi / dishes / other businesses in 2021 was + 24% / + 19% / + 23% / + 112% / + 151% year-on-year, and that of 1q22 was + 17% / + 0% / + 1% / + 130% / + 185% year-on-year. The significant growth of dish products was mainly caused by the increase of Mr. frozen products and XINHONGYE crayfish, and the significant growth of other business revenue was mainly caused by the increase of sales revenue of raw materials, packaging materials and waste materials. (3) In terms of channels, the revenue of dealers / supermarkets / Tetong / e-commerce channels in 2021 is + 32% / + 10% / + 173% / + 102% and 1q22 is + 19% / - 1% / + 295% / + 138% respectively. The high growth rate of e-commerce channels is mainly due to the company's continuous active expansion of online business in platform e-commerce, front warehouse e-commerce, business supermarket o2o and interest e-commerce, as well as the low original base. (3) In terms of sub regions, the revenue of 2021 in Northeast / North China / East / South China / central / Northwest / Southwest China is + 26% / + 37% / + 28% / + 33% / + 55% / + 66% / + 20% respectively, and 1q22 is + 19% / + 29% / + 13% / + 26% / + 62% / + 89% / + 17% respectively. The base of non strong regions is low, and the sales accelerated this year. (4) From the perspective of the number of dealers, there were 1652 dealers at the end of 2021, with 738 newly added and 119 reduced during the reporting period. The change is large, mainly because the company is mainly a distributor of BC super through channel sinking and development.
Cost pressure led to a decline in gross profit margin and a year-on-year decline in profitability in 2021 / 1q22. (1) The gross profit margin of 2021 / 1q22 was 22.1% / 24.2%, with a year-on-year increase of - 3.6 / - 2.3pct, mainly due to the increase of personnel salary cost, production investment and freight. In addition, the gross profit margin of Mr. frozen products and XINHONGYE company was lower than that of the original main business of the company. (2) 2021 / 1 q22 total expense rate - 1.1 / - 1.2pct, including sales expense rate - 0.1 / - 0.7pct; The management fee rate is - 0.8 / - 0.3pct, mainly due to the reduction of share based payment expenses; R & D expense rate - 0.1 / + 0.2 PCT, financial expense rate - 0.1 / - 0.3 PCT. (3) In 2021, the net profit attributable to the parent company was 680 million yuan, a year-on-year increase of + 13.0%, and the net interest rate was 7.4%, a year-on-year increase of -1.3pct, mainly due to the increase of cost. Among them, XINHONGYE contributed a net profit of 34.29 million yuan. The net profit attributable to the parent company of 1q22 was 200 million yuan, a year-on-year increase of + 17.7%, and the net interest rate was 8.7%, a year-on-year increase of -0.5pct, restoring the normalization level.
The company invests in xinliuwu food and continues to increase the distribution of Shangyou minced fish, focusing on the field of prefabricated dishes in the future. In 2021, the company transferred 71% equity of XINHONGYE, and its shareholding ratio increased from 19% to 90%. On April 25, 2002, the company acquired 70% equity of xinliuwu food with 644 million yuan in two steps. Both XINHONGYE and xinliuwu are upstream surimi suppliers. The purpose of this acquisition is to increase the control of upstream raw materials, increase the size of prefabricated dishes and focus on the layout of crayfish business.
Valuation
Adjust the profit forecast according to the latest financial report. It is estimated that the EPS in 22-24 years will be 3.21/3.98/4.77 yuan, an increase of 38% / 24% / 20% at the same time, and maintain the overweight rating.
Main risks of rating
The cost of raw materials rose, the management reduced the risk, the capacity expansion was less than expected, and the industry competition intensified.
