\u3000\u3 Shengda Resources Co.Ltd(000603) 517 Juewei Food Co.Ltd(603517) )
Performance review
On April 27, the company issued a performance announcement: in 21 years, the operating revenue was 6.549 billion yuan, a year-on-year increase of + 24.1%; The net profit attributable to the parent company was 981 million yuan, a year-on-year increase of + 39.9%; 21q4 achieved an operating revenue of 1.702 billion yuan, a year-on-year increase of + 22.4%; The net profit attributable to the parent company was 17 million yuan, a year-on-year increase of - 90.7%. 22q1 achieved an operating revenue of 1.688 billion yuan, a year-on-year increase of + 12.1%; The net profit attributable to the parent company was 89 million yuan, a year-on-year increase of - 62.2%.
Business analysis
21q4 + 22q1 pressure centralized release. In 21 years, the fresh goods business increased by + 15.47% year-on-year, with a net increase of 1315 stores (year-on-year + 10.6%), and the single store revenue recovered to 91% in 19 years, with a year-on-year increase of 2.4% in 20 years. The growth rate of 22q1 slowed down month on month, mainly due to the repeated epidemic, and 600 stores are expected to be added. The gross profit margin of 21q4 / 22q1 was -1.8/1.3/4.2pct year-on-year, the sales rate was + 1.9/13.5/7.3pct year-on-year, and the gross sales difference was -3.7/14.9/11.5pct year-on-year. Q4 + Q1 is under great pressure, mainly due to the repeated negative impact of the epidemic. The company supports franchisees through goods discount (gross profit end) + subsidy (cost end). In addition, the spring festival marketing activities and the acquisition of chaoxun black duck also led to an increase in sales expenses; Cost pressure and the increase in the proportion of low gross profit sectors also led to the decline of gross profit margin. The year-on-year management rate of 21q4 / 22q1 was + 0.1/0.3/0.8pct, the financial rate was + 0.3/0.4/0.2pct, and the net interest rate was + 1.6% / - 11.6% / - 10.4pct.
Second, the growth curve is progressing smoothly. 1) In terms of investment, Yao Mazi, who holds 17% of the shares, has also submitted the IPO process and is expected to release bright investment returns in the next few years. If the investment income and equity incentive expenses are excluded in 21 years, the net interest rate is 12.6%, with a year-on-year increase of -1.9pct, and the corresponding profit growth rate is 7.9%. 2) In the 21st year, the supply chain increased by 212.27% at the same time, and there is still much room for capacity expansion. 3) It is expected that after the epidemic situation is relatively mature, the number of stores in liaode store will start to increase.
Epidemic pressure is the biggest disturbance item, waiting for the fundamentals to be repaired. Under the current circumstances, it is recommended to continue to pay attention to the trend of epidemic prevention and control, and marginal improvement is expected in the second half of the year. The store operation still has a certain resilience. Among them, the stores with a store age of more than 5 years (accounting for 39% and contributing 46% of revenue) have achieved a significant positive growth in the overall single store revenue compared with 19 years. After the epidemic, the company accelerated the speed of opening stores, and the proportion of new stores under one year increased (accounting for 16% in 21 years and contributing 7% of revenue). These stores lowered the overall single store level.
Investment advice
Considering the epidemic pressure, the net profit attributable to the parent company in 22-23 years was reduced by 26% / 24%, the EPS in 22-24 years were 1.68/2.13/2.58 yuan respectively, and the corresponding PE was 26 / 20 / 17 times respectively, maintaining the "buy" rating.
Risk tips
The epidemic has repeatedly affected the recovery of stores / the progress of expanding stores is not up to expectations / food safety problems / intensified industry competition
