\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 29 Beijing Yanjing Brewery Co.Ltd(000729) )
Event: the company disclosed the annual report of 2021 and the first quarterly report of 2022. In 2021, the operating revenue reached 11.961 billion yuan, a year-on-year increase of + 9.45%; The net profit attributable to the parent company was 228 million yuan, a year-on-year increase of + 15.82%; Deduct the net profit not attributable to the parent company of 172 million yuan, a year-on-year increase of + 10.15%. In 2021q4, the operating revenue was 1.575 billion yuan, a year-on-year increase of + 48.16%; Net profit attributable to parent company -335 million yuan (same period last year -285 million yuan); Deduction of net profit not attributable to parent company - 372 million yuan (same period last year - 324 million yuan). In 2022q1, the operating revenue was 3.100 billion yuan, a year-on-year increase of + 11.66%; The net profit attributable to the parent company was 863900 yuan (the same period last year - 109 million yuan); Deduction of net profit not attributable to parent company - 25 million yuan (same period last year - 120 million yuan).
U8's large single product strategy was steadily promoted, and the optimization of product structure pushed up the ton price: in 2021, the company achieved a sales volume of 3.6209 million kiloliters, a year-on-year increase of + 2.44%. In 2022q1, the sales volume of Yanjing U8 single products increased by more than 70% year-on-year, and the strategy of large single products was steadily promoted. By product, in 2021, the company's medium and high-end products achieved an income of 6.732 billion yuan, a year-on-year increase of + 11.67%. The revenue of medium and high-end products accounted for 60.17%, with a year-on-year increase of + 0.36pct. In terms of ton price, benefiting from the increase in the proportion of income from medium and high-grade products, the annual ton price of the company reached 308981 yuan / ton, a year-on-year increase of + 8.37%. In terms of regions, the company continues to stabilize the base Market in North China, the market development in South China has achieved initial results, and the markets in other regions have shrunk slightly. In 2021, the revenue of North / South China increased by 18.11% / 4.82% year-on-year, and the revenue of East / central / Northwest China decreased by 2.17% / 0.88% / 3.53% year-on-year.
Under the cost pressure, the gross profit margin decreased slightly and the expense rate increased slightly: in 2021, the price of raw materials in the upstream of the beer industry increased, and the company faced great cost pressure. In 2021, the operating cost was + 13.32% year-on-year, and the gross profit margin was - 1.25pct year-on-year, down to 38.93%. On the expense side, the company's sales expense ratio / management expense ratio was 13.03% / 12.02% in 2021, with a year-on-year increase of 0.38/0.35pct. On the profit side, the company's net profit margin increased slightly by 0.10pct to 1.91% year-on-year in 2021.
Investment suggestion: at the management level, the former chairman resigns from the company and a new chairman will take office. The company made a good start in 2022, and the net profit attributable to the parent company in the first quarter turned loss into profit year-on-year. In 2022, the company will continue to promote high-quality development through five strategic approaches of "strong brand, consolidating channels, cultivating customers, deeply cultivating the market and lean operation". In 2022, the company will focus on promoting the "top 100 counties project", strive to build 100 high-quality county-level sales outlets in the country, and explore the revenue growth space of the company in the sinking market. It is estimated that the operating revenue from 2022 to 2024 will be 13.2/14.2/15.1 billion yuan respectively, with a year-on-year increase of 10% / 8% / 7% respectively; The net profit attributable to the parent company was 250 / 280 / 320 million yuan respectively, with a year-on-year increase of 11% / 10% / 16% respectively. Maintain the investment rating of overweight-a, with a 12-month target price of 8.7 yuan, equivalent to 88xpe in 2023.
Risk tip: the macroeconomic growth rate is lower than expected; The promotion of new products is less than expected; Changes in management; Risk of food safety incidents.
