\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 48 He Bei Cheng De Lolo Company Limited(000848) )
The revenue of Q1 continued to grow by about 2115%. In 22q1, the company achieved a revenue of 1.118 billion yuan (+ 14.95%), a net profit attributable to the parent company of 235 million yuan (+ 11.19%), and a net profit not attributable to the parent company of 235 million yuan (+ 11.28%). In the case that the 22nd Spring Festival is ahead of schedule and some sales are reflected in 21q4, the revenue of 22q1 is the peak of the company’s quarterly revenue in recent years, which continues the bright performance of 21q4. The main reason is that the company has strengthened market intensive cultivation throughout the year, improved team execution, and high completion of channel development and terminal goods distribution in the early peak season, so as to promote the sales of products in the peak season.
Rising raw material prices put pressure on profitability. The company’s 22q1 gross profit margin was 46.81%, a year-on-year decrease of 4.06 PCT and a month on month decrease of 1.46 PCT, mainly due to the large increase in the price of raw materials such as almonds and packaging materials. Under the reasonable control of expense investment, the sales rate / management rate decreased by 2.2pct/1.2pct respectively. Finally, Q1 company achieved a net interest rate of 21.04%, a year-on-year decrease of 0.7pct and a month on month decrease of 4.07pct. By the end of the first quarter, the company’s contract liabilities were 213 million yuan, an increase of 72% year-on-year. It can be seen that with the promotion of the company’s channel development and terminal distribution, the dynamic sales of products improved significantly.
The reform measures have been implemented in an orderly manner, and the operation has been significantly improved. We look forward to the launch of new products. ① after the chairman of the board of directors takes office, the company will continue to take measures to improve the performance of the new channel in Q3 and q21, and improve the revenue rate of the new channel in q21; ② The new products are expected to be first launched to the East China and southwest markets in the middle and late May of 22. The products mainly include two categories: Almond dew with new flavor and low sugar version and almond + beverage. The effect of new product launch is expected; ③ Middle and senior managers in market, brand, R & D and other aspects are in place one after another, and the equity incentive plan is expected to be launched in 22 years; ④ In terms of channels, the company will also strengthen e-commerce operation, improve brand and product exposure, and promote the transformation of terminal sales. On the whole, we believe that the reform of the company in the past 21 years has achieved remarkable results, and the operation and management has improved significantly. We look forward to the implementation of new products.
Risk tip: the epidemic repeatedly affects sales, food safety risk and cost price fluctuation risk.
Investment suggestion: the reform of almond dew leader continues to advance, which is expected to usher in a new growth curve and maintain the “buy” rating.
We maintain the profit forecast. It is estimated that the company’s revenue from 2022 to 2024 will be 3.1/37/4 billion yuan, with a year-on-year growth rate of 23% / 20% / 18%; The net profit attributable to the parent company was 680 / 820 / 970 million yuan, with a year-on-year growth rate of 19% / 20% / 18%; The current share price corresponds to PE 13 / 11 / 9x. The company is the absolute leader in China’s Almond dew industry, with strong brand potential and deep foundation in the northern market. After the new chairman took office, various reform policies were gradually implemented and the business situation was gradually improved. 22 years is an important year for the launch of the company’s new products, which deserves special attention and maintains the “buy” rating.
