\u3000\u30 Jinzai Food Group Co.Ltd(003000) 94 Zhanjiang Guolian Aquatic Products Co.Ltd(300094) )
Event: the company released the annual report of 2021 and the first quarterly report of 22 years. In the 21st year, the operating revenue was 4.475 billion yuan, a year-on-year decrease of 0.44%; The net profit attributable to shareholders of listed companies was -138379 million yuan, with a year-on-year increase of 94.85%. The year-on-year net profit of the parent company was 9.46 million yuan, a year-on-year increase of 9.46 million yuan; Deduct non net profit of RMB 8.11 million, with a year-on-year increase of 236.66%.
The upstream sector affects profits, and the main business supports the improvement of operation. In 21 years, the company's main business was profitable, but the breeding loss reduced the overall profitability of the enterprise. Overseas, the company has gradually overcome the adverse effects of rising logistics costs and tight storage, and the American SSC company has achieved a net operating profit of 35.84 million yuan. The company accelerated the layout of prefabricated vegetables. In 21 years, the revenue of prefabricated vegetables reached 841 million yuan, and the added value of the overall business continued to increase. In 21 years, the gross profit margin of the company's processing business was 16.41%, with a year-on-year increase of 4.55 PCTs. The non net profit deducted in Q1 of 22 years was 8.11 million yuan, with a year-on-year increase of 236.66%, and the profitability was significantly improved.
The advantages of the whole industrial chain have been highlighted, and the core competitiveness has been continuously consolidated. 1) Procurement: the company has the advantages of global supply chain and distributes the world's main raw materials of shrimp and other aquatic products. Large scale procurement improved the bargaining power of the company. In 21 years, the procurement volume of the company's top five suppliers accounted for 44.73%, an increase of 33.68 PCTs year-on-year. 2) Production: one of the only two enterprises in China that have obtained BAP shrimp and tilapia four-star certification at the same time, and the product quality can be traced in the whole process. 3) R & D: in 21 years, we have developed many new products, such as squirrel sea bass fillet, pickled cabbage slice, crayfish, tender Niuwu, etc. The added value of the product line promotes the continuous improvement of the overall gross profit margin. In the second half of the year, the flavor grilled fish series have been listed one after another, which is expected to become a large single product. 4) Sales: the Chinese market has made breakthroughs and channels have made significant efforts. The company achieved a revenue of 2.234 billion yuan in the Chinese market in 21 years, with a year-on-year increase of 13.46%, accelerating revenue generation. The sales revenue of online tmall, jd.com and other platforms increased by 50% year-on-year. China covers 158 cities, with a coverage rate of 52%.
Refocus the main business and increase the hope and strength. Highlight 1: in recent years, the company's upstream aquaculture and other businesses have had a great negative impact on its performance. In 22 years, the company will spin off the upstream aquaculture business. After focusing, the main business is stronger and more focused, and the profit is expected to be further improved. Focus 2: the company launched a 1 billion yuan capacity expansion and additional issuance project for prefabricated vegetables. The global epidemic and the changes of new generation consumption habits have given birth to a huge prefabricated food market, and the intensive processed food and prefabricated vegetable industry is expected to usher in rapid growth. After the transformation, upgrading and putting into operation of the company's raised investment project, the production capacity of 24000 tons of fish and shrimp prefabricated vegetables, 15300 tons of crayfish and 29700 tons of fish deep-processing products will be added, and the performance is expected to be strong.
Investment advice
The company is a marine food enterprise integrating global procurement, intensive processing and food R & D. It is gradually transforming to catering ingredients dominated by prefabricated dishes, which is expected to seize the industry opportunity and achieve rapid performance growth. We estimate that the company's net profit attributable to the parent company from 2022 to 2024 will be 36.35 million yuan, 47.36 million yuan and 71.42 million yuan respectively, and EPS will be 0.04 yuan, 0.05 yuan and 0.08 yuan, corresponding to pe129 50, 100.00, 66.15 times.
Risk tips: risks such as the failure of fixed increase, food safety, changes in raw material prices, epidemic situation, etc.
