\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
The company issued the annual report for 21 years and the first quarterly report for 22 years. In 21 years, the company achieved a revenue of 19.971 billion yuan (YoY + 42.8%), and a net profit attributable to the parent company of 5.314 billion yuan (YoY + 72.6%); 22q1 achieved a revenue of 10.53 billion yuan (YoY + 43.6%), and a net profit attributable to the parent company of 3.71 billion yuan (YoY + 70.0%), which was consistent with the performance forecast.
The structure of Fen Liquor has been upgraded, the volume and price have risen together, and the sales collection situation is bright. By splitting products, the revenue of Fenjiu reached 17.92 billion yuan (YoY + 41.9%) in 21 years, and the sales volume and ton price increased by 28.5% and 10.4% respectively, with both volume and price rising; The ton price has a large upward range, which is expected to mainly benefit from the upgrading of qing30 revival version and the increase in the proportion of Qinghua Fen Liquor. In the past 21 years, the revenue of series liquor was 638 million yuan (YoY + 12.7%), the ton price was + 47.9% year-on-year, and the product structure continued to be adjusted; The revenue of liquor preparation was 1.25 billion yuan (YoY + 91.4%), and the sales volume and ton price increased by 60.0% / 19.6% respectively, with both volume and price rising. In the 21st year, the provincial income was 8.07 billion yuan (YoY + 34.6%), maintaining a stable growth; The income outside the province was 11.738 billion yuan (YoY + 49.5%), growing rapidly, accounting for 2.6pct to 59.3%. 22q1, the revenue of Fen Liquor, series liquor and prepared liquor reached 9.873 billion yuan, 260 million yuan and 347 million yuan respectively, with a year-on-year increase of 44.4%, 118.3% and 7.2%; Among them, qinghuafen is expected to have the highest growth rate and lead the growth; The growth rate of waist products Panama and laobaifen took the second place; Bofen actively controls the volume, and the growth rate is expected to be low. At the end of 22q1, the number of dealers was 3617, with a month on month increase of 93 and a year-on-year increase of 665. The channel network expanded steadily. 22at the end of Q1, the balance of contractual liabilities was 3.881 billion yuan, a year-on-year increase of 32.4%; The cash received from selling goods and providing labor services in 21 years was 25.048 billion yuan (YoY + 84.2%), and the payment collection is bright, which is expected to support the subsequent growth rate.
The gross profit margin continued to improve and the profitability improved significantly. In 21 years, the gross profit margin was 74.91% (YoY + 2.76 PCT), which mainly benefited from structural upgrading and price increase; The sales expense ratio is 15.82% (yoy-0.45pct), the management expense ratio is 5.84% (yoy-1.94pct), the revenue growth dilutes the expenses; Comprehensive, net profit margin of sales is 26.99% (YoY + 4.72pct). The gross profit rate is 22.6 pcyot-632.0 pcyot% (q11.0 pcyot-632.0 pcyot), and the gross profit rate is 22.6 pcyot-632.0 pcyot; Overall, the net profit margin of sales reached 35.40% (YoY + 5.61pct).
The product system has moved up steadily and is optimistic about the revival and growth of Fenjiu. The wholesale prices of qing30 revival version and qing20 were about 830 yuan and 365 yuan respectively, which were basically stable month on month. In the past 22 years, the company optimized the “1357 + 10” market layout of Fenjiu and accelerated the rapid development of markets in East and South China. In the medium and long term, blue and white stand firmly at the secondary high-end, the green 30 revival version rushes upward into the 1000 yuan price band, and the product system moves upward. The 14th five year plan of the company has high goals and is optimistic about the revival and growth of Fenjiu.
Raise the revenue and gross profit margin, and predict the earnings per share of 22-24 years to be 6.41, 8.30 and 10.15 yuan respectively (the original forecast of 22-23 years is 6.32 and 8.14 yuan). Maintain the previous valuation method, the comparable company’s 22-year pe34 times, give a 25% valuation premium, corresponding to 43 times of the 22-year pe43 times, corresponding to the target price of 275.63 yuan, and maintain the buy rating.
Risk warning: the reform is lower than expected, the consumption demand is lower than expected, and the risk of food safety events.
