\u3000\u3 Ping An Bank Co.Ltd(000001) 215 Zhengzhou Qianweiyangchu Food Co.Ltd(001215) )
Performance review
On April 28, the company issued a performance announcement. In 2021, the revenue reached 1.274 billion yuan, a year-on-year increase of + 34.9%; The net profit attributable to the parent company was 88 million yuan, a year-on-year increase of + 15.5%. 21q4 achieved an income of 386 million yuan, a year-on-year increase of + 14.9%; The net profit attributable to the parent company was 32 million yuan, a year-on-year increase of + 14.6%. 22q1 achieved a revenue of 348 million yuan, a year-on-year increase of + 20.2%, and a net profit attributable to the parent company of 29 million yuan, a year-on-year increase of + 44.8%.
Business analysis
The 21-year business objectives were achieved and performed well under the pressure of 22q1. In the past 21 years, frying / baking / cooking / dishes were + 26.7% / 19.1% / 39.2% / 162.1% year-on-year respectively, and the core category of fried dough sticks increased by 35% (excluding 44% of Yum); Steamed and fried dumplings quickly increase the quantity of dishes. Direct sales / distribution increased by 51.6% / 25.4%; Head customer Yum / Wallace / Haidilao / local chicken increased by 11% / 77% / 200% / 209% respectively. The quantity of fried / baked / cooked / cooked dishes increased by 20% / 12% / 41% / 164%, and the average price was + 5% / + 6% / - 1% / - 1% year-on-year. 22q1 still achieved 20% growth under the disturbance of the epidemic, highlighting the company's ability, and the contract liabilities increased by 34%. The downstream demand is still strong, and Q2 is expected to accelerate the release.
Prominent cost control and stable profitability. The gross profit margin of 21a / 21q4 / 22q1 was 22.4% / 23.6% / 22.6%, with a year-on-year increase of + 0.6/1.1/0.4pct. The slight increase in gross profit margin was mainly due to the upgrading of product structure. Based on the early price locking, the pressure on the cost side was controllable. The sales rates of 21a / 21q4 / 22q1 were + 0.05 / - 0.03 / + 0.08pct year-on-year respectively; The management rate was + 0.04/1.52/0.31pct year-on-year respectively, and the equity incentive fee of 910000 yuan was accrued at the end of 21. The net interest rates of 21a / 21q4 / 22q1 were - 1.3 / - 0.1 / + 1.3pct year-on-year respectively. Excluding the impact of government subsidies, the net interest rate of 21a / 22q1 deducted from non parent company was + 0.6/0.2pct year-on-year respectively, and the corresponding profit growth rate was 47% / 24%. Looking forward to 22 years, it is expected that the profitability of the company will still be resilient, the cost impact will be limited, and the continuous development of baking products will also optimize the overall gross profit margin.
The construction of small B has been effective in 21 years, and the increment has been continuously excavated in 22 years. In the 21st year, the company increased the cultivation of core dealers, and the sales of the top 20 dealers increased by 50% at the same time. Steamed and fried dumplings are still in a period of rapid growth. They have made great efforts in prefabricated vegetables and baking. The revenue of prefabricated vegetables in 21 years is more than 14 million yuan (year-on-year + 34%). Baking and Ruixing cooperate to open the new tea market, and will cooperate with HEMA and others one after another.
Investment advice
Considering the accrual of equity incentive, the net profit attributable to the parent company in 22-23 years is reduced by 16%. It is estimated that the company's EPS in 22-24 years is 1.19/1.50/1.91 yuan, corresponding to 40 / 32 / 25 times of PE, maintaining the "buy" rating.
Risk tips
Capacity expansion is less than expected / downstream catering demand recovers slowly / industry competition intensifies
