\u3000\u3 Shengda Resources Co.Ltd(000603) 043 Guangzhou Restaurant Group Company Limited(603043) )
In 2022q1, the company realized a revenue of 747 million yuan (+ 11.51%), a net profit attributable to the parent company of 525 million yuan (+ 10.36%), and deducted a net profit not attributable to the parent company of 507 million yuan (+ 13.23%), eps0.5% 09 yuan. During the period, quick-frozen food took the lead, with a revenue of 273 million yuan (+ 27.66%), a year-on-year increase of 22% / 21.5% compared with 2021q3 / Q4. The revenue of other products and commodities was 235 million yuan (- 11.29%), and the main categories were dim sum and pastry gift boxes. It was the rebound of the epidemic in Guangzhou and Shenzhen during the Spring Festival, and the reduction of personnel mobility affected the sales of gift boxes. Catering revenue of 218 million yuan (+ 26.14%) was mainly due to the consolidated performance of 6 Haiyue taoju stores. The revenue of moon cake series was 7.9819 million yuan (- 2.26%), and the revenue in the off-season decreased slightly.
The construction of dealer channels has increased, and the growth rate outside Guangdong Province is bright. In terms of sales channels, the direct sales revenue was 371 million yuan (+ 13.88%), and the distribution revenue was 363 million yuan (+ 8.73%); There was a net decrease of 11 dealers in Guangdong Province, a net increase of 6 outside the province, a net increase of 1 overseas, and a net decrease of 4 overall dealers. In terms of regions, the revenue in Guangdong Province is 612 million yuan (+ 10.6%), the revenue outside Guangdong Province is 113 million yuan (+ 15.94%), and the overseas revenue is 09 million yuan (+ 2.71%).
The gross profit margin increased by 1.02pct to 30.31%, and the overall cost rate increased slightly by 0.53pct to 18.34%. The sales expense rate is 9.49% (+ 0.7pct), the management expense rate is 9.22% (- 0.16pct), the R & D expense rate is 2.19% (+ 0.06pct), and the financial expense rate is – 0.38% (- 0.01pct).
Profit forecast, valuation analysis and investment suggestions: as the production base continues to be put into operation and the capacity bottleneck is gradually solved, the food business will continue to thicken the company’s performance, stabilize brand development, smooth systemic risks in the catering industry and make efforts to prepare vegetables. From the perspective of channel scale, the company gradually goes out of Guangdong, deeply cultivates Dawan district and radiates across the country, and the proportion of online revenue continues to increase. We expect the company’s EPS from 2022 to 2024 to be 1.16 1.39 1.7 respectively, corresponding to the company’s closing price of 23.48 yuan on April 27, and PE from 2022 to 2024 to be 20.3 16.9 13.8 respectively, maintaining the “overweight” rating.
Risk warning: risk of rising food raw material prices; The impact of the epidemic on the catering industry exceeded the expected risk
