\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 132 Chongqing Brewery Co.Ltd(600132) )
Event: the company achieved a revenue of 3.833 billion yuan in 2022q1, a year-on-year increase of 17.12%; The net profit attributable to the parent company was 341 million yuan, a year-on-year increase of 15.33%; The net profit attributable to the parent company after non deduction was 335 million yuan, a year-on-year increase of 15.47%.
The sales volume grew strongly and the average price continued to rise. In 2022q1, the company achieved 794200 kiloliters of beer sales, with a year-on-year increase of 11.70%. Compared with the industry’s output in the first quarter, the company’s sales increased strongly, mainly due to the continuous expansion plan of big cities. The average price of 2022q1’s beer business increased by 4.65% year-on-year to 4735 yuan / kiloliter, maintaining a steady upward trend, mainly benefiting from the company’s continuous promotion of high-end strategy and a series of effective price raising measures since the second half of last year. In terms of grades, high-end, mainstream and economic beer in 2022q1 achieved revenue of 1.374 billion yuan, 1.991 billion yuan and 395 million yuan respectively, with a year-on-year increase of 24.04%, 13.17% and 12.84% respectively. Among them, the growth of high-end beer is the fastest and the high-end continues to be promoted, mainly due to the continuous expansion of big city plans and the continuous expansion of Wusu brand outside Xinjiang. In terms of regions, the northwest, central and southern regions achieved revenue of 1.196 billion yuan, 1.661 billion yuan and 904 million yuan respectively in 2022q1, with a year-on-year increase of 13.96%, 20.68% and 14.13% respectively. Central region grew rapidly, mainly because the epidemic situation in central region was well controlled in March.
The gross profit margin was under slight pressure, and the expense rate remained stable. The operating cost per ton of wine of 2022q1 company increased by 5.22% year-on-year to 2525 yuan / kiloliter, mainly due to: (1) with the continuous expansion of the plan of big cities, the freight cost per ton of wine increased; (2) The prices of raw materials and packaging materials increased year-on-year. In 2022q1, the gross profit margin of the company decreased by 0.18 PCT to 47.68% year-on-year. The ratio of sales, management, R & D and financial expenses of 2022q1 company increased by + 0.61, -0.79, -0.07 and -0.30 PCT to 13.71%, 3.40%, 0.58% and – 0.19% respectively year-on-year. On the whole, the cost ratio during the period was well controlled. In 2022q1, the corporate income tax rate increased by 6.46 PCT to 26.18% year-on-year, mainly due to the favorable impact of using part of the company’s losses through major asset restructuring in 2021q1. At present, the company has steadily promoted tax optimization, and it is expected that the annual income tax rate will be lower than the level of 2022q1. Overall, in 2022q1, the net profit margin of the company returned to the parent after deducting non profits decreased by 0.12 PCT to 8.74% year-on-year.
Profit forecast: benefiting from the continuous big city strategy, under the background of the repeated negative impact of the epidemic on the industry, the company achieved strong growth in sales against the trend and highlighted the growth attribute of the company. The company has achieved remarkable high-end results. Although the short-term night show and other channels are affected by the epidemic, Wusu has grown into a large single product of nearly one million tons. At the same time, the company has many potential high-end single products such as 1664 and summer fun, and the high-end results are expected. We expect that the company’s revenue from 2022 to 2024 will be 15.790 billion yuan, 18.175 billion yuan and 20.444 billion yuan respectively, the net profit attributable to the parent company will be 1.403 billion yuan, 1.766 billion yuan and 2.165 billion yuan respectively, and the EPS will be 2.90, 3.65 and 4.47 yuan respectively, corresponding to 44 times, 35 times and 28 times of PE, maintaining the “buy” rating.
Risk warning events: repeated global epidemics and slowdown of global economic growth; Food safety risks; Decline in sales due to irresistible factors; The deterioration of market competition has brought unexpected promotional activities
