\u3000\u3 Ping An Bank Co.Ltd(000001) 215 Zhengzhou Qianweiyangchu Food Co.Ltd(001215) )
Event: the company disclosed the annual report and the first quarterly report. In 2021, the operating income / net profit attributable to parent company / net profit not attributable to parent company deducted was RMB 1.274/0.88/086 billion, with a year-on-year increase of + 34.89% / + 15.51% / + 47.14%, of which the operating income / net profit attributable to parent company of 21q4 was RMB 386032 million, with a year-on-year increase of + 14.90% / + 14.63%, and net profit not attributable to parent company deducted was RMB 30 million. 22q1 operating income / net profit attributable to parent company / deduction of net profit not attributable to parent company of RMB 348 / 0.29/0.24 million, year-on-year + 20.17% / + 44.78% / + 24.16%. The slowdown of 21q4 was mainly due to the impact of high base, and the performance of 22q1 was slightly higher than expected.
Through innovation, actively expand customers, both stability and growth. In terms of products, in 2021, frying / baking / cooking / dishes and others increased by 26.7% / 19.1% / 39.2% / 162.1% year-on-year. The high growth of frying was mainly due to the income of 350 million yuan from the large single product fried dough sticks product line, a year-on-year increase of + 34.7%, and a year-on-year increase of + 43.9% after excluding a single major customer. It was mainly caused by the large volume of sales channels. The growth of cooking was large, mainly due to the high growth of pictographic pastry points. The new steamed and fried dumpling product line grew rapidly in 2021, realizing a revenue of 135 million, a year-on-year increase of + 167.87%, driving the substantial growth of dishes. In addition, according to the personalized needs of b-end customers, the company has launched corresponding prefabricated food products, such as the hu la soup cooking package provided for KFC. In 2021, the income of prefabricated food was more than 14 million, a year-on-year increase of + 34.35%. The company plans to establish a subsidiary “Henan Yuzhi food (tentative name)”, focusing on the research and development, production, promotion and sales of prefabricated food. In terms of channels, direct sales / distribution in 2021 were + 51.62% / + 25.35% respectively. If excluding the impact of the change of statistical caliber, the growth rate of direct sales and distribution channels was similar, and both achieved high double-digit growth. The main reasons were: 1) the stores of direct sales major customers accelerated the recovery and the company provided them with more new products. For example, the top five direct sales customers brought 390 million revenue, a year-on-year increase of + 38.8%; 2) Optimize the screening criteria for direct customers, actively tap the potential of new chain catering brands, and significantly increase the number of new direct customers. Yum China’s proportion in the company’s total revenue further decreased by 4.1pct To 19.3%; 3) The effect of cultivating and supporting large dealers initially appeared. In 2021, the number of sales personnel increased by + 21.7% to 213, accounting for 206 million yuan of sales of the top 20 dealers, a year-on-year increase of + 50.14%. 22q1 epidemic repeatedly affected the catering industry. The company still achieved relatively high growth, reflecting high anti risk ability and the stability of key customers. With the gradual recovery of logistics and catering, the newly developed customers and new products of steamed and fried dumplings and baking, and the accelerated penetration of fried products are expected to maintain a high growth.
The cost control ability is outstanding, the scale effect is continuously strengthened, and the profitability is steadily improving. In 2021, the gross profit rate / sales expense rate / management expense rate / net profit rate are 22.36% / 3.33% / 8.43% / 6.94% respectively, + 0.65 / + 0.05 / + 0.04 / – 1.17pct, The gross profit margin of the company has increased steadily by locking the price of raw materials, optimizing the product structure and increasing the scale effect. The decline of net profit margin is mainly due to the reduction of government subsidies and the deduction of non net profit margin + 0.6pct year-on-year To 6.7%. 22q1 sales gross profit rate / sales expense rate / management expense rate / net profit rate were 22.56% / 3.2% / 9.52% / 8.24% respectively, with a year-on-year increase of + 0.41 / + 0.08 / + 0.48 / + 1.4pct, Excluding the influence of government subsidies, the non net interest rate deducted in 22q1 is + 0.2pct year-on-year To 6.8%, profitability continued to improve.
Investment suggestion: it is estimated that the company’s EPS in 2022, 2023 and 2024 will be 1.26, 1.67 and 2.20 respectively, and the six-month target price will be 58.45 yuan, corresponding to 35xpe in 2023.
Risk tip: the epidemic situation repeatedly exceeded expectations, raw material cost fluctuations exceeded expectations, and industry competition intensified
