\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 132 Chongqing Brewery Co.Ltd(600132) )
Matters:
The company released the first quarterly report of 2022 and realized an operating 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%; Deduct the net profit not attributable to the parent company of RMB 335 million, a year-on-year increase of + 15.47%.
Ping An View:
Q1's performance growth was benign, and the high-end was steadily promoted. Thanks to the active market strategy during the new year and Spring Festival, 2022q1 company still achieved good growth despite the impact of covid-19 epidemic in some regions in March. In 2022q1, the company sold 794200 tons of beer, with a year-on-year increase of + 11.70%, and the price per ton was 4826 yuan / ton, with a year-on-year increase of + 4.90%. In terms of high-end products, the revenue of high-end products continued to increase by 1.394 billion yuan / points, and the revenue of high-end products continued to increase by 1.294 billion yuan / points, respectively. The growth rate of high-end products is the fastest, mainly due to the plan of big cities and the growth of Wusu outside Xinjiang; The growth of mainstream products comes more from optimizing product market and distribution.
The profitability is stable, and the fluctuation of income tax rate affects the net interest rate. According to the comparable standards of the new accounting standards, the company achieved a gross profit margin of 47.68% in 2022q1, a year-on-year increase of -0.18pcts, and the profitability of the products remained relatively stable. The sales / management / financial expense ratio was 13.71% / 3.40% / - 0.19% respectively, compared with the same period last year + 0.61 / - 0.79 / - 0.30pcts. The net interest rate was 17.87%, with a year-on-year increase of -0.96 PCTs, which was mainly affected by the company's income tax rate of + 6.5 PCTs to 26.2% year-on-year.
Non current drinking channels were arranged to make up for the impact of the epidemic, and the revenue of all regions achieved double-digit growth. In terms of channels, the company actively arranges o2o, community group purchase, e-commerce and other modern non current drinking channels to provide consumers with more purchase convenience and make up for the impact of the epidemic on current drinking channels. In 2022q1, the wholesale agency channel achieved a revenue of 3.746 billion yuan, a year-on-year increase of + 17.05%; The revenue of direct selling (including group purchase) channels was 14 million yuan, a year-on-year increase of - 15.55%. At the end of 22q1, the company had 3096 dealers, 416 less than that at the end of 21. Recently, in areas seriously affected by the epidemic, the company actively launched group purchase channels to effectively solve the distribution problems concerned by consumers. In terms of subregions, the revenue of each region has achieved double-digit growth. Among them, the revenue of the central region accounted for the largest proportion and the fastest growth. The revenue of 22q1 central region was 1.661 billion yuan, a year-on-year increase of + 20.68%; The revenue of Northwest / South District was 1.196904 billion yuan respectively, with a year-on-year increase of + 13.96% / + 14.13%.
Investment suggestion: Although the short-term epidemic and cost disturbance still exist, the company is expected to maintain a good momentum of high-end + nationalization. We maintain the company's profit expectation. It is expected that the company's net profit from 2022 to 2024 will be 1.463 billion yuan, 1.840 billion yuan and 2.248 billion yuan respectively, and EPS will be 302 million yuan, 3.80 million yuan and 4.64 yuan respectively, corresponding to PE of 41.8x, 33.2x and 27.2x respectively on April 28, maintaining the company's "recommended" rating.
Risk warning: the nationalization of USSR is not as expected; 1664 promotion is not as expected; The cost of raw materials and packaging materials of barley exceeds the expectation; Industry demand is less than expected; Industry competition intensifies; Food safety risks.
