\u3000\u3 Ping An Bank Co.Ltd(000001) 215 Zhengzhou Qianweiyangchu Food Co.Ltd(001215) )
Event:
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a revenue of 1.274 billion yuan, a year-on-year increase of 34.89%, and a net profit attributable to the parent company of 88 million yuan, a year-on-year increase of 15.51%. In 2022, Q1 company achieved a revenue of 348 million yuan, a year-on-year increase of 20.17%, and a net profit attributable to the parent company of 29 million yuan, a year-on-year increase of 44.78%.
Comments:
Build a large single product matrix around fried dough sticks and take multiple measures to improve profitability
In 2021, the company’s revenue of fried / baked / Steamed / cooked products increased by 26.66% / 19.1% / 39.2% / 162.11% respectively. On the basis of maintaining the advantages of large single products of fried dough sticks (the annual growth of fried dough sticks was 34.65%), the company created large reserve single products such as steamed and fried dumplings and cartoon bags, of which steamed and fried dumplings increased by 167.9% at the same time. From the cost side, the rising price of raw materials put pressure on the profit side. The company achieved the purpose of cost reduction and efficiency increase by locking the price and seeking alternative supplies, and the annual gross profit increased by 0.65%.
Prefabricated dishes have activated catering channels, and the direct marketing mode has increased significantly
The development of food and beverage prefabricated dishes business has become the strategic focus of the company. In 2021, the revenue of prefabricated dishes exceeded 14 million yuan, with a year-on-year increase of 34.35%. Based on the advantages of Qianwei in catering heavy customer channel, prefabricated dishes will maintain a strong development momentum at end B. In addition, the company also continued to strengthen the development and management of key customers. The number of key customers increased by 81 in the whole year, and the sales of direct channels increased by 51.62% year-on-year.
Profit forecast and investment rating
Based on the good performance of revenue and profit in the first quarterly report, we believe that the company has stronger ability to resist external risks in the catering supply chain industry. At the same time, considering the uncertainty of the recovery of the catering market and the pressure of raw material costs, we adjusted the revenue forecast from 2022 to 2023 to RMB 1615 / 20227 million (the original value was RMB 1674 / 2037 million), with a year-on-year increase of 26.8% / 25.46%; Adjust the net profit from 2022 to 2023 to 121 / 152 million yuan (the original value is 129 / 155 million yuan), give the revenue and net profit forecast of 2024 to 2.483 billion yuan and 200 million yuan respectively, corresponding to EPS of 1.4/1.75/2.31 yuan respectively, corresponding to PE of current stock price of 34 / 27 / 21 times respectively, give the target price of 58.8 yuan for the first time, corresponding to PE of 42 times in 22 years, and give a “buy” rating.
Risk tips
Industry competition intensifies; Risk of over reliance on key customers; Risks such as inability to digest production capacity in time.
