\u3000\u3 Ping An Bank Co.Ltd(000001) 215 Zhengzhou Qianweiyangchu Food Co.Ltd(001215) )
Event overview
In 2021, the company realized an operating revenue of 1.274 billion yuan, a year-on-year increase of + 34.89%; The net profit attributable to the parent company was 88 million yuan, a year-on-year increase of + 15.51%; Deduct 86 million yuan of net profit not attributable to the parent company, a year-on-year increase of + 47.14%; EPS 1.25 yuan. In the first quarter of 2012, the operating revenue was 348 million yuan, a year-on-year increase of + 20.17%; The net profit attributable to the parent company was 29 million yuan, a year-on-year increase of + 44.78%; Deduct the net profit not attributable to the parent company of 24 million yuan, a year-on-year increase of + 24.16%.
Analysis and judgment:
High growth of large single products and simultaneous development of direct sales and distribution
The company's revenue increased by 34.9% in the past 21 years, which not only benefited from the market increment brought by the acceleration of catering chain and the structural increment brought by the cost reduction and efficiency increase of catering, but also more importantly, the company continued to cultivate its internal skills, improve its customer service ability, create large single products such as fried dough sticks and steamed dumplings, and continuously enrich the supply of products.
In terms of products, the company's revenue from frying / baking / cooking / dishes and other categories was RMB 660 million / 223 million / 256 million / 130 million respectively, with a year-on-year increase of + 26.66% / + 19.10% / + 39.20% / + 162.11% respectively. All sub categories showed good growth, among which the sales of large single products such as fried dough sticks / steamed and fried dumplings / Pastry were + 34.65% / + 167.87% / + 29.98% respectively year-on-year. Steamed and fried dumplings more than doubled due to the company's increased R & D and promotion efforts; In addition, the company's 21-year income from prefabricated dishes was more than 14 million, a year-on-year increase of + 34.35%. In the future, the company will continue to explore the field of layout of prefabricated dishes. In terms of distribution mode, the company's direct sales / distribution revenue was 511 million yuan / 759 million yuan respectively, with a year-on-year increase of + 51.62% / + 25.35% respectively. The direct sales channel established a long-term cooperative alliance with core customers, and Yum China, Haidilao, Wallace and other large B customers all grew well; And continuously develop new customers. In the past 21 years, some catering enterprises with good growth and great development potential were incorporated into the management system, and the number of major customers increased to 168, a year-on-year increase of + 93.1%; The company's distribution channels mainly cover small and medium-sized catering customers, and the number of dealers has reached 968. It focuses on customers in the scenes of breakfast, group meal and takeout. The scale of distribution business continues to increase with the growth of the number of dealers and the expansion of sales network. In terms of subregions, the revenue of the North / south area of the company is + 21.01% / + 41.76% year-on-year respectively, and there are 508 / 460 dealers. Later, with the production capacity of Wuhu put into operation, the scale of the two regions will continue to expand.
22q1 company continued to maintain steady growth. Despite the impact of the epidemic, we believe that thanks to the company's strong customer service ability and anti risk ability, as well as the continuous development of new customers, the revenue of steamed and fried dumplings, baking and other products increased by 20.2%.
The increase of gross profit margin promoted the improvement of main business profits, and the deduction of non parent net profit increased significantly
On the cost side, the gross profit margin of the company in the 21st year was 22.36%, with a year-on-year increase of + 0.65pct. Although the prices of raw materials such as flour and soybean oil rose more, the price of pork fell more. At the same time, the company continued to promote the increase of gross profit margin by optimizing production process and improving product structure. On the expense side, the company's sales / management / R & D / financial expense rates were 3.33% / 8.43% / 0.71% / 0.38% respectively, which were + 0.05 / + 0.04 / - 0.06 / + 0.02pct compared with the same period last year. The overall change on the expense side was small and the operation was stable. Among other income items, due to the reduction of government subsidies, other income decreased from 25.76 million yuan to 1.4 million yuan, which had an impact on profits. On the whole, regardless of non recurring profits and losses, the company's main business benefited from the increase of gross profit margin and the stability of expense rate. The net profit deducted from non parent company was 86 million yuan, with a year-on-year increase of 47.14%, and the profitability of main business increased steadily; Affected by the reduction of government subsidies, the net profit attributable to the parent company increased by 15.51% year-on-year.
22q1 continued the trend of 21 years, with gross profit rate increasing by 0.41pct and expense side basically stable. The increase of government subsidies increased the net profit attributable to parent enterprises by 44.7%, the net profit attributable to non parent enterprises increased by 24.16%, and the net profit increased by 1.35pct to 8.1%.
Deeply cultivate the catering supply chain, and the growth potential can be expected
The company has deeply cultivated the catering supply chain and benefited from the general trend of catering chain, standardization and intensive supply. So far, the company has established a set of perfect catering customer service system, which can not only meet the needs of flexible supply of large customers, but also quickly enlarge the sales model through large single products. From the channel side, on the one hand, the company continues to deepen cooperation with leading enterprises in various subdivided fields to tap more needs of big B enterprises; On the other hand, actively promote the coverage of more small B customers, develop more general products according to the needs of small B customers, and accelerate the development of small B channels through dealers. On the product side, the company continues to build large single products, expand the consumption scenario and flexibility of single products through scenario research and development, cultivate more single products with billions of dollars, focus on building four core product lines, and increase the production and sales of prefabricated vegetables. The company is a rare high-quality player in the catering supply chain, especially in the field of quick-frozen rice flour products. It is optimistic that the company will continue to explore the catering supply chain demand, tap more market opportunities, and continuously expand its performance volume and market competitiveness.
Investment advice
Referring to the latest financial report, we maintain the forecast of the company's operating revenue of RMB 1.615/2.008 billion in 22-23 years, and increase the forecast of 24-year operating revenue of RMB 2.413 billion; Adjust the company's forecast of EPS of 1.40/1.86 yuan in 22-23 years to 1.32/1.71 yuan, and add the forecast of EPS of 2.27 yuan in 24 years; Corresponding to the closing price of 47.00 yuan / share on April 29, 2022, PE is 36 / 28 / 21 times respectively, maintaining the "buy" rating of the company.
Risk tips
Intensified industry competition, rising raw material prices and food safety
