\u3000\u3 Shengda Resources Co.Ltd(000603) 369 Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) )
Event: the company announced that in 2022q1, the company's revenue was 2.988 billion yuan, a year-on-year increase of + 24.70%; The net profit attributable to the parent company was 1.002 billion yuan, a year-on-year increase of + 24.46%.
Key investment points
The performance is in line with expectations, and the products and core areas of special a and above have maintained rapid growth. The company's revenue was 2.988 billion yuan, a year-on-year increase of + 24.70%; The net profit attributable to the parent company was 1.002 billion yuan, a year-on-year increase of + 24.46%. In terms of products, the growth rate of TA + / Ta / class a products is + 25.60% / + 30.42% / + 9.12% respectively; The proportion of B / C / D products continued to decline, the proportion of TA + products increased to 65%, and the proportion of V series maintained a high increase. In terms of sub regions, the revenue of Huai'an / Nanjing core regions was + 17.63% / 27.08% year-on-year; The former weak Southern Jiangsu / Central Jiangsu region achieved high-speed growth, with a year-on-year increase of + 28.21% / 36.00% and + 10.57% outside the province. By the end of 22q1, the contract liabilities were 1.136 billion yuan, and there were 1051 dealers, including 415 in the province and 636 outside the province.
The gross profit margin increased steadily, the investment in publicity expenses increased, and the profitability was generally stable. The gross profit margin of sales was 74.30%, with a year-on-year increase of + 1.04pct, mainly due to the continuous optimization of product structure; The sales expense rate was 13.05%, with a year-on-year increase of + 1.20pct, mainly due to the company's more promotional activities and increased advertising investment. The overall net sales interest rate was 33.55%, with a year-on-year increase of -0.06pct, which remained relatively stable.
The fourth five year plan has been steadily carried out, the V-series has tackled difficulties, and the 14th five year plan has been steadily promoted. The improvement of the opening system is steady and powerful, and the successful introduction of the fourth founding margin Huanxin has realized the simultaneous rise of volume and price; For V series, the company continued to build new scenes of high-end appreciation meeting and V9 Experience Hall from 2021 to 2022. At the same time, it established V99 alliance, and Q1 also achieved rapid growth. The company's strategy is clear, the strategy is clear, the new chairman takes over smoothly, the company makes a smooth transition, and firmly moves towards the goal of revenue exceeding 10 billion in 2025.
Profit forecast and investment rating: the company announced the revenue target of 7.5 billion yuan in 2022 and strive for 8 billion yuan; The net profit target is 2.25 billion yuan, striving for 2.35 billion yuan. The target setting is stable and the business confidence is sufficient. We maintain the company's revenue forecast of 7.905/9.664 billion yuan in 20222023, net profit attributable to parent company of 2.475/3.083 billion yuan, revenue forecast of 11.404 billion yuan in 2024, net profit attributable to parent company of 3.708 billion yuan, EPS of 1.97/2.46/2.96 in 20222024, currently corresponding to 23 / 18 / 15 times in 20222024, and maintain the "buy" rating.
Risk tips: the marginal impact of the epidemic has increased, the consumption recovery is less than expected, and the overseas situation is further volatile
