\u3000\u3 China Vanke Co.Ltd(000002) 304 Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a total operating revenue of 25.35 billion yuan, a year-on-year increase of 20.14%; The net profit attributable to the shareholders of the listed company was 7.508 billion yuan, a year-on-year increase of 0.34%; The net profit deducted from non parent company was 7.373 billion yuan, with a year-on-year increase of 30.44%. In 2022, Q1 company achieved a total operating revenue of 13.026 billion yuan, a year-on-year increase of 23.82%; The net profit attributable to the shareholders of the listed company was 4.985 billion yuan, a year-on-year increase of 29.07%; The net profit deducted from non parent company was 4.898 billion yuan, with a year-on-year increase of 28.53%. Performance exceeded expectations.
In the 21st year, the company actively adjusted and the revenue growth exceeded expectations. In the past 21 years, the company achieved a revenue of 25.35 billion yuan, of which medium and high-grade liquor / ordinary liquor achieved a revenue of 21.521/3.118 billion yuan respectively, with a year-on-year increase of 21.95% / 16.05% respectively. The increase in the proportion of high priced liquor such as dream 6+ has driven the ton price of Baijiu business to increase by 2.66% year on year, and the gross profit margin of Baijiu has increased by 2.60pct over the previous year. In terms of subregions, the revenue in the province was 11.801 billion yuan, an increase of 18.12% year-on-year. The market in the province grew steadily and the leading position was stable; The revenue outside the province was 13.55 billion yuan, a year-on-year increase of 21.95%, accounting for 53.45%, an increase of 0.80 PCT over the previous year. In 2021, the company had 2950 distributors in the province, with a net decrease of 166, and 5192 distributors outside the province, with a net decrease of 743. The main reason for the change in the number of distributors is that the company focuses on the creation of strategic leading products and optimizes the structure and layout of distributors based on the principle of being close to business, securing business and supporting rich business. On the expense side, the company’s sales expenses / management expenses in the past 21 years increased by 36.12% / 5.84% year-on-year respectively. The salary of employees in the sales expenses increased significantly, with a year-on-year increase of 64.92%, mainly due to the increase in the salary of salespeople and the increase in the number of salespeople. Affected by the profit and loss of changes in fair value, the net interest rate decreased by 5.83pct year-on-year, but the net interest rate deducted from non attributable parent increased by 2.30pct year-on-year.
22q1 has a good start and a good momentum of development. Q1 company’s revenue was 13.026 billion yuan, a year-on-year increase of 23.82%, and the growth rate was higher than expected. The company has orderly promoted the return of channel profits after the replacement of Dream Blue M6 +, m3 crystal version and sky blue. The new version of sea blue is expected to be listed in May, which will further stabilize the basic market of the company. In addition, the company continued to promote the strategy of Yanghe + Shuanggou double famous liquor, build the second growth pole, and provide a new growth engine for successfully achieving the goal of revenue growth of more than 15% in 22 years.
Su liquor leader actively adjusted and achieved remarkable results, maintaining the “buy” rating. M6 + occupies the new high price segment, and M3 crystal version basically has a firm foothold, superimposed with active and promising management. It is expected that the company will achieve a revenue of 30.337/35.491/41.2 billion yuan in 22-24 years, with a year-on-year increase of 19.67% / 16.99% / 16.09%; The net profit attributable to the parent company was 9.525/11.530/13.820 billion yuan, with a year-on-year increase of 26.87% / 21.05% / 19.86%; The corresponding PE is 25.16/20.79/17.34x, maintaining the “buy” rating.
Risk warning: the sub high-end competition in the province is intensifying; Sauce wine impact; M6 + channel promotion is not as expected
