\u3000\u3 China Vanke Co.Ltd(000002) 991 Ganyuan Foods Co.Ltd(002991) )
Event: the company released 21 annual reports and 22 quarterly reports. In 2021, the company realized an operating revenue of 1.294 billion yuan, an increase of 10.38% and a net profit attributable to the parent company of 154 million yuan, a decrease of 14.29%. 22q1 achieved an operating income of 320 million yuan, a decrease of 5.19% and a net profit attributable to the parent company of 23 million yuan, a decrease of 45.30%.
Revenue side: ① quarterly, Q1 / Q2 / Q3 / Q4 company achieved revenue of 338 million yuan / 206 million yuan / 312 million yuan / 438 million yuan respectively in 2021, with a year-on-year change of 38.84% / - 16.61% / 2.71% / 15.81%. ② In terms of channels, the revenue of dealer model was 1.074 billion yuan, an increase of 7.32%, accounting for 82.97% of the total revenue. ③ Sub products: the revenue of green pea series was 332 million yuan, an increase of 6.32% at the same time, accounting for 25.67% of the main business revenue; The revenue of melon seed kernel series was 234 million yuan, with a decrease of 7.59%, accounting for 18.07% of the main business revenue; The revenue of broad bean series was 208 million yuan, with a decrease of 6.54%, accounting for 16.07% of the main business revenue; The revenue of comprehensive nuts and beans and fruits was 295 million yuan, an increase of 43.51% at the same time.
Cost side: 1) the company's expense rate during 22q1 was 23.73%, with a year-on-year decrease of 0.85pct. The increase of expense rate during 22q1 was mainly due to the slight increase of sales and management expense rate; During 2021, the expense rate was 21.02%, a year-on-year decrease of 0.69pct. ① Sales expense rate: the company's 2021 sales expense rate was 16.06%, a year-on-year decrease of 1.42pct. After excluding the impact of accounting standard adjustment, the sales expense rate in 21 years was 19.89%, a year-on-year increase of 2.41pct, mainly due to the increase of various inputs such as ladder media advertising and e-commerce live broadcasting expenses; ② Management expense ratio: the company's 21 management expense ratio was 4.56%, with a year-on-year increase of 0.74pct. ③ Financial expense ratio: the financial expense ratio of the company in 2021 was - 0.77%, a year-on-year decrease of 0.61pct, mainly due to the increase of interest income received and accrued from raised funds. 2) The gross profit margin of the company in 21 years was 35.10%, a year-on-year decrease of 4.98 PCT, and a year-on-year decrease of 1.46 PCT after excluding the impact of logistics expenses on operating costs; The company's 22q1 gross profit margin was 34.85%, a year-on-year decrease of 4.38pct.
Profit side: the net profit attributable to the parent company of 21q1-q4 was 41 million yuan / - 04 million yuan / 40 million yuan / 76 million yuan respectively, and the net profit attributable to the parent company for the whole year of 21 was 154 million yuan, a decrease of 14.29% at the same time; The net profit attributable to the parent company of 22q1 was 23 million yuan, a year-on-year decrease of 45.30%. The decline of the company's net profit mainly comes from the rise in the price of raw materials such as the external environment.
Product side: Based on the high-quality technology R & D team, the company establishes an efficient R & D system guided by market demand, and makes improvement and innovation in variety, taste and packaging. New flavors such as crab roe flavor, mustard flavor, salted egg yolk flavor, table stewed meat flavor and sauce beef flavor have been developed, and a series of new products such as flavor nuts, flavor peanuts, baking, puffing and crispy have been developed.
Channel end: in terms of offline channels, the terminal covers a wide range and has strong penetration ability. It has 2594 dealers, a net increase of 156 compared with 20 years, including 651 trial dealers, 1943 formal dealers, 377 new dealers and 249 fewer dealers. Terminal stores realize multi-level coverage from core business circle to circulation stores. With the investment attraction of the company in the first quarter and the spring sugar fair, the scale of the company's distribution channel is expected to be further expanded in the future.
Investment suggestion: the company also issued the employee stock ownership plan. The company will assess the performance in the next three years. The target growth rate of income and profit is 20% / 56% / 103% over the next three years. At present, the company's channel strategy has been upgraded, the cost investment efficiency has been improved, and the product matrix has been continuously formed. The income and profit after the epidemic is expected to enter a rapid rising channel. We estimate that the net profit attributable to the parent company from 2022 to 2023 is 186 / 241 million yuan (the previous value is 193 / 264 million yuan), and the corresponding PE is 22x / 17x respectively. Maintain a "hold" rating.
Risk warning: repeated epidemic risk; Insufficient consumption power of residents; Business risks of the company; Food safety risk
