I. events
The company released the third quarter report of 2021, the company achieved operating income of 2.055 billion yuan in the first three quarters, an increase of 27.50%, and a net profit of 274 million yuan, an increase of 32.56%. In the third quarter, the company achieved an operating income of 693 million yuan, an increase of 10.14%, and a net profit of 78 million yuan, a decrease of 9.54%.
II. Comments
1. Revenue side: operating income reached 2.055 billion yuan in the first three quarters of 2021, an increase of 27.50%. Among them, 21Q1/Q2/Q3 realized operating income of 648 million yuan / 714 million yuan / 693 million yuan respectively, which increased by 49.69%, 29.92% and 10.14% respectively over the same period last year.
two。 Gross profit margin: the gross profit margin of Q1-Q3 sales in 2021 is 34.81%, which is the same as minus 2.77pct.
The gross profit margin of 2021Q1/Q2/Q3 sales is 38.80%, 35.92% and 29.95%, respectively.
3. Cost side: the expense rate during the 2021 Q1-Q3 period is 17.93%, which is the same as minus 2.76pct. The expense rate during the third quarter is 16.18%, which is the same as minus 4.02pct.
4. Profit side: the 2021Q1/Q2/Q3 homing net profit of the company is 0.98,0.98 and 78 million yuan respectively, with year-on-year changes of + 126.99%, + 27.17% and-9.54%, respectively.
5. Cash flow: the net cash flow of operating activities in the third quarter was 41 million yuan, with a decrease of 78.10%; the net cash flow of investment activities in the third quarter was-80 million yuan, with a decrease of 393.20%; and the net cash flow of fund-raising activities in the third quarter was 54 million yuan, an increase of 151.89%.
6. Products and channels: in terms of products, in the face of the different needs of traditional baking and new business type customers, continue to subdivide and diversify products; in terms of channels, we will dig deep into the baking market and actively expand the development of non-traditional baking markets and new forms of business.
III. Profit forecast and valuation
As a leader in baking oil industry, the company has strong technology accumulation to help products with high quality and stability. With the gradual landing of the company's frozen dough and other business production capacity, continue to plough the baking market at the same time continue to expand tea, catering and other baking new consumption scenes. Affected by the rise in the price of raw materials, the profit forecast has been adjusted. We expect the company's 21-22 net profit to be 420 million yuan / 520 million yuan (the previous value is 470.00 million yuan), corresponding to PE31X/25X, to maintain the buy rating.
Risk tips: raw material price fluctuation risk; market competition risk; overseas market operation risk.
