Event: the company released its 2021 performance KuaiBao. The company's annual operating income was 5.085 billion yuan, an increase of 21.32% over the same period last year. The net profit belonging to shareholders of listed companies was 1.006 billion yuan, up 22.12% over the same period last year. The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 808 million yuan, up 3.71% from the same period last year.
In the continuous recovery of tobacco label products in the past 21 years, color box products are steadily upward, and actively expand new tobacco products. In 2021, the company's sales revenue of tobacco label products reached 2.301 billion yuan, down 4.07% from the same period last year. The main reason is that the company's business in some regional markets is in a recovery period, and the price reduction of some products has affected the gross profit margin. The sales revenue of the company's color box products reached 1.136 billion yuan in 2021, an increase of 23.52% over the same period last year, mainly benefiting from seizing the opportunity to achieve rapid development in sub-categories such as middle and high-end tobacco and alcohol packaging and 3C electronic product packaging. The company's new tobacco segment achieved sales revenue of 190 million yuan in 2021, an increase of 381.16% over the same period last year. The company has made good progress in the extended layout of the industrial chain, customer expansion and capacity construction. In a single quarter, Q4 achieved revenue of 1.435 billion yuan, an increase of 21.5% over the same period last year and 19.38% month-on-month growth, the highest level of revenue in a single quarter in recent years. Q4 achieved a net profit of 189 million, an increase of 16.9% over the same period last year. We believe that the company's quarterly orders and revenue have shown a gradual recovery and rising trend, while the company continues to consolidate the leading advantages of the cigarette label, it continues to improve the product structure and operating efficiency, and is expected to continue to improve the comprehensive competitiveness and market share of the tobacco label and large packaging business in the future. At the same time, continue to increase investment in the new tobacco plate extension layout, continue to develop new technology products and introduce new customers, is expected to become a new profit growth point of the company.
Comprehensive layout of the card position of the new tobacco core supply chain to create the second pole of growth!
1) atomized supply chain: in the post-regulatory era, it is expected to benefit from the increase in the concentration of the upstream and downstream of the industrial chain. With the gradual landing of domestic e-cigarette regulation, it will have a significant impact on the concentration of upstream and downstream private enterprises. The company's atomization sector is technology-driven, and its revenue scale has increased rapidly in recent years; the company's in-depth layout from smoke oil, atomization equipment, brands to overseas channels is expected to significantly benefit from the development dividend of increased atomization market concentration in the future.
2) HNB supply chain: actively cooperate with China Tobacco Channel R & D to expand the depth of technology and service categories. In 2018, it established a joint venture subsidiary with Yunnan China Tobacco to research and develop layout heating non-combustible appliances; the subsidiary Jinjia Technology provides new tobacco smoking equipment research and development, production and other services for Yunnan, Guizhou, Guangxi, Shanghai, Henan and other China Tobacco customers.
At the same time, it is proposed to increase investment in Changyi Technology and Jiaju Electronics, which is expected to benefit from the supply of flavors, new materials and heating appliances in heated unburnt cigarette bombs; in addition, by holding Hengtian Commerce, we will create a comprehensive platform for overseas trade services for the tobacco industry, form a comprehensive service system from the research and development and manufacture of tobacco products to the trade and export of cigarette products, and strengthen the depth of services and the stickiness of cooperation.
Investment advice: according to the company's performance, KuaiBao, we fine-tune the company's revenue of 50.8 trillion in 2021-23 (the previous value is 53.6max 67.65), and the net profit is 17.8 billion (1.09, 14.2) billion.
Taking into account the company's active position in the new tobacco supply chain, maintain the "buy" rating.
Risk hint: industrial policy risk, new product market development risk, raw material price rise risk, business development risk, cooperation or investment process is not as expected; performance KuaiBao is the preliminary measurement result, the specific financial data is subject to the company's disclosure annual report.