Ancestral shares 2021 annual report and 2022 quarterly report: in 2021, the company achieved revenue of 1.34 billion yuan, year-on-year + 9.1%, to achieve a net profit of 56 million yuan, year-on-year-44.8%. In the first quarter of 2022, the company achieved revenue of 340 million yuan, + 11.1% compared with the same period last year, and realized a net profit of 8 million yuan,-37.1%, compared with the same period last year.
It is proposed to pay a dividend of 1.5 yuan for every 10 shares.
Demand resilience is strong, and the expansion of areas outside the province has become a new bright spot. In 2021, the company achieved revenue of 1.34 billion yuan, compared with the same period last year, + 9.1% Q4 achieved 374 million yuan, and Q1 continued to grow in 2022 compared with the same period last year, and + 11.1% compared with the same period last year. The company guarantees and supplies the "vegetable basket" of the people's livelihood, and the fresh products themselves have the attribute of rigid demand, and the performance has maintained steady growth. In 2021, the revenue of fresh soybean products reached 890 million yuan, + 8.5% compared with the same period last year, with strong demand resilience, and the revenue of plant protein drinks reached 209 million yuan, + 24.39% compared with the same period last year. The increase in growth is due to the recovery of consumption scenes affected by the epidemic, such as breakfast. and the expansion of bottled soy milk to "raise yourself" brings a certain increase. From a sub-regional point of view, Zhejiang / Jiangsu / Shanghai / other parts of China have achieved 64.1% 18.7% 12.0% 12.0% of 4.8% of revenue, respectively, compared with the same period last year, which is + 6.6%, 9.4%, 11.0%, 45.5%, respectively. Channel expansion outside Zhejiang contributes to a new increase in performance, while laying out the Shanghai and Anhui markets, covering other parts of the country through mergers and acquisitions and building factories has also become an important focus of the company in the future. From the point of view of the sales model, distribution / merchant super / direct sales account for 64.6%, 23.8%, 11.6%, respectively, compared with the same period last year, + 11.8% /-7.1%, respectively. In the future, we will focus on direct sales channels such as catering and group meals on the basis of maintaining the advantages of distribution channels.
The short-term rise in soybean prices squeezed profit margins, and the expense rate remained relatively stable. Profits fell by 44.8% in the past 21 years, mainly due to the high base of the epidemic in the past 20 years, the company ensured the supply of people's livelihood, and achieved high-speed income growth, while fee-side high-speed toll relief, social security reduction, water and electricity price reduction and other common release profit space; while the 21-year relief policies were cancelled, soybean procurement costs and energy prices have risen sharply. In 2021, the company's gross profit margin is 26.1%, compared with the same period last year. The gross profit margin of 22Q1 is 23.9%, which is 23.9% compared with the same period last year. The decline in gross profit margin is mainly due to the increase in the purchase price of soybeans. At present, the increase in soybean prices has decreased significantly, and H2 is expected to usher in a marginal decline.
In 2021, the company's period expense rate was 20.6%, year-on-year-1.41pct, in which the sales / management / R & D / financial expense rate was 14.6%, 4.8%, 0.7%, 0.4%, and 20.7%, respectively, compared with the same period last year-2.2pct.
Income in 22 is expected to accelerate again, and the expansion of soybean acreage is expected to lead to an increase in profit margins. Looking forward to 2022, the company is expected to achieve double-digit growth, mainly due to (1) at the regional level, increasing marketing efforts in Shanghai and Anhui, which account for a relatively low proportion. (2) at the channel level, focus on the development of catering and group meal business to achieve B-end volume; further sort out the farmers' markets and wholesale markets in Jiangsu, Zhejiang and Shanghai to encrypt terminal sales outlets; supermarket channels are doubly squeezed by new retail and community convenience stores, and the scale will be expanded with the opening pace of new retail in the future. (3) at the product level, the SKU is streamlined on the basis of more than 400 items at present to achieve large-scale development. It is expected that the follow-up net interest rate will improve marginally, mainly due to: (1) the cost decline, and the market price of soybeans in China from January to April is basically the same as the previous year, + 3.4% compared with the same period last year, and the growth rate is significantly slower than that of 2020Universe 2021 + 18.1% Universe. With the expansion of soybean acreage in Northeast China and Inner Mongolia, soybean prices are expected to decline marginally in H2. (2) Price increase: the company raised the price of drinks by 15% Mel 20% on November 15, 2021, and drinks accounted for 15.6% in 21 years. The release of price increase dividend is expected to increase profits for 22 years.
Mergers and acquisitions + construction of factories in different places to promote the national layout, Wuhan factory "the next city". The ancestral name already has a certain brand awareness in the Yangtze River Delta, and it is also realizing the national layout through mergers and acquisitions and the construction of factories in different places. (1) mergers and acquisitions, the company acquired a bean products factory in Yangzhou in 2008, which has formed a revenue scale of nearly 100 million, and will focus on the relocation of the Yangzhou factory in 2022. In 2021, it reached an equity investment with Nanjing Guoguo and Guizhou Longyuansheng. At present, it has assisted it to upgrade its digital management, and sent production and sales personnel to help improve quality control and strengthen market expansion. It is expected that in the follow-up, the "Yangzhou experience" will be copied again to achieve rapid expansion in North China, the Pearl River Delta and other large cities in the mainland. (2) to build a factory in other places, the company built an Anji factory in 2010, equipped with high-end production lines in Japan, and became the company's most important production base. In March, we jointly built a Wuhan factory with the government of Xia Jing Kai District of the Wuhan River to expand the "next city".
Investment suggestion: in 2022-2024, the company is expected to achieve revenue of 15.48 million yuan, 17.68 million yuan, 16.5%, 0.58%, 14.2%, 16.5%, 0.58, 0.88, and 0.17 million yuan, respectively, and + 4.0%, 52.5%, 32.6%, respectively, and the corresponding PE is 51X/33X/25X.
Taking into account the steady development of the company's main business, and the performance growth potential brought about by remote expansion, maintain the "recommended" rating.
Risk tips: rapidly rising costs, less than expected expansion in other places, food safety risks, and so on.
