Ximai Food released its semi-annual report of 2022: 2022H1's revenue was 632 million yuan (up 14.55%) and its mother's net profit was 46 million yuan (down 41.82%).
Main points of investment
The impact of the epidemic caused performance fluctuations, the rise in raw materials eroded profits 2022Q2 revenue of 282 million yuan (with an increase of 11%), return to the mother of 18 million yuan (with a decrease of 32%), the performance was in line with expectations. Gross profit margin 2022H1 is 43.23% (same as minus 4pct) and 2022Q2 is 41.32% (same as minus 2pct), which is due to the rise in raw materials.
The net interest rate 2022H1 is 7.32% (same as minus 7pct) and 2022Q2 is 6.39% (same as minus 4pct). The sales cost of 2022H1 was 197 million yuan, an increase of 37%, which was due to the increase in the cost of product promotion.
The drive of compound oat is obvious, and the new products continue to bring forth the new.
In terms of products, the revenue of 2022H1 pure oatmeal / composite oatmeal / cold oatmeal is RMB 2.31 billion, compared with the same period last year. The growth of composite oatmeal is relatively large, which is the trend of high-speed growth of oat + series products. The sales of cold oatmeal decreased greatly as a result of entering the rest period. At present, the company actively promotes a series of new products, such as organic big oatmeal, oat +, high fiber oat bran, grain health powder, etc. By the end of 2022H1, a total of 16 projects have been developed and upgraded and 34 new SKU products have been launched.
Profit forecast
We continue to be optimistic about the company's layout of cold food and expect to improve in the second half of the year. According to the China report, we slightly adjust the EPS to 0.45, 0.56, 0.56 and 0.87 in 2022-2024 (the previous value is 0.54, 0.70, 0.87 respectively), and the current share price corresponds to the PE of 30-25-20, maintaining the "buy" investment rating.
Risk hint
Macroeconomic downside risks, epidemic drag on consumption, the promotion of new products is not as expected, the promotion of cold food is not as expected, the volume of excess passengers is reduced, and so on.