Event
Beinmei released its semi-annual report of 2022: 2022H1's revenue was 1.614 billion yuan (+ 44.0%) and its mother's net profit was 43 million yuan (+ 28.0%). In addition, the company issued the second phase of the stock option incentive plan.
Main points of investment
Income exceeded expectations, contract products dragged down gross profit margin
2022Q2's revenue was 800 million yuan (up 44%), and its net profit was 23 million yuan (20%), which exceeded expectations. The gross profit margin 2022Q2 is 37.67% (same as minus 17pct), which is dragged down by the gross profit margin of contract products. 2022Q2 net interest rate is 2.86% (same as minus 0.6pct). The net cash flow of 2022H1 operating activities was 186 million yuan (an increase of 412%), which was due to the acceleration of payback.
The contract manufacturing products have a high growth, and the volume and price of the products have risen.
From a product point of view, the revenue of 2022H1 milk powder / rice noodles / other categories is RMB 1.900.417 million, compared with the same period last year, which is + 18%, + 18% and 44%, respectively. In terms of volume and price, the total sales volume of 2022H1 is 10600 tons (same as an increase of 27%), and the tonnage price is 152,400 yuan per ton (an increase of 12%). From a sub-channel point of view, the main channels have a good performance. In addition, the company plans to grant 24.397 million stock options to no more than 263 objects at an exercise price of 4.89 yuan per share, requiring that the revenue in 2022-2024 should not be less than 35.4 billion yuan, and the net profit of returning home should not be less than 1.2 billion yuan. The trigger value is not less than 80% of the target for that year, and the income and profit are weighted equally.
Profit forecast
At present, the company is in the stage of reversal of difficulties, and the marginal improvement is accelerating. According to the China News and option incentive scheme, we slightly adjust the EPS to 0.11 EPS 0.22max 0.52 yuan in 2022-2024 (the previous value is 0.12Unix 0.17max 0.24 yuan, respectively), and the current stock price corresponds to PE times that of 44-22-9, maintaining the "buy" investment rating.
Risk hint
Macroeconomic downside risks, epidemic situation drag consumption, new product promotion is not as expected and so on.
