中炬高新(600872)2022年年报点评:调味品主业稳健增长 静侯股权问题解决

Zhongju Hi-Tech (600872) 2022 Annual Report Review: The main condiment business is growing steadily and Jinghou's equity issue is resolved

民生證券 ·  03/22  · Researches

Event: the company released 22 annual reports, the company achieved a total revenue of 5.341 billion yuan (yoy+4.41%), net profit of-592 million yuan (yoy-179.82%), deducting 556 million yuan of non-return net profit (yoy-22.50%) Among them, 22Q4 realized total revenue of 1.385 billion yuan (yoy-18.71%), net profit of-1.011 billion yuan (yoy-369.42%), and non-return net profit of 153 million yuan (yoy-57.95%).

Condiment revenue is growing steadily, and the national marketing network continues to sink. In terms of revenue, the company achieved revenue of 5.341 billion yuan (yoy+4.41%) in 22 years, of which delicious Xianzi Company achieved revenue of 4.955 billion yuan (yoy+7.30%), and the company's condiment business grew steadily. (1) according to the product, the revenue of the condiment business is 4.888 billion yuan (yoy+7.07%), of which soy sauce, chicken powder, edible oil and other condiments respectively achieve revenue of 30.25 billion yuan, accounting for 61.89%, 12.19%, 10.21%, 15.71% and 9.32% of the condiment revenue, respectively. (2) by location, the seasoning revenue of the eastern / southern / central and western / northern regions is 11.33% 20.41% and 10.06% respectively, accounting for 23.18% of the condiment revenue, 41.75% and 14.50% of the seasoning revenue, respectively, and the year-on-year growth rate is 0.77% 7.01% 11.23% 12.58%, respectively. The growth rates in the central and western regions and the northern regions are remarkable. By the end of 2022, the company had more than 2003 dealers, with a development rate of 93.47% in prefecture-level cities and 68.12% in districts and counties, and the national marketing network continued to sink. In terms of profits, the company is affected by the judgment of the first instance of industrial joint litigation, and the estimated debt of 1.178 billion yuan in 22 years is the main reason for the company's performance loss, if excluding the 22-year return net profit of 586 million yuan (yoy-21.02%).

The rising cost of raw materials suppresses the gross profit margin, and the expense rate increases during the period. In 22 years, the company's gross profit margin was 31.70% (yoy-3.17pcts), mainly due to the increase in the unit price of raw materials. During the 22-year period of the company, the expense rate was 18.17% (yoy+1.42pcts), of which the sales expense rate was 8.85% (yoy+0.79pcts), which was mainly due to the increase in sales staff salary expenditure and business expenses; and the management expense rate was 6.06% (yoy+1.09pcts), mainly due to the increase in stable job allowance and performance bonus this year, and the increase in salary expenditure for managers compared with the same period last year. The financial expense rate of-0.08% (yoy-0.47pcts) is mainly due to the lack of bank loans in this year's delicious fresh period, the decrease in interest expenses compared with the same period last year, and the increase in deposit interest income. The 22-year return net interest rate of the company is-11.08% (yoy-25.58pcts), and profitability is under pressure.

Investment suggestion: the company is the national condiment leader, and the main business maintains steady growth under the influence of local epidemic situation, rising raw materials, litigation disputes and so on. Looking forward to 2023, the company is expected to speed up the pace of preparation for new product development and accelerate the development of blank markets. We expect the company's revenue from 2023 to 2025 to be 59.12pm 65.93 / 7.259 billion, an increase of 10.7%, 11.5%, 10.1%, and a year-on-year increase of 209.9%, 18.1%, 17.1%, respectively. The current share price (closing price on March 21) corresponds to a PE of 43pm, 36pm, 31x, respectively, maintaining the "prudent recommendation" rating.

Risk tips: controlling shareholder debt risk, less-than-expected consumption recovery, macroeconomic and policy risks, food safety issues, etc.

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