Events:
The annual report of ancestral shares: in 2020, the company achieved operating income of 1.225 billion yuan, an increase of 16.94% over the same period last year, and a net profit of 101 million yuan, an increase of 12.01% over the same period last year. In the fourth quarter, the company achieved operating income of 334 million yuan, an increase of 12.06% over the same period last year, and a net profit of 24 million yuan, down 18.63% from the same period last year.
Main points of investment:
The growth of fresh bean products is steady, and the regional expansion is gradually carried out. In 2020, the company realized operating income of 1.225 billion yuan, an increase of 16.94% over the same period last year, a net profit of 101 million yuan, an increase of 12.01% over the same period last year, and a non-net profit of 94 million yuan, an increase of 14.60% over the same period last year.
From a product point of view, the growth of fresh bean products is steady, the epidemic affects breakfast, and the income of plant protein drinks is under pressure. In 2020, the operating income of fresh bean products / plant protein drinks / leisure bean products reached 824,000,000 yuan respectively, accounting for 67.23%, 13.72% and 5.88%, respectively, and the growth rate was 13.72% 5.88%, respectively, compared with the same period last year.
28.95% / (- 15.57%) / 2.9%, of which sales increased by 26.50% / (- 15.35%) / 0.23% respectively over the same period last year. From a sub-regional point of view, Zhejiang / Jiangsu / Shanghai / other regions realized operating income of 8.04 million yuan respectively, accounting for 65.65%, 18.66%, 11.81%, 3.57% and 11.20%, 28.81%, 23.93%, 57.14%, respectively, year-on-year growth of 11.20%, 28.81%, 23.93%, 57.14%, respectively, and a year-on-year increase of 11.20%, 28.81%, 23.93% and 57.14%, respectively. The number of dealers in Zhejiang / Jiangsu / Shanghai / other regions in 2020 is 730Universe 401Universe 1991112, respectively, and the number of new dealers in 77Universe 51Universe 70Universe is 31 respectively.
The revenue target for 2021 is positive, and profits are under pressure from rising short-term raw material prices. In 2020, subsidiary Anji achieved operating income of 660 million yuan, an increase of 19.71% over the same period last year, but the increase in net profit was only 0.42%, mainly due to the increase in the purchase price of raw materials soybeans. In the first quarter of this year, soybean prices remained high, and the company's soybean raw material costs accounted for relatively high, which had a certain impact on profits. In the first quarter of 2021, the company achieved revenue of 304 million yuan, an increase of 8.62% over the same period last year, and a net profit of 12 million yuan, down 47.37% from the same period last year.
The revenue target of 2021 is positive, and the company's revenue target for 2021 is 15% year-on-year growth.
Profit forecast and investment rating: the company's homing net profit from 2021 to 2023 is expected to be RMB 1.09 141pm respectively, and the corresponding PE is 42.72pm 32.92 / 28.80 times respectively. Short-term high soybean prices put pressure on the company's profits, but the company's fresh soybean products business growth is steady, and in Jiangsu, Zhejiang and Shanghai region has a certain brand influence, regional expansion is advancing steadily. Long-term optimistic about the expansion space of soybean products industry and the increase of concentration of brand bean products enterprises, and the increase of market share of fresh bean products with ancestral shares. Maintain the overweight rating.
Risk tips: the rise of raw materials is higher than expected, food safety problems, economic development is not as expected, and the company's operation is not as expected.
