An overview of an event
On April 21, the company released its annual report 2010. during the reporting period, the company achieved an income of 614 million yuan, + 9.07% compared with the same period last year, and realized a net profit of 28.67 million yuan, + 44.66% over the same period last year. The net profit of non-return was 12.46 million yuan, + 162.56% of the same period last year. It is proposed to pay a cash dividend of 0.35 yuan (including tax) for every 10 shares.
II. Analysis and judgment
Sales recorded near double-digit growth, active after the epidemic, intensive farming base market to achieve good results from the sales, in 2020, the company achieved beer sales of 228,000 liters, year-on-year + 9.56%, close to double-digit sales growth is the best performance of listed companies in the industry, obviously outperform the industry market. Among them, the sales of ordinary beer reached 1321,000 liters, + 9.71% compared with the same period last year, and the sales volume of medium-and high-grade beer reached 945,000 liters, + 7.50% compared with the same period last year. After the epidemic, the company strengthened the intensive cultivation of the base market, focused on strengthening the construction and maintenance of catering channels, and achieved double-digit growth in some markets in Quanzhou, Ningde, Sanming and Jiangxi, with a growth rate of 20% in some areas of Quanzhou and Ningde. The core market position has been significantly improved, and the market share has increased against the trend. In terms of tonnage, the company's annual sales tonnage was 2640 yuan per thousand liters, a slight decrease of 0.8% compared with 19 years, mainly due to the company's more active marketing strategy throughout the year, promoting sales much better than the industry average. The company's "one wheat", "Europe Knight" and other core products account for more than 50% of sales. Sales of high-end products in small bottles were + 8% year-on-year, and sales of cans were + 16% year-on-year. From the point of view of the sales region, the company's revenue in Fujian Province / outside Fujian Province reached 455,150 million yuan respectively, which was 9.69% higher than that of the same period last year, and the market inside and outside the province maintained growth.
The operating efficiency has been significantly improved, and the profit side has a bright performance.
The company's annual gross profit margin is 25.37%,-1.50ppt compared with the same period last year, mainly due to the transfer of freight from the cost side to the cost side.
The annual expense rate was 11.57%, year-on-year-2.81ppt, and sales / management / R & D / financial expense rates were 1.30ppt, 0.40ppt, 0.67ppt, 1.10ppt, respectively, compared with the same period last year. The overall overall decline in the three fees is mainly due to Yanjing parent company strengthening the profitability assessment of its subsidiaries, and the company's operating efficiency has improved in an all-round way. From the perspective of net interest rate, the annual net interest rate of the company is 4.72%, which is + 1.25ppt compared with the same period last year, and the net profit of the company is + 163% compared with the same period last year. The company's real profitability has been continuously repaired.
III. Investment suggestions
It is estimated that the income for 21-23 will be RMB 7.07, 768, RMB 818 million, compared with the same period last year, which is + 151%, 8.6%, 6.6%, and the net profit is 0.40, 0.49, 0.55 million, 12.1%, equivalent to 0.16, 0.20, 0.22, and 67X/55X/49X, respectively, corresponding to PE, which is + 39.1%, 23.0%, 12.1% and 0.16, respectively. The valuation level of the company is 54 times higher than that of the beer sector in 2021. PE (wind consensus expectations, arithmetic average method). The performance of the company's annual report confirms our previous judgment that the company's internal cohesion and external market competitiveness are in a continuous improvement channel, and we are optimistic that the company's future operating conditions will continue to improve and maintain the "recommended" rating.
Fourth, risk tips:
The competition in the beer market in the province is intensified, the promotion of middle and high-end products is blocked, food safety problems and so on.