事件：公司发布22 年年报，全年公司实现总营收53.41 亿元（yoy+4.41%），归母净利润-5.92 亿元（yoy-179.82%），扣非归母净利润5.56 亿元（yoy-22.50%）；其中，22Q4 实现总营收13.85 亿元（yoy-18.71%），归母净利润-10.11 亿元（yoy-369.42%），扣非归母净利润1.53 亿元（yoy-57.95%）。
调味品营收稳健增长，全国营销网络持续下沉。营收方面，公司22 年实现营收53.41 亿元（yoy+4.41%），其中美味鲜子公司实现营收49.55 亿元（yoy+7.30%），公司调味品业务增速稳健。（1）按产品分，调味品业务营收48.88 亿元（yoy+7.07%），其中酱油/鸡精鸡粉/食用油/其他调味品分别实现营收30.25/5.96/4.99/7.68 亿元，分别占调味品营收的61.89%/12.19%/10.21%/15.71%，同比增速分别为7.01%/9.18%/1.87%/9.32%。（2）按地区分，东部/南部/中西部/北部区域调味品营收分别为11.33/20.41/10.06/7.09 亿元，在调味品营收中占比分别为23.18%/41.75%/20.57%/14.50%，同比增速分别为0.77%/7.01%/11.23%/12.58%，中西部和北部区域增速亮眼。截至2022 年底，公司经销商数量超2003 家，在全国地级市开发率达93.47%，区县市场累计开发率为68.12%，全国营销网络持续下沉。利润方面，公司受工业联合诉讼一审判决影响，于22 年计提预计负债11.78 亿元是造成公司业绩亏损的主要原因，若剔除该影响公司22 年归母净利润5.86 亿元（yoy-21.02%）。
原料成本上涨压制毛利率，期间费用率提升。22 年公司毛利率31.70%（yoy-3.17pcts），主要系原材料采购单价上涨。22 年公司期间费用率18.17%（yoy+1.42pcts），其中销售费用率8.85%（yoy+0.79pcts），主要系销售人员薪酬支出增加及业务费用增加；管理费用率6.06%（yoy+1.09pcts)，主要系本年发放稳岗补贴及计提绩效奖金增加、管理人员薪酬支出同比增加所致；财务费用率-0.08%（yoy-0.47pcts），主要系本年美味鲜本期无银行贷款，同比利息费用支出减少，存款利息收入增加所致。22 年公司归母净利率-11.08%（yoy-25.58pcts），盈利能力承压。
投资建议：公司是全国性调味品龙头，主业在局部疫情、原材料上涨、诉讼纠纷等影响下保持稳健增长。展望2023 年，公司预计将加快新品开发筹备节奏，加速开拓空白市场。我们预计公司2023-2025 年营收分别为59.12/65.93/72.59亿元，同比增长10.7%/11.5%/10.1%，归母净利润分别为6.51/7.69/9.00 亿元，同比增长209.9%/18.1%/17.1%，当前股价（3 月21 日收盘价）对应PE 分别为43/36/31X，维持“谨慎推荐”评级。
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.