【行业研究报告】中炬高新-2022年年报点评：业绩符合预期，静待23年改善

InvestmentThesis
◼JonjeeHi-Tech(JH)released2022annualreport,whichwasinlinewiththe
preannouncement.JH’srevenueandrecurrentprofitwereRmb5.341bn(yoy+4.41%)
andRmb0.556bn(yoy-22.5%)respectivelyin2022,andRmb1.39bn(yoy-18.7%)and
Rmb0.15bn(yoy-57.9%)respectivelyin22Q4.
Rmb0.15bn(yoy-57.9%)respectivelyin22Q4.
◼Risingcostsandexpandingexpensesputpressureontheprofitability.Thegross
marginofMeiweixianFlavoringFoods(MWX)-2.7pctsYoYto30.7%in2022dueto
therisingcosts,ofwhichsoybeanprice+9.3%YoYin2022.In2022,the
selling/management/R&D/financeexpenseratioofMWXwas+0.8/+0.4/-0.1/-0.6pct
YoYrespectively.Expandingexpensesismainlyduetotheissuanceofsubsidiesand
bonuses.MWX’snetprofitmargin-2.1pctYoYto11%in2022.
◼Soysaucerevenuegrewsteadily,butedibleoilrevenuegrewslowly.In2022,the
revenueofsoysauce/chickenpowder/edibleoil/othercondiments+7%/9.2%/1.9%/9.3%
YoYtoRmb3030/600/500/770mnrespectively;thepriceofsoysauce/chicken
powder/edibleoil/othercondiments+1.8%/3.6%/11%/4.9%YoYrespectively.Soysauce
revenuegrewsteadily,butedibleoilrevenuegrewslowlyduetotherisingprice.
◼JHtookmultiplemeasurestodevelopchannels.In2022,JH’srevenuefrom
eastern/southern/central&western/northernregions+0.8%/7.0%/11.2%/12.6%YoYto
Rmb1130/2040/1010/710mnrespectively.Therevenuefromeasternregiongrewslowly
duetothepandemicshock.JHfollowstheguidelineof"stabilizingKA,developingBC,
boostingsecondarydistributors,expandingcateringcustomers,andboostingonline
channels".In2022,JHachievedanetincreaseof301distributorswith68.12%/93.47%
ofdevelopmentrateofdistricts&counties/prefecture-levelcities.
◼WeexpectJHtogrowsteadilyin23Q1andJH’schanneltocontinuouslyexpandin
2023.Thepandemicimpactdiminishedafter2023SpringFestival.WeexpectJHto
growsteadilyin23Q1andJH’schanneltocontinuouslyexpandin2023.JHisvery
likelytoachieveanetincreaseofmorethan200distributorsin2023.
◼EarningsForecast&Rating:Wemaintainthe“Outperform”rating.Considering
thatthechannelsneedtimetorecover,werevisedown2023/2024earningsforecast.We
expectthatJH’revenuewill+6%/10%/12%YoYtoRmb5.7/6.3/7.0bn(previousforecast
Rmb6.0/6.7/-bn)in2023/2024/2025respectively,andnetprofitwill+201%/25%/20%
YoYtoRmb0.60/0.75/0.90bn(previousforecastRmb0.80/0.97/-bn)in2023/2024/2025
respectively,withcorrespondingP/Eat49/39/33xin2023/2024/2025respectively.
◼Risks:Fluctuationinrawmaterialprices,intensifiedmarketcompetition,foodsafety
issue,less-than-expecteddemand.
PriceMovement
-18%