20230429-华鑫证券-绝味食品-603517.SH-公司事件点评报告_2022年顺利收官_期待更好表现_5页_272kb

Summary of Just Right Food (603517SH) Financial Report

Key Financial Performance

• In 2022, Just Right Food's revenue reached 66.23 billion yuan, a year-on-year increase of 11%, while net profit after tax was 23.3 billion yuan, a decrease of 76% compared to 2021.
• For the first quarter of 2023, revenue grew by 8% to 18.24 billion yuan, and net profit increased by 54% to 13.7 billion yuan.

Important Metrics

• Gross margin was 25.57% in 2022 (decreasing by 600 basis points) and 24.30% in Q1 2023.
• Net margin was 29.30% in 2022 (decreasing by 1,200 basis points) and improved to 72.20% in Q1 2023.

Business Factors Driving Growth

• Consumption scenarios are recovering, evidenced by increased sales in key product categories and channels.
• Store expansion accelerated with 15,076 domestic stores at the end of 2022, net gains of 1,362 stores.
• Regional performance showed high growth in Southwest and Northwest areas during Q1 2023.

Investment Outlook

• The company maintains a "Buy" rating with projected EPS of 1.36 yuan for 2023, 1.78 yuan for 2024, and 2.31 yuan for 2025.
• Current PE ratios are 29 times for 2023, 22 for 2024, and 17 for 2025, supporting a positive valuation.

Risks

• Key risks include macroeconomic downturns, slower-than-expected store expansion, rising raw material costs, and other operational uncertainties.

This summary highlights the company's performance and outlook based on the latest financial data.