Yangtze River Business Daily reporter Huang Cong
The product has been upgraded to "high quality + high cost performance above low cost", and the performance of Yanjin Shop continues to grow.
Recently, Yanjin Shop (002847. According to the 2023 annual report, the company achieved operating income of 4.115 billion yuan, a year-on-year increase of 42.22%, and net profit of 506 million yuan, a year-on-year increase of 67.76%.
A reporter from the Yangtze River Business Daily found that compared with the operating income of 2.894 billion yuan in 2022, the operating income of Yanjin Shop in 2023 will directly cross the 3 billion level, entering a new high of 4 billion threshold. At the same time, the company's net profit and non-net profit are also the best in history.
On the same day, Yanjin Shop released a performance forecast for the first quarter of 2024, showing that the company expects a net profit of 150 million yuan to 170 million yuan, a year-on-year increase of 34.48% to 52.41%.
According to Yanjin Shop, the prices of some raw materials such as eggs and oils fell in the first quarter, and the company's overall production cost declined.
It is worth mentioning that in 2024, the company is expected to pay a dividend of 294 million yuan, and the cumulative cash dividend since its listing in February 2017 will reach 1.241 billion yuan, which is about 4 times the amount of 283 million yuan raised in its IPO.
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Debt ratio reduced to 49.07%
Yanjin Shop is a modern manufacturing enterprise integrating R&D, production and sales of snack food, and its main products include seven categories, including spicy marinated snacks, potato snacks, deep-sea snacks, and leisure baking.
On the evening of April 16, Yanjin Shop released its 2023 annual report, showing that the company achieved operating income of 4.115 billion yuan, a year-on-year increase of 42.22%, a net profit of 506 million yuan, a year-on-year increase of 67.76%, and a non-net profit of 476 million yuan, a year-on-year increase of 72.83%.
A reporter from the Yangtze River Business Daily found that compared with the operating income of 2.894 billion yuan in 2022, the operating income of Yanjin Shop in 2023 will directly cross the 3 billion level, entering a new high of 4 billion threshold. At the same time, the company's net profit and non-net profit are also the best in history.
After the transformation and upgrading in 2021, the scale effect of Yanjin Shop will gradually appear from 2022, and the company's products will gradually upgrade from "high quality + high cost performance under high cost" to "high quality + high cost performance above low cost".
From 2021 to 2023, the return on net assets of Yanjin Shop will be 18.14%, 30.65% and 38.92% respectively, an increase of -34.25%, 68.96% and 26.98% year-on-year, respectively, and has increased for two consecutive years. During the same period, the company's asset-liability ratios were 57.56%, 53.23% and 49.07%, respectively, decreasing year by year.
In mid-September 2023, Yanjin Shop released the second phase of the restricted stock incentive plan (draft) in 2023, and the company-level performance assessment is for three fiscal years from 2023 to 2025, all of which require that the growth rate of operating income in 2023 shall not be less than 25% and the growth rate of net profit shall not be less than 50% in 2022, the growth rate of operating income in 2024 shall not be less than 56%, and the growth rate of net profit shall not be less than 95%, and the growth rate of operating income in 2025 shall not be less than 95% , and the net profit growth rate is not less than 154%.
Yanjin Shop exceeded the assessment target for 2023.
Acquired an 11% stake in Yanjin E-commerce
Entering 2024, the growth momentum of Yanjin Shop will continue.
On the evening of April 16, Yanjin Shop released a performance forecast for the first quarter of 2024, showing that the company's net profit reached 150 million yuan to 170 million yuan, a year-on-year increase of 34.48% to 52.41%, and the non-net profit was 130 million yuan to 150 million yuan, a year-on-year increase of 32.18% to 52.51%.
Judging from the growth rate, Yanjin Shop has laid a good foundation for completing the annual assessment target in the first quarter.
According to Yanjin Shop, in the first quarter, in addition to maintaining the advantages of the original KA and AB supermarkets, the company focused on the development of e-commerce, snack mass merchandisers, CVS, campus stores, etc., and worked together through all channels to promote the rapid development of large single products such as quail eggs and leisure konjac.
From January to March 2024, the prices of some raw materials such as eggs and oils have fallen, and the company's overall production costs have decreased.
In order to improve operational efficiency, Yanjin Shop has also opened an acquisition model.
On March 27, Yanjin Shop announced that after friendly negotiation with the partnership of spicy marinade players, the company intends to use its own funds of 24 million yuan to acquire 11% of the shares of Yanjin e-commerce held by it, and the shareholding ratio will increase from 83% to 94% after the completion of the acquisition, and Yanjin e-commerce is still included in the company's consolidated financial statements.
Under the performance of the big increase, Yanjin Shop plans to pay a cash dividend of 15 yuan (tax included) for every 10 shares, and increase 4 shares for every 10 shares to all shareholders at the equity premium in the capital reserve, with an estimated total dividend of 294 million yuan, accounting for 58.15% of the net profit.
According to the data, from 2016 to 2022, the cash dividends (including share repurchases) of Yanjin Shop accounted for 28.95%, 37.73%, 35.17%, 50.09%, 114.62%, 152.16% and 100.24% of the net profit of the current period respectively.
If the latest distribution plan is successfully implemented, the cumulative cash dividend of Yanjin Shop since its listing in February 2017 will reach 1.241 billion yuan, about four times the amount of funds raised in its IPO of 283 million yuan.
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