Zhongju Hi-tech (600872) 2018 Annual Report Review: Steady Growth Achievement Goal “Double Hundred” Strides Forward
Investment Highlights: Event: The company released the 2018 annual report, and the company achieved operating income of 41 in 2018.
66 ppm, an increase of 15 in ten years.
43%, achieving net profit attributable to shareholders of the parent company.
07 million yuan, an increase of 34 in ten years.
Of which 18Q4 achieved operating income of 10.
02 ppm, an increase of 13 in ten years.
77%, net profit attributable to mothers1.
22 ppm, an increase of 23 in ten years.
The company intends to distribute cash 苏州桑拿网dividends to all shareholders for every 10 shares2.
3 yuan (including tax), send out the cash bonus list 1.
The initial performance is stable and good, oyster sauce, cooking wine, and edible oil increase faster.
The company’s condiment business segment, which accounted for 92% of the revenue in 2018, achieved revenue of 38.
1.7 billion, an increase of 10 in ten years.
Soy sauce, chicken powder and edible oil accounted for 97% of the three main products.
90 ‰, an increase of 9 in ten years.
12%, sales increased by 7.
81%; income from chicken powder and chicken powder4.
43 ppm, a ten-year increase of 7.
24%, sales increased by 7.
27%; income from cooking oil3.
21 ppm, an increase of 15 in ten years.
93%, sales increased by 23.
19%; and oyster sauce, cooking wine business achieved rapid growth, respectively achieved 1.
400 million, 0.
Income of 580,000 yuan, an increase of 41 in ten years.
With the launch of the third phase of Yangxi Kitchen and the first phase of Yangxi Delicious Fresh, it is expected that the income of soy sauce will increase steadily in the future, and the growth rate of edible oil, cooking wine and vinegar income will further accelerate, becoming a new driving force for the company’s revenue growth.
Rising upstream raw material prices have resulted in a slight increase in gross profit, and fee control has pushed up the net interest rate.
In 18 years, the company’s main products unexpectedly increased their prices significantly, while the prices of upstream raw materials rose, and the company’s overall gross profit margin declined slightly.
15pct with a gross profit margin of 39 for one year.
The company’s net interest rate has increased for 3 consecutive years, and the net interest rate for 18 years has reached 16.
35%, up 2 every year.18pct, mainly due to the decrease in sales expenses and management expenses. The company has significantly reduced its staff in 18 years, reducing production / sales staff by 36% / 12%, increasing research and development personnel by 31%, and adjusting the staff structure.The proportion of sales expenses decreased by 1 every year.
46 points, the proportion of management expenses decreased by 3.
02pct. Considering that the company is in the development period of expanding the channel layout nationwide, it is expected that the proportion of sales expenses will improve in the future.
The current management costs are in line with Haitian’s expectations.
21pct’s downside, transforming the company gradually to private, performance management is constantly optimized, management costs will continue to decline, and promote the increase in net interest rate.
The growth rate in the northwest is fast, and the layout of catering has achieved initial results.
In terms of different regions, the revenue growth rate in the central and northwestern regions is faster, reaching more than 12%, while the revenue growth rate in mature eastern and southern regions is within 10%. The company has steadily developed the southeast coast, focusing on enhancing the northeast and northeast markets.Accelerate the development of the southwest region and gradually advance the northwest market “as the channel development program, adding 18 blank cities, the gradual development rate of prefecture-level cities has reached 77%, 178 new dealers have been opened, and the number of dealers has expanded to 864.And the sinking of third- and fourth-tier cities has always stayed space.
In terms of terminal channels, the proportion of catering services has increased from 20% to 25% at the beginning. As the company’s catering promotion efforts continue to increase, the proportion will continue to increase.
Developed land is initially recognized for revenue, with a substantial increase in penetration, and the value of the land is conservatively 3 to 4 billion.
The company’s real estate business realized income 1.
270,000 yuan, an increase of 155 in ten years.
56% was mainly due to the partial recognition of sales revenue of Huijing Oriental Real Estate.
The company has existing stock 2.
340,000 square meters of commercial housing, there will be 1 in the first half of 19.
The market opened at 80,000 square meters, and actual business income for the whole year of 19 is expected to increase significantly each year.
In addition, the company has 1600 acres of developer land in the Qijiang New Town area and the north side of Zhongshan Station. However, it cannot be developed due to unregulated regulations, which will accelerate the construction of the Guangdong-Hong Kong-Macao Bay Area.The advantages of real estate development, in the long run, the real estate business will continue to generate revenue for the company. We conservatively estimate the value of this land is 3 to 4 billion.
The change of the actual controller confirms that Baoneng will merge and improve productivity through system transformation.
The board of directors was re-elected in October 18, and Baoneng Department occupied the majority of seats. On March 21, 19, the company announced that it confirmed that the actual controller was changed to Yao Zhenhua, confirming that Zhongju officially entered the era of Baoneng actual control.
Air Force companies have been reduced to their state-run systems, with relatively conservative operations and reduced management efficiency.
After the formal takeover of Baoneng, the conservative operating style is expected to change, and the operating efficiency will be further improved.
The company’s per capita income in 18 years was 89.
450,000 yuan, an annual increase of 11.
39%, with Haitian generating 332 per capita income.
570,000 is still a long way off.
As the company continues to grow in size and the salary structure and incentive policies are initially optimized, per capita income generation is expected to increase significantly.
The “Double Hundred” goal is expected to exceed 10 billion in revenue and 20 million tons of production and sales in 2023. The nationwide layout will be steadily advanced and export business will be started.
The company’s annual report puts forward the “double hundred” goal. The goal is to achieve endogenous development and supplemented by outbound mergers and acquisitions to achieve health food revenues of over 10 billion and annual production and sales of over 1 million tons within 5 years from 19-23.
At present, the company’s production capacity is about 48 pounds. The second and third phases of Yangxi Kitchen State are expected to be gradually released in 23, and Yangxi Delicious Fresh 65 can be gradually put into production. It is expected that the production and sales volume will exceed one million tons in 2023.
In order to ensure the smooth release of production capacity, the company has continuously strengthened channel integration and started export business during the year, cooperating with foreign traders such as Canada and Peru.
With the initial improvement of the channel and the successful release of millions of tons of production capacity, it is expected that the revenue target of 10 billion will be exceeded in 2023.
Profit forecast and investment rating: It is expected that the company’s operating income from 2019 to 2021 will be 49.
4.8 billion, 59.
4.2 billion, 72.
65 ppm, an increase of 18 years.
26%; net profit attributable to mothers is 7, respectively.
7.4 billion, 9.
94 ppm and 12.
0.94 million yuan, an increase of 27 in ten years.
13%; Maintain “Highly Recommended” rating.
Risk warnings: 1. The prices of upstream raw materials fluctuate greatly; 2. The downstream demand is less than expected.