Zhongjugao (600872): Steady growth of condiment business takes shape in China

Zhongjugao (600872): Steady growth of condiment business takes shape in China

The investment summary showed high growth, but the growth rate in the second half of the year narrowed. Zhongju Hi-tech achieved revenue 41 in 2018.

66 ppm, an increase of 15 in ten years.

4%; realize net profit attributable to shareholders of listed companies.

07 million US dollars, a year-on-year increase of 34%, an important narrowing of the growth rate from 61% in the first half of the year, mainly due to the high base in the third quarter of last year, and the typhoon weather in the third quarter of this year caused a decrease in shipments, which led to the third quarter ofFlat.

Initial budget benefit is 0.

76 yuan, the performance is slightly lower than our expectations5.

About 6%.

Return on statutory net assets 18.

07%, an increase of 2 per year.

86 units.

The company’s proposed dividend is 0.

23 yuan, dividend payout ratio of 30%.

38.
The condiment business grew steadily. The oyster sauce and cooking wine performed well. The company’s condiment segment maintained steady growth, and the delicious fresh food gradually realized revenue.

500 million, an increase of 10% in ten years.

Among the different product lines, the two major categories of soy sauce and loquat powder have grown steadily; edible oils in small categories have grown rapidly, and oyster sauce and cooking wine businesses have performed well.

Soy sauce revenue increased 8% to 25 in ten years.

900 million, sales increased by 7.

8%, unit price increased slightly.

The income of 鶏 refined 鶏 powder reached 4.

400 million, an increase of 7 previously.

24%, sales increased by 7 per week.

27%, the unit price is basically flat.

Edible oil revenues increase by 16% to 3 per year.

200 million, sales rose 23% year-on-year, unit price is reduced.

Oyster sauce revenue increased significantly by 42% to 1.

400 million, sales increased by 39%, unit price increased slightly.

Cooking wine revenue and sales rose by 69% and 75% to 0, respectively.

5.8 billion and 9986 tons.

Commercial housing sales for junior companies have increased significantly by zero each year.

74 million, bringing about an increase in operating income of the real estate and services industry by approximately 1.

5 times to 1.

2.6 billion, also increased performance.

The expense ratio and cost ratio have disappeared, and the overall change has not changed. In 2018, the company’s gross profit margin decreased slightly by 0.

16 up to 39.

1%, mainly due to the rapid growth of oyster sauce, edible oil, cooking wine and other low gross profit products, and rising raw material prices.

Due to the small scale, the company ‘s gross profit margins for oyster sauce, sauces, vinegars and cooking wines are only half that of its peer Haitian Flavor Industry. It is expected that the new capacity in Yangxi base will be gradually put into operation in the future, and the scale effect will gradually expand.
Selling expense ratio decreased by 1.
The total of 46 was mainly due to the expected growth rate of freight and business expenses, and the decrease in investment in advertising costs.
The management expense ratio was basically the same, and the financial expense ratio decreased by zero.

The 37 units mainly repay part of the bank loans in the current period, and the loan interest expenses decreased accordingly.

The company’s control expenses increased production efficiency to some extent offset the cost growth impact.

Channel construction has been steadily advancing. Companies with a large-scale nationwide layout continue to vigorously develop sales channels, adding 18 blank prefecture-level cities and 178 dealers (90/88 in the first and second half of the year), and the total number of dealers has reached 864.The city’s development and reconstruction accounted for 77%, and the preliminary layout of export channels was completed.

From the perspective of regional market development, in 2018, the condiment income in the east, south, central and western and northern regions increased by 10%, 8%, 12%, and 18% respectively. The revenue in the central and western regions and the northern region increased, and the gross profit margin in the eastern region increased better.It is in line with the company’s regional development strategy of “steadily developing the southeast, focusing on improving the north and the north, accelerating the development of the southwest, and gradually advancing the northwest.”

It is expected that the number of dealers of the company will reach 1,000 by the end of 2019, and preliminary recommendations for full coverage of prefecture-level cities will be completed. According to the annual report, the company’s real estate business will have 90,000 square meters of commercial housing for sale in 2019, and the inventory will reach 2.

30,000 square meters, is expected to continue to increase performance.

The company is currently working hard to break through from the second echelon of the industry, move closer to the first echelon, and advance to 2023 with sales revenue exceeding 10 billion.

青岛夜网We believe that China’s condiment industry is entering a new phase of steady growth, structural adjustment, upsizing and upsizing, the company’s combined brand advantages, expansion of scale and expansion of pipelines, and capital assistance. It will continue to benefit from consumption upgrades in the future.

We expect the company’s 2019/2020 earnings to be zero.

93, 1.

14 yuan, with a target price of 37.

3 yuan corresponds to 40/33 times the expected price-earnings ratio for 2019/2020, which is 8 compared with the current price.

A potential increase of about 2%, maintaining the level of law enforcement overweight.

(Current price: April 16th) Risks New business progress Progressive expectation of falling product prices Raw material growth