Anjing Foods (603345): Revenue growth accelerated significantly after deduction of non-profit profitability remained stable

Anjing Foods (603345): Revenue growth 武汉夜生活网 accelerated significantly after deduction of non-profit profitability remained stable

Investment Highlights: Event: The company released its semi-annual report for 2019, achieving operating income of 19H123.

36 ppm, an increase of 19 years.

93%, realizing near profit to mothers1.

65 ppm, an increase of 16 in ten years.

04%, net profit after deducting non-return to mother’s1.

49 ppm, an increase of 20 in ten years.

7%; 19Q2 achieved operating income of 12.

390,000 yuan, an increase of 25 in ten years.

07%, achieving net profit attributable to mother 1.

00 ppm, an increase of 13 in ten years.

85%, net profit after deduction is 0.

90 ppm, an increase of 18 years.


  Earnings forecast and estimation: The revenue performance in the second quarter was slightly higher than expected, and the performance basically met expectations, maintaining the 2019-21 revenue 杭州桑拿 forecast49.

3, 56.

8, 65.

1 billion, an increase of 15 each year.

7%, 15.

2%, 14.

6%, maintaining the forecast of net profit attributable to mothers in 2019-213.

2, 3.

8, 4.

500 million, an increase of 17 each year.

1%, 18.

3%, 20.

3%, corresponding EPS is 1.

38, 1.

63, 1.

96 yuan, the current sustainable corresponding PE for 2019-20 is 36, 30x, maintaining the level of increase.

  The release of new production capacity has helped to accelerate the growth of revenue. The impact caused by the swine fever incident has been better digested. Accelerating volume of alternative products: 19Q2 company’s revenue increased by 25.

07%, an increase of 10 from the previous month.

46 points. As new production capacity is gradually released, the swine fever incident may affect digestion. The company’s initiative to adjust its product structure has significantly improved its revenue growth rate.

Looking into the second half of the year, as the company raised prices twice in 18H2 due to cost pressure considerations, the revenue base is relatively high. It is expected that the revenue growth rate will improve compared with Q2, but will remain at a faster level.

In terms of products, the company’s noodle products, meat products, surimi products, and substitute products achieved revenue in 19Q2.

37, 3.

04, 4.

63, 1.

32 ppm, an increase of 18 years.6%, 15.

6%, 31.

4%, 46.

2%, of which flour products continue to maintain rapid growth, is expected to benefit from the new capacity allocation in multiple places; meat products revenue growth rate increased by 19 from Q1.

9%, the emotional impact caused by the swine fever event has been better digested; surimi product income growth has increased by 15 from Q1.

3%, which is expected to be related to the company’s top choice for product promotion; the revenue growth of alternative products increased by 23 from the previous quarter.

8%, ushering in accelerated volume, the company is optimistic about the development space of the catering upstream industry chain, the establishment of a business unit to adopt an asset-light operation model to accelerate the layout, and gradually develop into a business sector with a substantial volume of hot pot materials in the future, with long-term growthIt is expected to continue to maintain rapid volume in the future.

  Profitability after deduction is relatively stable. Actively adjust raw material and product structure to cope with cost pressure: 19Q2 company’s gross profit margin 24.

70%, falling by 1 every year.

64pct, the impact of rising costs in major categories is expected, but the company responded by optimizing the raw material structure and product structure at the same time, and the overall cost pressure was under control;

09%, a decline of 0 every year.

8pct, the decrease was lower than the decrease in gross profit margin, mainly due to the contraction of expenses.

2Q19 company sales expense ratio 10.

23%, down by 1 every year.

23pct is expected to be related to the company’s initiative to adjust expenses to optimize the use efficiency after the cost of raw materials has risen.

From the perspective of the cost structure, the advertising expenses, sales promotion fees and entrance fees of the 19H1 sales expenses are -1 per year.

6%, +7

9%, which are significantly slower than revenue growth. Against the background of rising industry costs, companies can ensure relatively stable profitability through the contraction of expenses.

On the whole, although the company faces certain cost pressures every year, it can still better absorb the cost pressures and maintain relatively stable profitability through flexible adjustment of product structure and cost direction without excessive operation.