Haitian Flavor Industry (603288): Growth Emerging New Five-Year Plan Continues Optimistic
Event: The company released its annual report and achieved operating income of 170 in 2018.
3.4 billion, +16 a year.
8%, net profit attributable to mother 43.
600 million, +23 a year.
Among them, Q4 achieved operating income of 43 in a single quarter.
2 ‰, +15 per year.
6%, net profit attributable to mother 12.
30,000 yuan, an annual increase of +24.
At the same time, the company plans to distribute a cash dividend of 9 for every 10 shares.
8 yuan (including tax).
The “two five” goals were completed as scheduled, and the quality of the development indicators was balanced.
1. 2018 is the year in which the company’s “second five” plan ends. The company successfully achieved the ambitious goal of “rebuilding a sea sky in five years and doubling its operating income”.
The 2018 performance is more based on volume growth. It is expected that the medium growth rate will contribute 15%, and the ton price increase will contribute about 1%. On such a high mass base, rapid volume growth can still be achieved, indicating that the growth is of high quality.
2. In terms of products, the three core products, soy sauce, soy sauce and oyster sauce, all maintained stable development, increasing by 15 respectively.
55%, 26%: Soy sauce has comprehensively promoted product structure upgrades and intensive cultivation of channels, maintaining stable and rapid growth. The focus of soy sauce for 18 years has been on product structure optimization and channel adjustment, consolidating the foundation for subsequent development, and oyster sauce has effectively captured the nationalization and residents.Consumer development opportunities continue to strengthen the leading edge.
3. In terms of regions, the east, south, middle, north and west regions increased by 15 respectively.
6%, 18%, 13.
8%, all achieved balanced growth of more than double digits.
The company continues to cultivate intensively under the existing comprehensive channel network covering the whole country, deepening mature markets, strengthening penetration in weak markets, increasing marketing network density, and strengthening channel and terminal competitive advantages.
Mature markets continue to promote product structure upgrades, and weak markets, such as the western market, continue to accelerate penetration, with an eye-catching growth rate of over 20%.
The company actively expands online channels, and its e-commerce revenue is +45 per year.
6% to 2.
900 million, at the same time accelerate the overseas market layout and go international.
Product structure optimization + intelligent manufacturing, gross profit margin continued to increase, and profitability reached a new level.
1. With the continuous promotion of product structure upgrades and intelligent 深圳桑拿网 manufacturing, the company’s ton price continued to increase, the ton cost continued to fall, and the overall gross profit margin of the food manufacturing business increased.
21pp to 48.
Subsequent companies will accelerate the transformation and upgrade of intelligent manufacturing, accelerate the value pull of the production, supply and marketing business chain, and promote the improvement of overall operating efficiency and the benign cost reduction.
2. In terms of expense control, each increase in sales expenses +14.
3%, mainly because the company increased brand building and market share, focused on brand assets and assets, expanded brand advantages, continued to promote Haitian’s reputation in the core consumer group, the overall sales expenses were properly controlled, the decline was 0.
29pp to 13.
13%杭州桑拿; management costs +19 per year.
75%, it is mainly committed to talent introduction, optimizing the talent structure, and R & D expenses continue to increase (+22.7%), to ensure the continued competitiveness of products.
Through refined management, the company achieved benign growth in its indicators, and its net profit margin increased by 1%.
42pp to 25.
6%, ROE reached 34.
06%, profitability hit a record high again.
The industry leader has obvious advantages. The release of production capacity overlaps with the expansion of categories, which is optimistic about the company’s continued high growth.
As the absolute leader in the condiment industry, the company’s brand image, product quality, channel construction and refined management are industry benchmarks. The strong comprehensive advantages create barriers that can be avoided. In the future, it will remain strong and continue to strengthenLeader level.
Through the release of Jiangsu production capacity, the company will continue to maintain a sustained and stable development trend and expand its leading edge in soy sauce, sauces, and oyster sauce.
19 years is the beginning of the company’s third five-year plan. The company will go all out to achieve the planning goal of 16% revenue and 20% profit, and its performance is highly certain.
At the same time, the company uses Haitian’s platform and advantageous resources to continuously develop and cultivate new categories such as cooking wine, vinegar, and compound sauces to create a comprehensive condiment giant.
The expansion of new categories will lead to sustained high growth in performance, and it is optimistic to build another “haitian” in the third five years.
Profit forecast and rating.
It is estimated that the revenue for 2019-2021 will be 198 trillion, 229 trillion and 265 trillion, respectively, and the net profit attributable to mothers will be 52 respectively.
600 million, 6.3 billion, 74.
1 trillion, three-year compound growth rate of 19.
3%, EPS is 1.
95 yuan, 2.
33 yuan, 2.
74 yuan, corresponding to the dynamic PE of 39 times, 32 times, 27 times, maintaining the “buy” level.
Risk warning: sharp fluctuations in raw material prices; weak industry demand; food safety risks.