Yantang Dairy (002732) Company Express: New Plant Expected to Reveal Profitability

Yantang Dairy (002732) Company Express: New Plant Expected to Reveal Profitability

Event: The company released a semi-annual report and realized operating income during the reporting period6.

99 trillion, +13 for ten years.

85%; net profit attributable to mother is 0.

67 ppm, +57 a year.

06%; realized basic profit income of 0.

42 yuan.

At the same time, the company expects that the net profit return to motherhood will be zero from January to September.

94-1.

Between 23 trillion, the annual growth range is 45% -90%.

  Key points of investment The production and operation of the new plant has been streamlined, and performance has grown significantly.

In the first half of the year and the first three quarters of this year, the company’s profits exceeded the average level of the previous period, mainly due to the end of the overall relocation of the production functions of the old factory. The production and management chains of the new factory have gradually been rationalized after running in to achieve the stable release of capacity.Improve operational efficiency.

In terms of categories, liquid milk / fancy milk / lactic acid bacteria beverage / ice cream ice cream achieved revenue2.

26/2.

05/2.

47/0.

110,000 yuan, an increase of 23 in ten years.

12% / 2.

27% / 13.

75% / 50.

22%, the ordinary white milk series maintained a steady growth, and the lactic acid bacteria beverage continued to be the company’s largest proportion of revenue.

  In the second quarter, fee control increased efficiency, driving profitability to pick up.

Selling expenses in the first half of the year.

25 trillion, selling expense ratio 17.

85%, a decrease of 0 every year.

62 pct, lower than the medium-term sales expense ratio for the same period in the past three 天津夜网 years; management expense ratio 5.

12%, the yield dropped sharply to 9.

71%, mainly due to the report that the gradual input tax increases to the payable extension reduction, reducing taxes and surcharges.

Overall boosted net profit margin to 9.

85%, ten years +2.

60pct; net profit in the second quarter was 13.

58%, an increase of 9 percentage points month-on-month, and the profitability rebounded; conversion, the gross sales difference in the second quarter was 20.

61%, an increase of 8pct from the previous month, which indicates that the company has reduced the promotion efforts of buying gifts and promoted a relatively high quality increase in revenue.

  Both “intensive farming” and “horizontal extension” are equal, and the development outside the province has achieved initial results.

Realizing operating income in the province6.

85 ppm per year.

02%, the main revenue comes from the Pearl River Delta region. Through the five channels of dealers, franchised stores, supermarkets, milk delivery stations, and machine groups, the establishment of integrated marketing has been transformed. The deep cultivation of channels has brought many reports in the Pearl River Delta region.

85% growth and 35.

42% product gross margin.At the same time, starting from 2015, online e-commerce platforms have been developed. In recent years, e-commerce’s self-operated channels have significantly increased revenue.

Significant progress has been made in the development of markets outside the province, and the report states that the markets outside the province realized revenue of 1389.

80,000 yuan, +78 a year.

42%, of which in the Hainan market achieved close to 50% sales growth.

  Investment suggestion: The company has always adhered to the development strategy of “intensive farming in Guangdong, focusing on South China, and moving towards the whole country”, opening up the industrial chain model of upstream ranch-midstream milk source production-downstream marketing network, and gradually increasing operations with the release of productionEfficiency and scale are expected to gradually expand.

We predict that the company’s annual revenue from 2019 to 2021 will be 0.

81, 1.

01 and 1.

27 yuan.

Return on net assets were 13.

3%, 15.

3% and 17.

4%, give the recommendation to increase holdings -A.

  Risk warning: product quality issues, new plant capacity releases are not up to expectations, market demand is weak, and expansion outside the province is not expected