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Qiaqia Food (002557): Steady revenue growth and profit elasticity release

Qiaqia Food (002557): Steady revenue growth and profit elasticity release

The event company announced that 2019H1 financial report company 2019H1 achieved operating income19.

870,000 yuan, ten years +6.

02%, net profit attributable to shareholders of listed companies was 22036.

10,000 yuan, +28 a year.


A brief comment on the core new products driving Q2’s rapid growth 2019H1 companies achieve operating income19.

870,000 yuan, an increase of 6 in ten years.

02%, single Q2 realized income of about 9.

47 ppm, an increase of 11 years.


The reporting company continuously launched new products and product upgrades, and at the same time continued to increase the volume of sales in many hotspot areas, expanding the scope of offline distribution.

To be specific: The blue bag pecans in the report continued to increase in volume, sea salt sunflower seeds sold well in the northern market, and the traditional red bag series grew steadily. The brand space and market share increased to open up the growth space.Accounting for 68.

93%) realized revenue 2.

79 ppm, an increase of 14 in ten years.

29%; nut products rose most rapidly (proportion).

05%) 2019H1 achieved revenue of 13.

70,000 yuan, an increase of 39 in ten years.

83%, in addition to the traditional nut mix, launched a new daily nut product targeted at female consumers to accelerate market grabbing. “Little Yellow Bag” Nuts and Hua and Hua Marketing Co., Ltd. re-created the small yellow bag packaging and promotional videos;Revenue from other snack foods3.

38 ppm, a year-on-year decrease of 29%, which is related to the company’s strategic bias.

From the perspective of channels: The production bases in Hefei, Harbin, Baotou, Chongqing, Changsha and other places have released their production capacity, the products have been supplied nearby, and the production capacity layout has been continuously optimized. Until the end of 2018, the offline sales terminals used KA store and convenience storesMainly, the number of offline terminals exceeds 400,000.

During the same period, the Southern Region, Northern Region and Eastern Region respectively achieved revenue of 8%.

18 billion, 3.

6.1 billion, 4.

4.8 billion, an exceptionally stable growth rate (ten-year growth).

88%, 2.

65%, 8.


E-commerce channels achieved revenue in the first half of the reporting period2.

12 ppm, an increase of 62 in ten years.

08%, mainly because the company’s e-commerce logistics center project has vigorously developed online business development such as e-commerce; overseas channels achieved revenue in the first half1.

32 ppm, an increase of 22 in ten years.

46%, mainly the international market development, research and development, planting, raw materials, marketing, supply chain and other elements of internationalization.

Cost control is good, gross profit margin steadily increases H1 operating costs 13.

5.5 billion, previously +2.

55%; Q2 operating costs 6.

31 ppm, +6 a year.

The accelerated growth of Q2 operating costs matches the accelerated growth of Q2 operating income, but the H1 and Q2 operating costs subsequently increased at the same time. The main reason is that the company’s sales and production locations set up raw material production plants and sales land production plants in accordance with the nearest principle, Saving logistics costs, making the company’s main product sunflower sunflower seeds and nuts operating costs growth rate is lower than sunflower sunflower seeds and nuts operating income growth rate.
Company H1 gross profit margin 31.

82%, ten years +2.

31pct, single Q2 gross margin of 33.

40%, ten years +3.

19 points.

The nationwide layout of the company’s production base has promoted the improvement of 北京夜生活网 economies of scale. Sales are fixed to production. Mechanization and automation of production and processing have also steadily increased the gross profit margin.

Specifically, the gross profit margin of sunflower seeds is 35.

28%, ten years +0.

38pct, pulling the gross profit margin to a certain extent, and the gross profit margin of nuts in the same period 21.

26%, +5 for ten years.

54pct is the main factor driving the company’s gross profit margin increase.

The gross profit margin drove the increase in net profit, and the company with good cost control H1 achieved net profit attributable to its mother 22036.

10,000 yuan, an increase of 28 every year.

08%, net interest rate 11.

09%, ten years +1.

91pct, net profit attributable to mother for single Q2 is 10651.

830,000 yuan, an increase of 20 in ten 北京夜生活网 years.

79%, with a net margin of 11.

24%, ten years +0.

84 points.

The main objective of the increase in net interest rate is to drive the increase in gross profit margins of H1 and Q2. The restructured company has better control over expenditure expenses and contributes to certain profit growth.

Specifically, H1 sales costs 26875.

27 yuan, +9 a year.

94%, mainly due to the introduction of new products and market expansion advertising costs (10 years increase of 13).

15%) and marketing expenses (10 years increase 26.

34%) increase in sales expense ratio of 13.

52%, ten years +0.

48pct; H1 management fee 10808.

720,000, previously +5.

34%, administrative expenses rate 5.

44% every year -0.

04pct, which mainly reports the employee compensation (annual growth) brought by the increase in senior management.

74%) and office expenses (an increase of 68 per year.


In addition, the reported expenses were affected by the decrease in interest expenses during the period, and the financial expenses were -532.

630,000, refer to -134 in the first half of 2018.

A reduction of 397 thousand yuan from 397 thousand.

920,000 yuan.

Finance expense ratio -0.
27%, -0 per year.
2 points; report the increase of new product research and development efforts, research and development costs of 1298.

250,000, +36 in the past.

24%, R & D expense ratio is 0.

65%, ten years +0.

14 points.

Looking at Q2 expenses, daily star and other star products carry out advertising promotion brought by channel intensive cultivation, the increase in freight and hospitality costs, and the sales cost is 12,502.

60,000 yuan per year 19.

47%, sales expense ratio 13.

20%, ten years +0.

85pct; the impact of the implementation cost of employee stock ownership plan during the period, management costs 5736.

280,000, the management expense ratio is 6.

05%, ten years +0.

78pct; budget, increase new product R & D project expenditure in the second quarter, R & D expenses 912.

960,000, previously +46.

8%, R & D expense ratio is 0.

96%, ten years +0.

23pct; financial expenses 91.

740,000, financial expense ratio is 0.

1%, ten years +0.

6 points.

Perfect layout and perfect industry chain The company’s sunflower seed products are the absolute leader in the packaging sunflower seed industry, with a market share of 40-50%.

At the same time, the company’s product line is getting richer and richer, and it has successfully promoted Qiaqia Melon Seeds, Qiaqia is crunchy, Qiaqia is small and fragrant, Qiaqia is U-flavored, hit nuts, caramel pecan blue bag series of melon seeds, small yellow bagsJapanese nuts, yam girl yam crisps and other products.

The company implements the whole industry chain operation mode, the raw materials are directly harvested globally, and the world ‘s 9 largest nut raw material production areas are locked. Only 100% of the fresh nuts are picked in the current season. The company has 9 export-level own factories, and China’s nut production capacity is the first.

On July 1, 2019, the first factory invested and constructed overseas—the Thai factory—was successfully put into operation, and the internationalization opened a new situation.

The company’s overseas markets are centered on Thailand, the United States, Russia, Russia, and Indonesia, and it has increased the development of blank markets, focusing on organizational development and channel expansion, improving brand value, and providing a basis for the company’s strategic layout.

In the five years from 2018 to 2022, the annual employee shareholding plan will increase the number of employees and core technical personnel to benefit from the growth and development of the company, help strengthen team cohesion, and also reserve for future business development.Related talents.

Earnings forecast: The company is expected to realize revenue 46-2019-2021.

49, 51.

53, 58.

2.7 billion, net profit attributable to mothers5.

26, 6.

21, 7.

26 trillion, corresponding to EPS 1.

04, 1.

22, 1.

43 yuan / share.

Risk reminders: food safety risks, overseas operating risks, channel expansion risks, etc.