New Dairy (002946): Steady increase in revenue, national strategy, outstanding performance of core products
Event: New Dairy released its semi-annual report and achieved a total of 27 operating income in 19H1.
100 million, an increase of 13 in ten years.
48%; net profit before and after deduction is 1 respectively.
40,000 yuan, 0.
91 ppm, an increase of ten years.
Opinion: Revenue has steadily increased, and the proportion of high gross margin low temperature products sales exceeded 60%.
The company achieved operating income of 27 in 19H1.
100 million, an increase of 13 in ten years.
48%, continued to increase steadily for 18 years.
The company’s product structure has been continuously optimized, and the proportion of high-margin and low-temperature products sales in the first half of 19 increased to 60.
99%, but the price of raw milk has risen since the beginning of this year, and the gross profit margin in 19H1 has dropped slightly by 0.
08pct to 35.
As the company strengthens its upstream control of costs and optimizes its product structure, it is expected that the gross profit margin will continue to increase in the future.
The “Fresh Strategy” strengthens brand building, marketing, and R & D, with outstanding expansion to help differentiate expansion of low-temperature products.
The company’s 19H1 returned to the mother’s net profit1.
40,000 yuan, an increase of ten years.
9%, profit growth is lower than revenue growth mainly because the company increased the marketing of low-temperature products, research and development expansion, 19H1 sales expenses, research and development investment increased by 20.
In 19 years, the company upgraded and released a new brand strategy, “The Choice of a Fresh Generation”, focusing on the development of low-temperature products. In the first half of the year, the company set up a new research and innovation center in Boston, adding a new army to the global research layout of “Four Continents and Four Countries”;Viewing programs and signing new spokespersons, revenue, and research and development are jointly involved in helping differentiated expansion of low-temperature products.
The distribution of “fresh” milk sources is stable upstream, and the nationalization strategy is steadily advancing.
During 19H1, the company strengthened the layout of upstream milk sources. In July, the company acquired Hyundai Animal Husbandry9.
28% shares. The two 10,000-head ranches in Yongchang, Gansu and Haiquan, Ningxia are also under construction according to plan, constantly optimizing the supply of milk sources to reduce costs and enhance the ability to combat the milk price cycle.
In 19H1, the company’s revenue in the Southwest, East China, and North China increased by 8 respectively.
At 07%, nationalization was steadily advancing. At the same time, in August 19th, New Dairy acquired 55% equity of Fuzhou Aoxin to accelerate the layout of the South China market and nationalize the next city.
Digital transformation is fully underway, actively expanding new retail businesses to achieve 深圳桑拿网 omni-channel coverage.
In 19 years, the company formulated the “1-654” strategy for digital transformation, and established a member value management platform “Fresh GO”, with more accurate marketing. At the same time, the supply chain has become more intelligent under the strategy, and the interval from production to goods transportation has gradually increased.
In February 19th, the company set up a new retail innovation department. In addition to traditional cultivation such as supermarkets, chains, terminal stores, ordering milk customers, and distributors, the company also established a media platform to accumulate online users and work with Hema Xiansheng.Are you hungry? Every day, you can cooperate with platforms such as Daily Fresh, Daily Amoy, etc. to achieve full channel coverage and form the company’s unique sales channel advantage.
Investment suggestion: Considering the intensified competition in the low-temperature yogurt market, we adjust our profit forecast to increase revenue from 61 to 2019-2021.
6 million adjusted to 56.
3.7 billion, net profit from 3.
81 million adjusted to 2.
190,000 yuan, EPS from 0.
80 yuan adjusted to 0.
72 yuan, with reference to a comparable company, giving 30 times PE in 2020 with a target price of 15.
6 yuan to maintain the overweight level.
Risk warning: food safety risks, intensified market competition, expected changes in preferential policies