Hengshun Vinegar Industry (600305): Chain growth rate improved, warming channel adjustment affects rate
The event company released the third quarter of 2019 and the company achieved revenue in the first three quarters of the year13.
30 ppm, a ten-year increase of 7.
62%; net profit attributable to mothers2.
51 ppm, an increase of 14 in ten years.
81%; net profit after deduction to non-returned mother1.
8.3 billion, an annual increase of 15.
The company achieved revenue in the third quarter in a single quarter4.
500 million, an annual increase of 4.
24%; net profit attributable to mothers1.
09 million yuan, an increase of 14 in ten years.
21%; net profit after deduction is 0.
66 ppm, an increase of 15 in ten years.
A brief comment on the growth rate of vinegar revenue. The company’s revenue growth rate since the beginning of Q2 has been mainly affected by vinegar, which accounts for 67% of revenue.
86% (Q3 2019).
In the first three quarters of this year, vinegar income was 9.
2 ‰, an increase of 6 in ten years.
42% in the third quarter.
05 ppm, its Q2 / Q3 single quarter revenue growth rate was 2 respectively.
58% / 3.
91%, lower than Q1 level.
Cooking wine has maintained rapid growth, with revenue in the first three quarters1.
860,000 yuan, an increase of 34 in ten years.
95%, and Q3 single-quarter revenue reached 0.
700 million, a previous growth rate of 39.
06%, 11 faster than Q2.
51pct, accounting for 15 in revenue.
The growth rate of the direct sales model has picked up, and the main distribution models of online high-growth companies have achieved revenue of 10 in the first three quarters.
89 ppm, an increase of 10 in ten years.
99%, accounting for 81 of revenue.
83%, the third quarter single-quarter distribution model achieved revenue3.
71 ppm, a ten-year increase of 7.
64%, a quarter-on-quarter growth rate of 1 in the second quarter.
Taking into account that the company’s advance receipts have been declining for many years, the decrease is 17.
65% of the channels are still destocking.The growth of the direct sales model was good, with revenue in the first three quarters1.
55 ppm, a five-year increase of 5.
93%, accounting for 11 of revenue.
66% in the third quarter achieved zero revenue in a single quarter.
54 ppm, a ten-year increase7.
08%, compared with the negative growth of the previous second quarter (-7.
58%) markedly improved.
In terms of channels, online channels achieved zero revenue in the first three quarters.
72 million, a year-on-year growth rate of 82.
78%, the current share has been increased to 5.
42%, Q3 single-quarter online channel growth was 62.
74%, lower than Q2, but still at a high level.
Offline channels accounted for 88.
07%, the first three quarters of revenue 11.
7.2 billion, a previous growth rate of 7.
70% of its Q3 single quarter revenue is 3.
99 trillion, a growth rate of 5.
3%, up 2 from the second quarter.
From a regional perspective, the company accounted for 47% in East China.
53%, but the growth rate declined, Q3 chain down 3 than Q2.
Central China with 21 points (16.
20%) The growth rate decreased by 1.
56 points. The areas where the growth rate increased sequentially were South China, West China, and North China. Among them, the growth rate of South China was 23.
61%, an increase of 14 from the previous quarter.
At 88pct, the growth rates in the west and north China were 1 respectively.
1%, the ring ratio is positive and negative.
As of the end of the third quarter of 2019, the company’s number of dealers has reached 1,211, and the report indicates a net increase of 18上海夜网论坛.
The gross profit level continued to increase, and expansion efforts increased to increase the level of sales expense. The company’s gross profit level continued to optimize, mainly benefiting from the optimization of the company’s product structure and early price increases.
According to the company’s disclosure, the company’s high-end products can achieve a gross margin level of more than 50%, while the current comprehensive seasoning gross margin is 43.
34% (2018), there is always room for improvement.
At the same time, the company announced a price increase for its products in the early stage, and then in order to expand its channels and accelerate product promotion, it also nurtured its channels. The sales rate in the first three quarters of this year reached 16.
32%, increase by 1 every year.
75pct, Q3 single season sales fee cost 16.
22%, an increase of one year.
Profit forecast: The company is a leader in vinegar. The current concentration of vinegar market has decreased, and the integration space of the leader is broad, which will benefit the company’s growth in the long run.
The short-term profitability is affected by the channel construction, but the company’s own brand barriers are relatively high, and the company is expected to achieve revenue in 2019-2021.
62, 20.43, 22.
4.1 billion, net profit attributable to mothers3.
43 trillion, corresponding to EPS are 0.
Risk reminders: the risk of rising raw material glutinous rice prices, food safety risks, and channel expansion effects are less than expected.