Angie Yeast (600298) Third Quarterly Report Review: Gradually Improved Management Expects Performance to Continue to Rise
Investment Highlights Event: 2019Q1-3 The company achieved operating income of 55.
60 ppm, an increase of 13 in ten years.
49%; net profit attributable to mother 6.
6.6 billion, down 1 year.
21%; net profit after deducting non-return to mother 6.
27 ppm, a decrease of 1 per year.
Among them, 2019Q3 achieved operating income of 18.
460,000 yuan, an increase of 17 in ten years.
43%; realized net profit attributable to mother 2.
10,000 yuan, an increase of 17 in ten years.
76%; net profit after deduction of non-return to mother1.
91 ppm, an increase of 21 in ten years.
In the third quarter, the company’s operating situation gradually improved. The combination of the third quarter of 2018 with the production restriction and relocation stopped production led to a low base. The profit growth in the third quarter of 2019 significantly improved.
The business units grew steadily, and the revenue from the sugar business accelerated.
The average growth rate of the company’s major business units exceeded 10%, of which the growth rate of health products, brewing business, and YE was 杭州桑拿网 above 20%.
Wind shows that the annual growth rate of spot sugar contract prices will increase to about 10% since 2019Q3. Benefiting from the rebound in sugar prices, the company’s sugar business sales accelerated.
The proportion of the company’s sugar business income in 2019H1 is 4.
6%, 2019Q3 revenue share increased by 4.
Four to nine.
By region, the proportion of foreign income in the first three quarters was 29.
1% means that the growth rate of yeast export income of products is slightly faster than domestic, reaching 12%, which is mainly due to the depreciation of the RMB to promote the growth of export income.
The gross profit margin of 2019Q3 decreased slightly by 0 in the short term.
11 pct to 33.
72%, mainly due to the increase in the proportion of low-margin sugar business revenue in the third quarter alone.
During the period, the cost rate was under pressure and the retina expanded.
2019Q1-3 The company’s sales / management / R & D / financial expense ratio is half a year +0.
82 / -0.
05 / + 0.
86 / -1.
17 to 11.
48% / 3.
31% / 4.
34% / 0.
The increase in the sales expense ratio was mainly due to the increase in sales staff due to the two-ticket system for drugs; the management expense ratio was flat but the amount increased, mainly due to the increase in management personnel and the increase in operating costs of overseas companies; the increase in the R & D expense ratio was due to the increase in R & D investment and the increase in intermediate trial trial production costs; The decline in the financial expense ratio was mainly due to the appreciation of the US dollar and the appreciation of the Egyptian pound and the ruble to generate exchange gains.In addition, the company expects growth in Q1 201952.
94%, mainly due to the increase in earnings of joint-stock companies and Russian companies.
The chairman will not change the target of 10 billion, and actively promote the relocation and expansion of production capacity.
The new chairman, Mr. Xiong, officially took office, and the company still maintains its goal of 10 billion yuan in 2021.
The company plans to relocate the Yili factory to fundamentally solve environmental protection issues and is expected to be completed within 2 years.
Russia’s second-phase expansion project, as an important project in the company’s internationalization strategy, is gradually accelerated.
The company’s long-term development takes efficiency as the first priority, and pursues progressive development, which will further strengthen cost rate control.
The new employee shareholding and incentive directions remain unchanged. The new chairman is recommended by major shareholders, and communication with the SASAC level is promoted more smoothly.
Profit forecast: The company’s revenue for 2019-2021 is expected to be 76.
610,000 yuan, the net profit attributable to mother is 9 respectively.
7 billion, with EPS of 1.
54 yuan, corresponding to PE is 25 times, 21 times, 18 times, maintaining the “buy” level.
Risk reminder: food safety risks; channels sink below expectations; new product promotion fails to meet expectations