北京桑拿论坛 emjfyfznt Juewei Food (603517): A Probe into Category Innovations Exceeding Expectation in 19Q1

Juewei Food (603517): A Probe into Category Innovations Exceeding Expectation in 19Q1

Juewei Food (603517): A Probe into Category Innovations Exceeding Expectation in 19Q1
The company’s 19Q1 performance income growth rate was 19.6% / 20.4%, revenue exceeded market expectations, and profit slightly strengthened.Looking forward to 19 years, we expect that the main business of duck neck will still maintain double-digit growth, and store opening will accelerate slightly compared to 18 years. At the same time, the company will begin to test new categories such as “pepper and pepper”.We look forward to the company’s continuous replication of its management capabilities on relevant multi-tracks.Adjust the EPS of 19-20 slightly to 1.91, 2.22 yuan, (1 last time.91, 2.(19 yuan), maintaining a target price of 48-55 yuan, corresponding to 25X in 19-20X, maintaining “Highly Recommended-A” rating. 19Q1 revenue accelerated and performance remained resilient.1Q1 company achieved total operating income11.54 ppm, an increase of 19 over the same period last year.6%, net profit attributable to shareholders of listed companies.810,000 yuan, an increase of 20 北京夜网 over the same period last year.4%.Sales receipts increased by 18.52%, the amount of cash paid for purchasing raw materials did not fluctuate significantly, and the net cash flow from operations increased by 3 times to 1.8.3 billion yuan, but prepayments increased by 1 billion yuan. Purchasing expenditure combined with prepayments showed that the overall operation remained stable. Accelerating the opening of stores with stable stores, revenue exceeded market expectations, and profit slightly strengthened.According to channel analysis and feedback, the opening of stores in the first quarter accelerated, the number of same-stores maintained a small growth, the overall growth was greater and more stable, and the revenue growth slightly exceeded market expectations.Q1 gross profit margin was 33.3%, down by 1 every year.1%, benefiting from the H2 low-cost raw material reserve last year, the gross profit margin increased slightly.Selling expense ratio 7.3%, basically the same every year, management + R & D expense ratio of 5.56%, a decrease of 0 every year.4%, investment income of about 8.86 million, the overall net interest rate increased by 0.1% to 15.6%, profitability has been strengthened. Initial category expansion, opening up room for expansion.In 19, the company first explored new categories. “Pepper flavored” Chuan Chuan stores tested water in some cities, and some Liao Ji Bang Bang Chicken accompanied the “Happy Cat” brand.This innovative category is expected to contribute positively to the single store price and gross profit margin in advance.In our opinion, pepper flavor is only a signal of the start of the company’s category innovation, and this signal itself is more important than the short-term performance contribution.The company’s core competitive advantages and what it excels in are channel control and supply chain management. We expect that the company will continue to introduce various categories of light catering in the future, relying on its leading management capabilities, opening up the volume and price space of business operations, and contributing to long-term development.force. 19 Realized a good start, a preliminary exploration of category innovation, a clear medium- and long-term path, and maintained a “strong recommendation-A” level.The company’s 19Q1 store opening speeded up, the same-store growth was steady, benefit costs fell and investment income, and profitability continued to strengthen.In 19 years, there was no scale-up price plan. The company began to test the new category of “pepper and pepper flavor”. It is expected that the company will continue to launch various types of light catering types in the future, relying on alternative management capabilities, to open up the volume and price space of businessContribute to the driving force of long-term development.Adjust the EPS of 19-20 slightly to 1.91, 2.22 yuan, (1 last time.91, 2.(19 yuan), maintaining a target price of 48-55 yuan, corresponding to 25X in 19-20X, maintaining “Highly Recommended-A” rating. Risk reminder: economic fluctuations and sluggish consumption, same-store growth expectations in some markets