Hengshun Vinegar (600305) 19th Quarterly Report Review: Q3 Results Meet Expectations Marketing Reform Continues to Advance
First, the event overview Hengshun 杭州夜网论坛 Vinegar Industry released the three quarterly report of 19 years.
At the core of the report, the company achieved revenue 13.
30 ppm, +7 a year.
62%, net profit attributable to mothers2.
51 ppm, +14 for ten years.
81%, realized deduction of non-net profit1.
8.3 billion, +15 a year.
Second, the analysis and judgment of the 19Q3 performance was basically in line with expectations, and channel problems led to faster growth of the vinegar business.
30 ppm, +7 a year.
62%, equivalent to the company’s revenue in Q3 single quarter4.
500,000 yuan, ten years +4.
The growth rate was 24% higher than the previous month; in 19Q1-3, the company achieved net profit attributable to its mother 2.
51 ppm, +14 for ten years.
81%, equivalent to Q3 single quarter net profit attributable to mothers1.
09 ten percent.
21%, the growth rate has also improved.
In general, the revenue of 19Q3 was in line with market expectations, and the growth rate of net profit was slightly higher than expected. The main reason was that Q3 had achieved 41.96 million yuan in non-current asset disposal gains and losses, mainly from the gains from the disposal of assets on Zhongshan West Road.
In terms of products, the main business of vinegar and cooking wine in 19Q3 achieved revenue3.
75 ppm, +9 for ten years.
08%, of which the vinegar business achieved revenue 3.
05 ten percent, +3.
91%, the growth rate has improved, probably due to the relatively high Q2 channel inventory; cooking wine business achieved 50.62 million yuan in revenue, +39 a year.
At 06%, the growth rate was significantly boosted, and it further improved in the company’s condiment business.
By region, the performance of South China and Central China in 19Q3 was dazzling, of which South China’s revenue was 67.66 million yuan (+23.
61%), the revenue in central China was 75.95 million yuan (ten years +11.
87%), the company’s base market revenue in East China2.
0.6 million yuan (ten years +3.
72%), mainly due to the previous base digits.
Price increase + scale effect will increase gross profit margin; four-factor resonance promotes net profit margin to increase gross profit margin: 19Q1-3 company’s gross profit margin reached 44.
05%, one year +2.
60%, of which Q3 single quarter gross margin reached 44.
43%, ten years +3.
72%, our analysis believes that the significant improvement in Q3 gross profit margin lies in: (1) price increase effect: in the early 19 years, the company’s price increase of 5 varieties of vinegar and cooking wine directly increased the gross profit margin;Effect: The sales scale of cooking wine business continues to expand, and the gross profit margin of cooking wine business has been significantly improved under the effect of scale; Net profit margin: 19Q1-3 The company’s net profit margin reached 19.
09%, ten years +0.
45%, of which Q3 single quarter net profit was 24.
46% every year -0.
The decrease in net profit margin was 61%, which was mainly due to a decrease in non-operating income + an increase in sales / administrative expense ratio and income expenses.(1) The non-operating income of the company in 19Q3 was 910,000 yuan, which was -96 for many years.
71%, the decrease was mainly due to the excessively high base made by the subsidiaries to make up losses last year; (2) The sales / management expense ratio of the company increased by +1 in 19Q3.
70% / + 1.
15%, of which the significant increase in sales expense ratio was mainly due to the company’s increase in the speed of promotion of ground promotion costs caused by the increase in promotional expenses; (3) 19Q3 company revenue revenue ratio reached 4.
52%, ten years +1.
44%; in other expense ratios, the company’s R & D / financial expense ratio increased by +0 in 19Q3.
23%, of which the decrease in financial expense ratio was mainly due to the decrease in bank loans.
The reform of the marketing side has driven the improvement of the marginal sales of the terminal. It is expected that the completion of the 19-year operating goal will be small. Although the lack of past basic work has caused Hengshun’s marketing shortcomings to appear everywhere, since 18Q4, the company has significantly strengthened its efforts on the marketing side.The sales personnel’s expenses will be strengthened to promote their initiative, reduce the market expense and shift the focus from the air to the ground, and the market focus from the periphery to the base, to strengthen the impact of Hengshun brand landing and truly promote sales.
Driven by the reform of the marketing side, the company’s terminal sales margin improved.
At present, the company has started the “Hundred Days Campaign” in the last quarter of the marketing end. We expect the company to have a high probability to complete the condiment revenue or increase 12% in 19 years. After deducting non-attribution, the net profit of the shareholders of the listed company will exceed + 15%.
Third, investment recommendations We slightly adjust the company’s profit forecast. 南京桑拿网 The company’s operating income is expected to be 18 in 19-21.
63 ppm / 20.
6.7 billion / 23.
09 billion, +10 in ten years.
0% / 10.
9% / 11.
7%; net profit attributable to listed companies is 3.
55 ‰ / 4.
09 ‰ / 4.
62 trillion, ten years +16.
7% / 15.
2% / 12.
8%, equivalent to 0 EPS.
45 yuan / 0.
52 yuan / 0.
59 yuan, corresponding to PE is 32X / 28X / 25X, the current condiment plate is estimated to be about 64 times overall, the company is expected to exceed the industry.
Maintain the “Recommended” level.
4. Risk warning: increased competition in the industry, higher-than-expected cost or cost growth, food safety issues, etc.