Shanxi Fenjiu (600809) 2019 Third Quarterly Report Review： Performance Exceeds Expectations Significant Outward Development
Shanxi Fenjiu (600809) 2019 Third Quarterly Report Review: Performance Exceeds Expectations Significant Outward Development
Event: Shanxi Fenjiu released 北京养生会所 the third quarter report of 2019, reporting that the two companies achieved operating income of 91.
27 ppm, an increase of 25 in ten years.
72%; net profit attributable to mother 16.
960,000 yuan, an increase of 33 in ten years.
36%; of which, in Q3 2019, operating income was 27.
49 ppm, a 34-year increase of 34.
45%, to achieve net profit attributable to mother 5.
0.6 billion, an annual increase of 53.
Opinion performance exceeded expectations, expenses were properly controlled, and cash flow improved significantly.
Reported annual growth in operating income and net profit of first-tier companies of 25.
36%, of which the operating income and net profit of the third quarter of 2019 increased by 34 each year.
62%, accelerated growth in the third quarter, performance exceeded expectations; gross profit margin and net profit margin were 69.
85%, compared with -0 in the same period last year.
26pct; sales expense ratio and management expense ratio are 18 respectively.
71%, -0 compared to the same period last year.
98pct, proper cost control; advance receipts18.
410,000 yuan, an increase of 133 in ten years.
93%, reflecting the high enthusiasm of dealers to make payments; net operating cash flow18.
960,000 yuan, an increase of 449 in ten years.
36%, cash flow improved significantly.
The blue-and-white series is quite price-controlled, and the volume is rapidly increased.
Report the first-tier company Fenjiu, series of liquor, and blended liquor to achieve revenue of 79.
The blue and white series has been very successful in volume control, and the overall growth rate is expected to exceed 25%, of which the blue and white 20 growth rate exceeds 30%.
At present, the price of 20 batches of blue and white is about 350 yuan, the terminal price is about 400-450 yuan, the price of 30 batches of blue and white is close to 600 yuan, and the terminal price is about 640-700 yuan.
Driven by paving and actual sales, Light Bottle Bfen has entered an explosive growth stage with an expected growth rate of more than 50%.
The channel has been gradually and steadily pushed forward, and the performance of development outside the province has been remarkable.
Since 2019, the company has promoted the “13313” market layout, and the proportion of provinces outside the province has gradually increased. The company has reported that the province’s revenue outside the province accounts for 50.
51%, compared with 50 in 2019H1.14% increase to 0.
The research data show that the revenue in the province has grown steadily, of which the market growth rate of Taiyuan exceeds 20%; the Henan and Inner Mongolia markets outside the province have continued to increase volume, and the market size in Henan is expected to approach 12 billion.
In addition, the market south of the Yangtze River maintained a high growth trend, with Shanghai, Zhejiang and other regions growing more than 100%.
Maintaining the company’s “overweight” rating We expect the company’s operating 杭州桑拿网 income for 2019-2021 to be 116.
180,000 yuan; net profit attributable to shareholders of the parent company is 19 respectively.
1.9 billion; corresponding PE is 37.
Taking into account the company’s products, channels, and the overall improvement of the system, we are optimistic about the continued increase in the share of the blue and white wine market and the fact that the bottled glass of Fen has become a national single product, maintaining the “overweight” level.
Risk reminders: macroeconomic downside risks, food safety risks, and risks of developing channels outside the province.