Anjing Food (603345)： Higher cost and efficiency of products and channels lead新闻
Anjing Food (603345): Higher cost and efficiency of products and channels lead
Based on the hot pot bottom material, expand to the rice noodles and extension.
Anjing is the leader in hot pot bottoms, with a market share of 6% that far exceeds its rivals, and there is still room for breakthrough growth in the future, and as a result, it will expand to quick-frozen rice noodles.
In the first three quarters of 2019, revenue was US $ 3.5 billion, a year-on-year increase of 19%, and net profit attributable to mothers increased by 21% each year. The revenue and net profit compound growth rates (CAGR) for the past five years were 19% and 21%, respectively.
Better category and capacity layout, with cost advantages.
Anjing’s product line is mainly based on quick-frozen hot pot materials, supplemented by quick-frozen rice noodles, and the strategic layout of quick-freeze vertical and horizontal. The three types of business revenue accounted for 65%, 26%, and 9%, respectively.
Anjing has 7 production bases across the country, which basically cover densely populated areas, with 55-digit production capacity in 2020. It will be close 武汉夜网论坛 to the 1980s in 2022 and will grow at an average annual rate of 20% in the next few years.
By investing in Xinhongye, a leader in freshwater surimi (holding 19%), the company has enhanced its upstream bargaining power.
It is expected to benefit from the hotpot chain.
Distributors account for 85 of the company’s revenue.
5%, commercial supermarkets account for 12%, special channels (customers mainly cover hotels, restaurants, snack foods and other fields) accounted for 2.
2%, e-commerce accounted for 0.
Through distributors and special channels, the company has strong competitiveness in the catering channel. The catering channel accounts for about 35% of the company’s revenue. It is expected that it will benefit from the standardization and chaining of hot pot and other catering in the future.
The retail side mainly relies on supermarkets and e-commerce to build its own brands.
Leaders are stable and professional, and the mechanism is flexible.
The controlling shareholder Guoli Minsheng holds 43 shares.
1%, most stable.
The core leaders include Liu Mingming, chairman of the board, and Zhang Qingmiao, general manager, who hold 21 shares.
0%, the team is stable and professional.
The company has launched a new equity incentive plan, covering 633 middle and high leaders, granting a share of 2%.
76%, unlocking condition is that the overall revenue growth rate of the next 2 years is more than 14%.
Profit forecast, estimation and rating: We expect Anjing Food’s EPS to be 1 in 2019/2020/2021.
52 yuan, the company is currently relatively sustainable relative to 30x PE in 2020.
Based on the DCF estimation method, a target price of 74 is obtained.
45 yuan (WACC is 7).
8%), corresponding to 38x 2020 PE.
Considering that the company has good growth in the next two years and has a long-term growth space, it will be given an “overweight” rating for the first time.
Risk prompts judicial reduction of stock holdings; food safety risks; low production capacity may lower gross margin.