Qiaqia Food (002557): Revenue meets expected price increase and dividend is significant

Qiaqia Food (002557): Revenue meets expected price increase and dividend is significant

Event: The company announced its 2018 annual report and achieved operating income of 41.

9.7 billion yuan, an increase of 16.

50%; net profit attributable to mother 4.

33 trillion, the same increase of 35.

58%, including 12 in the fourth quarter.

8.7 billion, an increase of 17.

81%; deducted non-attributed net profit1.

30,000 yuan, an increase of 56.


The company plans to distribute a cash dividend of 5 yuan for every 10 shares to all shareholders.

The price increase of old products supplemented the volume of new products, and revenue growth was in line with expectations.

In terms of different products, the income of sunflower seeds was 28.

09 million yuan, an increase of 12.

18%, of which blue bag products include tax revenue7.

1 broke through 100 million yuan, an increase of about 34%, accounting for 22% 西安耍耍网 of sunflower seed product revenue; nut revenue5.

02 trillion, a substantial increase of 103.

24%, of which the daily nut-tax income of large single products exceeds 5 trillion, an increase of about 210%; income of other categories8.

8.5 billion, an increase of 3.

87%. The sales income of the newly launched yam crisps in July last year was more than 60 million yuan, which achieved a certain market influence.

Number of companies sold 18.

94 cobalt, with an increase of 9.

48%, the unit price is about 2.

220,000 yuan / ton, an increase of 6.

40%, both volume and price rose.

Q4 company’s revenue is relatively fast, mainly due to: 1) the traditional red bag products raised prices by 6% -14 in July last year.

5%, 2) Blue ribbon sunflower seeds, daily nuts and other large single products and new products have a good 深圳桑拿网 series of market performance, 3) 17Q4 base income, the peak of the Spring Festival increased 18Q4 income.

Price increases and structural upgrades helped boost profits and the expense ratio remained stable.

Thanks to the increase in product prices and the increase in sales of blue bag products with high gross profit margins, as well as the reduction of manufacturing costs through the mechanization and automation process, the company achieved a gross profit margin of 31 in 2018.

36%, an increase of 1 per year.

27 points.

In terms of expenses, selling expenses expenses13.

58%, the management expense ratio (including research and development expenses) is 5.

75%, basically the same as last year.

The company’s return to net profit in 2018 was 10.

31%, an increase of 1.

45 points.

Focusing on continuous innovation in the main business, the fair incentive plan went smoothly.

Strategically, the company clearly focused on the core business of nuts + seeds, with blue bags, small yellow bags of daily nuts, yam girl / hey iron stick yam crisps as three innovative categories to promote brand breakthroughs.This year’s plan to repurchase more than 50 to 100 million yuan of shares is less than 50% of which is used for equity incentives and employee shareholdings, which also reflects the company’s determination to enhance staff cohesion and promote long-term growth in performance.

Earnings forecast and rating: The company’s EPS is expected to be 1 in 19-21.

01 yuan (+18.

65%) / 1.

17 yuan (+15.

59%) / 1.

38 yuan (+17.

74%), corresponding to PE of 23X / 20X / 17X, maintaining the “Buy” level.

Risk warning: food safety issues, new product promotion is less than expected, raw material prices change

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