Qiaqia Foods (002557): The core categories continued to generate income and the growth rate began to resume

Qiaqia Foods (002557): The core categories continued to generate income and the growth rate began to resume

Qiaqia Foods (002557): The core categories continued to generate income and the growth rate began to resume

The event company released the third quarter of 2019 report Q1-Q3 2019 to achieve operating income of 32.

19 无锡桑拿网 trillion, ten years +10.

64%; single quarter revenue 12.

3.2 billion, previously +19.


In the first three quarters, the net profit of shareholders of listed companies was returned to 400 million, an annual increase of 32.

27% in a single quarter, achieving net profit of shareholders of listed companies1.

800 million, previously +38.


A brief review of the core product production and sales boom, the third quarter revenue increased significantly in the first three quarters to achieve revenue 32.

190,000 yuan, an increase of +10.

64% in the third quarter.

320,000 yuan, an increase of +19.

01%, revenue performance continued to accelerate in the third quarter.

In terms of specific products, traditional main products and new products have accelerated significantly. Grassroots research shows that 杭州桑拿 the overall growth rate of sunflower seeds is expected to be above 15%. Traditional main red bags have maintained steady growth, and new blue bags continue to grow rapidly to contribute revenue.

The nuts reported and maintained a rapid growth trend driven by the small yellow sacks of daily nuts, and are expected to gradually challenge close to 1 billion sales.

The third quarter can maintain rapid growth, and the expansion of the Mid-Autumn Festival peak season has promoted consumer buying behaviors. Instead, the company has continuously increased brand promotion, focused on creating large single products, strengthened the promotion of blue and yellow bags, and increased marketing promotion.Blue Bag cooperated with Netease Cloud Music, Yellow Bag released a new package, and placed advertisements in Focus Media, CCTV and other channels, which brought good results.

Gross profit margin steadily increased in 2019Q1-Q3 to achieve a gross profit margin of 33.

36%, up 2 every year.

02pct, Q3 achieved gross profit margin of 35.

84%, ten years +1.

19 points.

In the end, the price increase and structural upgrade of the first-tier products reported directly led to an increase in the overall gross profit margin of the product. Reorganization, the company automated daily nut packaging production, and used the scale effect brought by mechanization to contribute to the gross profit margin of nut products.
The cost is well controlled and the effect is significant. In terms of sales expenses, Q1-Q3 is 4.

6.5 billion, Q3 single quarter 1.

96 ppm, an increase of 16 in ten years.

89%, 27.

95%, sales expense ratio is 14 respectively.

45%, 15.

94%, ten years +0.

77pct, +1.

11 points.

Sales expenses in Q3 increased significantly. The company initially reported an increase in advertising and placement efforts. Expenses such as freight and hospitality increased after the channel was further cultivated.

The range of selling expenses and selling expense ratios in the first three quarters has expanded, and depends on the brand launch speed of new products (such as large single product yam crisps) in the market stage. The substitution rate has been constantly changing, and the new channel e-commerce sales have grown rapidly,Promotional fees are resisted, which drives up the sales expense ratio to a certain extent.

Management expenses in the first three quarters1.

6.6 billion, previously +9.

85%; single Q3 is 57.45 million, ten years +19.
47%, the growth of management expenses basically kept pace with income.
Management expense ratio, Q1-Q3 is 5.

14% every year -0.

04pct; Q3 is 4.

66%, ten years +0.


The company has continuously improved and optimized its internal management system and maintained a stable management expense ratio to a certain extent.

In terms of research and development costs, Q1-Q3 is 18.4 million, +38 per year.

13%; Q3 was 5.42 million, +42 in ten years.

88%, the reporting group companies continue to strengthen research and development innovation, upgrade products, and improve core technology, resulting in rapid growth in research and development costs.

The net interest rate steadily increased during the Q1-Q3 period to net profit attributable to the mother 4 ‰, an increase of 32 in ten years.

27%; Q3 returns to net profit of mother 1.

80 ppm, an increase of 37 in ten years.


Q1-Q3 net profit is 12.

49%, ten years +1.

92pct; Q3 is 14.

62% 2 pct per year.

In the first three quarters, the rapid growth of net profit was achieved. The product benefited from the price increase during the reporting period, which resulted in the increase in gross profit margin caused by structural upgrades and scale effects. Substitutes, reduction of expenses, continued improvement of cost-effectiveness ratio, cost control, profitabilityincrease steadily.

Earnings forecast: The company is expected to realize revenue 46-2019-2021.

49, 51.

53, 58.

2.7 billion, net profit attributable to mothers5.

48, 6.


51 ppm, corresponding to EPS of 1.

08, 1.

27, 1.

48 yuan / share.

Risk reminders: food safety risks, overseas operating risks, channel expansion risks, etc.