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Hengshun Vinegar (600305): Short-term revenue growth

Hengshun Vinegar (600305): Short-term revenue growth

The event company released the first half of 2019 annual report. The company achieved operating income of about 8 in the first half of the year.

81 ‰, an increase of 9 in ten years.

43%; net profit attributable to mother is about 1.

42 ppm, an increase of 15 in ten years.

28%.

The company achieved operating income of about 4 in the second quarter.

20 ppm, a ten-year increase3.

79%, achieving net profit attributable to mother about 0.

70 ppm, an increase of 9 in ten years.

37%.

Brief comment on the H1 revenue growth subsidy company achieved operating income of about 8 in the first half.

81 ‰, an increase of 9 in ten years.

43%; Q1 achieved operating income of approximately 4.

60 ppm, an increase of 15 in ten years.

15%; operating income in the second quarter was approximately 4.

20 ppm, a ten-year increase3.

79%, a growth rate.

The increase in revenue was due to the increase in the company’s condiment revenue.

Of which vinegar income 6.

15 ppm, a ten-year increase of 7.

71%; cooking wine income 1.

160,000 yuan, an increase of 32 in ten years.

58%.

In terms of regions, the growth rates in Central China and South China are obvious, with revenues of 1.

40 and 1.

23 trillion, an increase of 17 each year.

54% and 14.

71%.

East China’s largest revenue 4.

26 ppm, an increase of 9 in ten years.

94%. In addition, the western and north China regions earn 0 respectively.

76 and 0.

540,000 yuan, an increase of 10 each year.

26% and 8.

73%.

In terms of different channels, the company mainly focuses on offline sales and accelerates online sales.

In the first half of the year, offline channels achieved revenue7.

72 ppm, a ten-year increase of 8.98%; online channels achieve zero revenue.

470,000 yuan, an increase of 95 in ten years.

65%, showing a rapid growth trend.

In addition, in total, the number of company dealers in H1 in 19 decreased by 11 to 1,193. Among them, South China, Central China and the Western Regions increased by 8, 5, and 4 respectively. The number of dealers in North China and East China decreased.14 homes.

Gross profit margin company H1 gross profit margin was 43.

86% every year 2.

01pct.

Q2 gross margin was 43.

97%, an annual increase of 0.

53 points.

In terms of different products, the vinegar gross margin was 46.

62% every year 2.

01pct, the gross profit margin of cooking wine is 34.

20% per year 3.

18%, other products gross margin is 40.

88% every year 2.

51 points.

Rising gross profit margin hedged the increase in sales expense ratio, and the net profit margin rose slightly. The company achieved net profit attributable to its parent in the first half of the year.

42 ppm, an increase of 15 in ten years.

28%.

In Q2, the net profit attributable to mother was about 0.

70 ppm, an increase of 9 in ten years.

37%.

The company’s net profit margin was 16.

35%, increase by 1 every year.

29 points.

The expectation that affects the net profit margin is an increase in gross profit margin and selling expense ratio.

H1 company selling expenses are 1.

4.4 billion, an increase of 23 in ten years.

67%, selling expenses 16.

40%, rising by 1 every year.

89pct, the increase in sales expenses was mainly due to the increase in marketing expenses.

In total, the company’s promotional expenses are zero.

36 trillion US dollars, an annual increase of 39.

97%.

Management expense accounting 6.

85% -0 per year.

26pct, positive contribution to net margin.

In addition, in the first half of the year, the company’s investment income was zero.

190,000 yuan, an increase of 396 in ten years.78%, which has a significant impact on net interest rates.

The main reason for the increase in investment income is the increase in income from bank wealth management products, which is 0 in this period.

110,000 yuan, an annual increase of 120.

41%.

Other gains are 0.

0.5 billion, a year-on-year decrease of 76.

83%, a negative contribution to the net interest rate. The increase in other income in the period was mainly due to the increase in government subsidies.

Promote the online and offline linkage of omni-channels and the comprehensive development of multiple categories in the long term. The overall concentration of the vinegar industry is low. As a leading company in the domestic vinegar industry, Hengshun Vinegar currently has a market share of 10%, and there is huge room for vinegar industry in the future.

In the short term, companies that report on performance will expand their brand building.

Focus on building model markets in Shanghai, Hangzhou, Wuhan and other key regions, and replicate to different regions.

The company focuses on the construction of sales channels, using 30 offices under the marketing center to distribute the country, and has 600,000 distribution outlets covering various regions.

At the same time, we will vigorously expand our online business, promote omni-channel 杭州桑拿网 online and offline collaboration, and continue to consolidate and expand the market.

In addition, the company further focused on the development of multi-categories with balsamic vinegar as its core, implemented the “Vinegar and Wine Simultaneous” strategy, and increased the upgrade and market expansion of soy sauce, pickles, sesame oil and other compound condiment products.The company’s long-term stable development in the future.

Profit forecast and investment recommendations for companies expected in 2019?
Income in 2021 will be 18.

62, 20.

43, 22.

41 ppm, an increase of 9 in ten years.

9%, 9.

7%, 9.

7%; net profit is 3 respectively.

36, 3.

88, 4.

43 ppm, an increase of 10 in ten years.

4%, 15.

3%, 14.

3%; corresponding EPS are 0.

43, 0.

49, 0.

57 yuan.

Corresponding to 2019?
The dynamic 夜来香体验网 PE in 2021 is 39.

3, 34.

1, 29.

8 times.

Risks indicate food safety risks, raw material price fluctuation risks, etc.