Taoli Bread (603866): Gross profit margin continues to increase, waiting for capacity expansion to release flexibility
Event: The company released its annual report and realized operating income of 48 in 18 years.
33 trillion, with an increase of 18.
47%; net profit attributable to mother 6.
42 trillion, an increase of 25.
11%; net profit after deduction 6.
17 trillion, with an increase of 21.
Among them, the revenue in the fourth quarter alone was 13.
09 million yuan, an increase of 16.
40%; net profit attributable to mother 1.
79 trillion, with an increase of 15.
51%; net profit after deduction 1
71 trillion, with an increase of 11.
As of the end of 18, the company’s number of terminals reached 22w +, with about 40,000 new terminals.
The South China market performed well and mature markets grew steadily.
In terms of different regions, mature markets in Northeast China and North China grew steadily, increasing by 17 each.
0%, mature markets maintain a high growth rate, mainly to expand the company’s continuous channels sink to third- and fourth-tier cities and even counties and townships, as well as the contribution of consumer cultivation over the years.
In the new market, the growth rate in South China exceeded expectations, and revenue in 18 years3.
09 billion yuan, an increase of 87.
7%, exceeding the initial revenue goal of 200-300 million yuan. South China users have their own consumption habits of bread and bakery products, which are highly compatible with the company’s products. The market space is huge. Future development will target the mature Northeast market of the company;Speed continued to accelerate, reaching 27.
0%, mainly due to the company’s channel grooming, deployment of excellent sales staff and increased dealer incentives; Southwest and Northwest China performed slightly worse, but still maintained 10% + growth; Central China replaced.
2%, mainly because the new market capacity is not fully put into production, the product needs to be deployed from other regions, Wuhan Taoli factory is already under construction, and the designed capacity is 2.
Gross profit margin continued to improve and sales expenses increased.
The company’s gross profit margin for the full year of 2018 was 39.
68%, an increase of 1 per year.
97 points, mainly due to the smooth development of new markets and price increases in 17Q3; of which the gross profit margin of single Q4 was 40.
59%, an increase of 1 per year.
At 93pct, the gross profit margin after flattening the price factor was still a single-quarter high, which is expected to be mainly due to the staggering sales of the moon cake with relatively low gross profit margin.
The company’s sales expenses for 18 years 20.
66%, an increase of 2 a year.
12pct. Expansion of sales expenses. The main major companies increased their logistics input. The company’s channel subsided to the county. In the process of the township, the early scale effect was not obvious. The scale effect gradually highlighted the expected future expense rate. Management costs + R & DCost Expense 1.
95%, a decline of 0 every year.
06pct; financial expenses expense -0.
21%, a decline of 0 per year.
11 points. Profit forecast: The core advantage of the company’s “high cost performance + strong 武汉夜网论坛 supply chain system” is significant, and it will steadily move forward to a target of 10 billion revenue in 2023.
The EPS is expected to be 1 in 2019-2021.
28 yuan, corresponding to PE is 36 times, 30 times, 25 times, maintaining the “buy” level.
Risk reminders: food safety risks; increased competition in the industry.