Qiaqia Foods (002557): Revenue growth slows down due to Spring Festival factors

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Qiaqia Foods (002557): Revenue growth slows down due to Spring Festival factors

Event: The company’s first quarter report in 19, revenue 10.

400 million (+1.

3%), net profit 1.

1.4 billion (+35.

8%); net profit after deduction is 8624.

90,000 yuan (+38.

5%).

Earnings per share are 0.

22 yuan.

Different from the market point of view: 1. The growth rate of the 淡水桑拿网 company fell in the first quarter due to factors such as the Spring Festival holiday and asset divestiture.

3%. First, the Spring Festival in 19 years was about 10 days earlier than that in 18 years. The peak season stocks were advanced to 18Q4, which affected the income scale of about 100 million.

In addition, the company removed the condiment Qiaokang business and Huakui agricultural trade business last year, affecting about 4000 million in revenue.

Combining Q4 and Q1, the company’s revenue increased by 9.

8%, after deducting the assets divestiture factor, the income increase and increase 11.
.

7%, normal performance.

In terms of different products, the yellow bag and blue bag products continued to maintain rapid growth, and the average income reached 1.

About 800 million.

Due to the price increase effect of the second half of last year, the revenue of traditional red bag products achieved single-digit revenue growth.

2. The price increase bonus continued to be released, and the profitability increased significantly: the company’s net profit margin increased by 2 in the first quarter of this year.

7pct to 11.

1%, driving the performance growth of ultra-long revenue, mainly due to the increase in gross profit margin, which is due to the company’s ex-factory price adjustment of products such as melon seeds and other by-products last year, the price increase range of 6% -14.

5% ranging, leading to an increase in 19Q1 gross profit margin by 1.

5 points to 30.

4%.

At the same time, financial income increased by zero.

89pct, the management expense ratio and sales expense ratio increased by 0 respectively.

58pct, 0.

21pct, relatively stable performance.

In addition, the corporate income tax rate fell by 6 in the first quarter.

1 point to 18.

7% has also made a breakthrough contribution to the improvement of profits. The expansion is the decrease in tax rates of western subsidiaries, the increase in profits, and the restructuring is the effect of deferred income.

3. Continue to motivate and escort the five-billion-dollar target for five years, and business optimization will drive steady and rising profits: In order to successfully complete the five-year ten-billion target plan, the company strategically focuses on the two major businesses of seeds and nuts.

At the same time, the internal organization gradually continued to mobilize everyone’s enthusiasm, tapping and learning young high-potential personnel to enter the interior, activating the organization and team through a comprehensive, multi-level performance PK, and completing the first batch of the third phase of employee stock ownership plan, the company launchedThe repurchase program is used for equity incentives, etc., and internal interests are more consistent.

In addition, in May, the company’s automation and artificial intelligence equipment was put into production, dedicated to improving production efficiency, and the company’s profitability also had room to improve.

4. Profit forecast and rating: We expect the company’s EPS for 2019-2021 to be 1.

01/1.

17/1.
36 yuan, corresponding to an estimate of 23/20/17, maintaining the “strongly recommended” level.
5. Risk reminders: 1) Food safety risks; 2) Risks of new product promotion falling short of expectations.