Haitian Flavor (603288): Steady operation in a single quarter, scale advantage, profitability

The event company released the third quarter of 2019 report. The company achieved revenue of 148 in the first three quarters.

24 ppm, an increase of 16 in ten years.

62%; net profit attributable to mother 38.

35 ppm, an increase of 22 in ten years.

48%; net profit after deduction is 36.

38 ppm, an increase of 23 in ten years.


The company achieved revenue of 46 in the third quarter.

64 ppm, an increase of 16 in ten years.

85%; realized net profit attributable to mother 10.

85 ppm, an increase of 22 in ten years.

84%; net profit after deduction to non-returned mothers10

380,000 yuan, an increase of 31 in ten years.


Brief comment on the steady growth of Q3 seasoning sauce. The company’s revenue growth in the first three quarters of this year was extremely stable. The average quarterly revenue growth rate remained between 16% and 17%, of which the 16% revenue growth target is expected to be achieved.

In terms of products, the company’s soy sauce achieved revenue of 86 in the first three quarters.

78 ppm, an increase of 13 in ten years.

76%, accounting for 58% of revenue.


Soy sauce Q3 achieved revenue of 26 in a single season.

90 ppm, a ten-year increase of 14.

08%, an increase of 0 from 2019H1.

47 points.

The company’s oyster sauce is in a period of rapid growth, with revenue of 25 in the first three quarters.

45 ppm, an increase of 20 in ten years.

33%, accounting for 17% of revenue.


Oyster sauce Q3 single-quarter revenue reached 8.

300 million, the previous growth rate was the highest of the three major products, was 18.


Seasoning revenue reached 17 in the first three quarters.

65 ppm, a relatively expected growth rate of 9.

21%, but in Q3, the growth rate of seasoning sauce increased to 13.

80%, an increase of 6 from H1 in 2019.

3 pct, indicating that the company’s adjustment of the sauce market channel in 2018 gradually reflects.

From a structural point of view, soy sauce accounted for 57% of revenue in Q3.

68%, down by 1 from H1.

25pct, the proportion of non-sauce products increased. Channels have developed steadily, and the growth in the central and western regions has grown rapidly. From the perspective of channels, the company’s offline channels achieved revenue of 138 in the first three quarters.

4.0 billion, accounting for 93% of revenue.

12%, an annual increase of 14.


Online channels currently account for a relatively low share, only 1 of revenue.

90%, the first three quarters increased by 34.


Q3 single season online channel growth slowed down, replacing 13.

17%, while the growth rate of offline channels increased to 16.

79%, an increase of 2 from 2019H1.

89 points.

In terms of different regions, the company’s revenue distribution is relatively even. In the previous three quarters, the northern region had the highest revenue, accounting for 24 of the revenue.

67%, 20% in the east, south, and middle.

25%, 19.

86%, 19.

23%, with the lowest ratio in the western region at 11.


In Q3 single season, the growth rate is in the western region, with an annual growth rate of 30.

68%, up from 6 in 2019H1.

At 75pct, the single-quarter growth improvement in the central / south region is relatively penetrated, with multiple growth rates of 23 respectively.

41% / 14.

51%, an increase of 4 over H1.

62 points / 3.

30pct, the east / north growth rate is stable, the previous season’s growth rate was 14 respectively.

97% / 9.

54%, similar to H1 levels, respectively +0.

82 / -0.

81 points.

In the first three quarters of this year, the number of company dealers reached 5,640, a net increase of 693.

Among them, the increase in dealers was mainly in the northern region, with a net increase of 283, and the central and western regions were also the key areas to strengthen.

At the end of Q3, the company’s funds received in advance fell by 40.

11%, mainly due to the dealer’s advance preparation and payment at the end of last year.

The cost control effect is significant, and the company’s gross profit margin has been lowered with the increase in net interest rate. The gross profit margin in the first three quarters was 44.

51%, a decrease of 1 per year.

96pct, Q3 single quarter gross margin was 43.

75%, the year-on-year decrease has narrowed to 1.

33 points.

The decline in gross profit margin was mainly caused by changes in the product structure and fluctuations in raw material prices: 1) The gross profit margin of soy sauce was the highest in the company’s products, reaching more than 50%, and the faster-growing oyster sauce gross profit margin decreased, about 41%; 2) The cost of soybeans, packaging materials and additives in the company’s raw materials has increased. The price of soybeans has increased since the second quarter of this 返回码: 404 网站打不开?重查 year. Although there has been a certain fall in the third quarter, it is still higher than the same period of the previous year.

Judging from the performance of net interest rate, the company maintained its profitability improvement under the increase of cost rate caused by external factors, not only because the company controlled fees properly, but also highlighted the company’s scale advantage as an industry leader.

Judging from the rates, Q3’s single season sales / management / R & D rates are 12 respectively.86% / 1.

91% / 3.

37%, the obvious decrease is the sales and R & D expense ratios, which decreased by 2 respectively.

82, 1.

29pct, the company ‘s sales rate level has decreased this year, and the company ‘s channels are highly efficient under optimization. Furthermore, this year, some dealers chose to pick 天津夜网 up the product, which saved some freight costs.

Management expenses increased by 78% due to the budget increase, but the overall rate was still at a reduced level.

Profit forecast: As the leader of condiment, the company will gradually expand its capacity and supplement its channel network in the future to increase its city share.

The company is expected to achieve revenue of 198 in 2019-2021.

49, 230.

21, 265.

2.5 billion, net profit attributable to mother 52.

57, 62.

90, 74.

19 trillion, the corresponding EPS is 1.

95, 2.

33, 2.

75 yuan.

Risk reminders: food safety risks, raw material price rise risks, exchange rate risks, cumulative expansion is less than expected, risk of decline in the industry’s prosperity, etc.