Qiaqia Food (002557): The performance of price increase has returned to double digits

Qiaqia Food (002557): The performance of price increase has returned to double digits

Event: The company released the 2018 results announcement: The company actually realized operating income41.

9.7 billion, an annual increase of 16.

50%; realize return to mother’s profit4.

3.3 billion, an annual growth of 35.


Among them, 18Q4 achieved revenue of 12.

8.7 billion, an annual increase of 17.

81%; net profit attributable to mothers1.

3 ten percent, an increase of 56 per year.


At the same time, the company intends to distribute a cash dividend of 5 yuan (including tax) to all shareholders for every 10 shares.

Key points of investment: Break through the threshold, the big single product Qifa company experienced six years of innovation and exploration, broke through the breakthrough, and returned to double-digit growth.

The high growth rate mainly benefited from the rising volume and price of products.

The price is mainly reflected in the upgrade of the product structure and the increase in prices of some products; the volume is reflected in the rapid volume of the two core products of the blue bag and the yellow bag. Among them, the revenue of the blue bag series exceeded 7 in 18 years.

100 million yuan, sales of small yellow bags over 500 million.

In addition, there are considerable sales of new products such as yam crisps, which are expected to contribute about 60 million yuan.

In terms of categories, sunflower sub-categories achieved revenue of 28.

09 million yuan, an annual increase of 12.

22%; Nuts as the second largest category of relays achieved revenue5.

$ 10.3 billion.

15%, still maintained triple-digit growth, accounting for 6 from 17 years.

86% increased to 11.


From a regional perspective, the Southern, Eastern and Northern regions achieved revenues of 16 respectively.

2.2 billion (+14.

39%), 10.

7.7 billion (34.

36%) and 8.

4.2 billion yuan (6.

58%); after 武汉夜网论坛 the pre-adjustment of e-commerce business, rapid growth was achieved, with revenue of 2.

Eight ten percent, an increase of 42 per year.

74%; overseas markets continue to cultivate Southeast Asia, break through blank areas such as Russia, and achieve income2.

39 trillion dollars, an annual increase of 11.


The price increase effect is positive for gross profit. The employee’s shareholding continued to increase the price of items such as red bags in July 18, and the price increase range was 6% -14.

After the price increase, the gross profit margin of sunflower seeds is more than 35%; daily nuts were also raised in June last year, and the gross profit margin can reach about 20%.

In terms of costs, the cost is 19 for 18 years.

2% per year -0.47%, of which sales expenses are 13.

58%, basically the same as last year; the management expense ratio (including research and development expenses) is 5.

75% every year -0.

08%; financial expense ratio -0.


The company’s net profit level has been improved with the help of price increase effects and a decline in expense ratios, with a net profit margin of 10 in 18 years.

52%, an increase of 1 per year.


In terms of employee incentives, the company intends to repurchase 50 to 1 trillion tradable shares with a price cap of 30 yuan / share, of which 50% of the total number of repurchased shares is used to allocate incentives or employee shareholding.Motivation to promote steady growth in performance.

Profit forecast and investment suggestions We believe that the seeds of the sunflower seeds category have achieved breakthroughs and resumed growth through product upgrades and taste innovations. The daily nut series has grown into the company’s second largest single product, and its contribution in 19 years is expected to exceed 8 billion.

The company’s internal management mechanism has been continuously optimized, and fair incentives have continued.

We expect revenue growth to be 17 in 2019-2021.

19% / 15.

53% / 15.

28%; net interest rate growth was 33.

42% / 20.

54% / 18.

7%, earnings per share is 1.



62, the corresponding PE is 19.

95X / 16.

55X / 13.


Maintain the “Recommended” level.

risk warning.

Food safety issues, new product promotion did not meet expectations.