Zhong pet stock (002891): The first quarter revenue growth exceeds expectations The domestic market will usher in accelerated expansion

Zhong pet stock (002891): The first quarter revenue growth exceeds expectations The domestic market will usher in accelerated expansion

Event: The company announced its 2018 financial report and 2019 first quarter report.

In 2018, the company achieved total operating revenue of 14.

120,000 yuan, an increase of 39 in ten years.

09%, net profit attributable to mother 5564.

50,000 yuan, a decrease of 23 per year.

39%.

2019Q1, total operating income 3.

810,000 yuan, an increase of 37 in ten years.

45%, net profit attributable to mother 684.

40,000 yuan, down 45 every year.

75%.

The overseas revenue growth in 2018 exceeded expectations, and the domestic market layout was significant.

In 2018, the company’s domestic / overseas market revenue was 2 respectively.

5/11.

6 trillion, a year-on-year growth of 70% / 35%, domestic sales revenue increased by 3 compared with last year.

19% to 18%; income from snacks / canned foods / dry foods11 respectively.

6/1.

9/0.

500 million, an annual increase of 38% / 34% / 113%.

The company’s overall gross profit margin in 2018 was 23.

30%, a slight decrease from last year.

53 items, mainly due to the increase in raw material prices of relatively high-snack snacks and the decline in gross profit margin. The export-based snacks’ gross profit margin decreased compared to last year.

12 cases are 20.

78%.

The gross profit margins of canned / dry food products, which are mainly sold domestically, are 30.

48% / 48.

98%, a significant increase in the years before 20174.

05/5.

05 tablets

In terms of expenses, the company actively expands the domestic market. In 2018, the selling expenses increased by 107% annually to 1.

40 ppm; R & D costs reach zero.

40,000 yuan, an increase of 13 in ten years.

5 times, R & D personnel increased by 132% to 158 people. The company is committed to R & D innovation, and high R & D investment will promote normalization in the future.

In the first quarter of 2019, revenue continued to grow rapidly, and rising raw material prices were under pressure.

Driven by high demand for overseas orders in 2019Q1, the company’s revenue growth rate exceeded expectations.

The same period of performance was mainly affected by the continued rise in chicken prices, and the overall gross profit margin fell further compared to 20182.

62%; long-term company internal market brand promotion and R & D investment continued to increase, short-term performance under pressure, and long-term positive development in the domestic market.

Improve the domestic market layout, and accelerate the expansion of income scale.
Following Tmall and Suning, the company recently announced that it has reached a strategic cooperation with JD.com to further improve its online channel layout. It is expected that the revenue growth will exceed expectations.
From the perspective of products, new products such as dry grain and canned food will continue to grow at a high speed, research and development and expansion of rich categories will promote the continuous launch of new products.

In terms of brand, the company continues to increase brand promotion, upgrade brand image, and enrich the brand matrix, which will help improve gross profit margin and expand revenue in the long run.

Investment rating and estimation: Considering the slight increase in the price of raw materials, the profit forecast is slightly reduced, and the 西安耍耍网 net profit in 19/20 is expected to be 0.

73/0.

99 ppm, corresponding EPS is 0.

73/0.

99.

Maintain the “Recommended” level.

Risk reminder: the price of raw materials rises, the exchange rate rises, and domestic and foreign markets compete fiercely.

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