Yuanzu shares (603886): Steady growth in performance, store expansion expected to accelerate

Event company released 2018 annual report 2018, the company achieved revenue 19.

58 ppm, an increase of 10 in ten years.

18%; net profit attributable to mother 2.

42 ppm, an increase of 18 years.


Basic benefits 1.

01, an increase of 18 per year.


In 2018, it is planned to distribute a cash dividend of 6 to all shareholders6.

6 yuan (including tax), a total of RMB 15,840 in cash dividends will be distributed.

One million yuan.

A brief comment on the substantial increase in profits, the company’s revenue has stabilized, the company announced the 2018 annual report, the company achieved substantial operating income.

58 ppm, an increase of 10 in ten years.

18%; company revenue in the fourth quarter alone3.

27 ppm, a reduction of 13 per year.

The decrease of 22% was mainly due to the influence of the mid-autumn staggered peaks on the length.

In terms of products, cake products accounted for 32.

42%, income 61.

90,000 yuan, an increase of 12 in ten years.

70%, a stable contribution to performance growth; Mid-Autumn Festival performance is improving, and mooncake gift box series achieved operating income6.

95 ppm, an increase of 12 in ten years.

45%, driving performance growth; on average, Chinese and Western pastry products achieved revenue4.

95 ppm, a ten-year increase4.

03%, mainly due to the company’s launch of 6-7 new product combinations for the Spring Festival this year, which led to an increase in revenue; the company’s fruit products and other categories achieved revenue of 0 respectively.

7.4 billion and 0.

26 ppm, a ten-year increase of 8.

14% and 14.


In terms of different channels, the company continued to explore the national market. According to our grassroots survey data, the company’s net increase in stores in 2018 was around 40, reaching 631 by the end of the year, contributing to a certain degree of performance growth.

From the perspective of the holding company, Sichuan and Jiangsu are still the largest markets, with revenues of 6 respectively.

50 and 6.

08 million yuan, an increase of 14 in ten years.

68% and 9.

66%; In addition, a series of errors occurred in Hubei and Liaoning, which were -9.04 million and -5.63 million, respectively, indicating that there are certain difficulties in market expansion and sales, but Hubei has better growth and greater future growth potential.

The company realized net profit attributable to mother 2.

42 ppm, an increase of 18 years.

At 74%, the net profit attributable to mothers in Q4 alone exceeded 5.59 million yuan, a decrease of at least 184.

75%, basically the fourth quarter revenue mainly comes from the sale of union benefits, and the sales of card coupons can only be recorded under advance receipts, which also led to an increase in advance receipt income for the year21.74%.

Selling expenses 8.

50 billion, an increase of 10 years.

52%, mainly due to an increase in labor costs of 3519.

570,000 yuan (more than 400 people were added by sales staff) and advertising expenses increased by 2843.

290,000 yuan (expanded advertising due to increased sales); administrative expenses1.

10 ‰, a decrease of 5 per year.

39%, mainly due to the reduction of a series of business promotion expenses and entertainment; in addition, research and development expenses of 13.52 million, an annual increase of 18.

25% increase in labor and material costs; financial costs -21.

470,000 (-78.

96%), which has a positive effect on net profit, mainly due to a reduction in interest income.

In addition, asset impairment losses decreased by 1,470.

590,000, wealth management income increases by about 8.89 million each year, both directly contribute to profits.

The improvement of packaging materials affects gross profit margin The company’s gross profit margin for 18 years was 64.

81%, a decrease of 1 per year.

52 points, 65 gross margin in the fourth quarter.

42%, a decrease of 4 per year.

44 青岛夜网 points.

In terms of products, cakes, moon cake gift boxes, Chinese and Western pastries, fruit and other gross profit margins were 86.

88%, 63.

98%, 40.

87%, 45.

10% and 21.


Specifically, cakes and mooncake gift boxes are affected by the increase in raw material costs, especially the use of summer cold packs, which have replaced the gross profit margin of 18 in 2 years.

12pct and 3.

85pct; the cost of raw materials for fruit products dropped slightly, and gross profit margin increased by 7 per year.

76 points.

The net profit rate reached a new high, and the management efficiency was a new step.

34%, an increase of 0 over the same period last year.

89 points.

Single Q4 net interest rate -1.

71%, a decrease of 3 per year.

46 points.

The overall net profit margin increased slightly, mainly 天津夜网 due to the decrease in management expense ratio, reduction in asset impairment losses and increase in wealth management income. In 2018, the inventory depreciation loss reduction amount decreased, so the annual asset impairment loss ratio was 0.

9%, a reduction of 0 per year.

92 points, wealth management income 36,205,974.

40 yuan, an increase of about 8.89 million (+32.

55%), both directly contribute to profits.

Looking at the cost of the specific period, the management cost is 5.62%, a decline of 0 every year.

93pct, mainly because the company reduced business promotion and entertainment, while reducing depreciation and amortization in the current period.

In addition, selling expenses cost 43.

38%, an annual increase of 0.

52pct, mainly due to the increase in sales staff; R & D expenses 0.

69%, an increase of 0 in a year.

05pct, mainly from the increase of labor costs and material costs; financial costs decreased -0.

01%, an increase of 0 every year.

05pct, mainly because interest rate income decreased.

Profit forecast: The company’s four major segments will grow steadily. The annual rate of new products (including upgrades) is about 30%, and the average price of corresponding products can be maintained at 10-20%.

The expansion of stores has been steadily progressing. It is expected that about 70 new stores will be opened in 19, and the net increase of stores is expected to be controlled at 30+. The company maintains a good new opening elimination ratio, and steadily increases the number of stores, while striving to increase the profitability of single stores.

The company’s net profit is expected to be 284 in 2019-2021.

00, 324.

81 and 366.

54 million yuan, corresponding to EPS 1.

18, 1.

35 and 1.

53 yuan / share.

Risk warning: food safety risk control, raw material cost price control, company operating risk, and channel expansion are less than expected risk.