Peach-bread (603866)： Q2 chain speed up steadily
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Peach-bread (603866): Q2 chain speed up steadily
The event company announced that the 2019H1 financial report company has achieved operating income of 25 in 2019H1.
5.7 billion, +18 a year.
06%, achieving net profit attributable to shareholders of listed companies.
40,000 yuan, +15 for ten years.
A brief review of the core products will drive Q2 revenue to accelerate growth. In 2019H1, the company will achieve 25 operating income.
570,000 yuan, an increase of 18 in ten years.
06%, single quarter realized revenue of about 14.
16 ppm, an increase of 20 in ten years.
The growth rate of Q2 accelerated, and the main beneficiary companies continued to strengthen marketing channels, increase single store revenue, and vigorously expand new markets, resulting in a gradual increase in the number of terminals.
Looking at specific products: Bread H1 achieved income of 25.
4.7 billion (accounting for 99.
57%), +18 throughout the year.
08%, mainly due to the company’s main 杭州桑拿网 products in the reporting period, the single products mature, milk bars and other continued to grow steadily, at the same time rapid research and development progress, the introduction of egg yolk cakes, buns, jelly fruit, little angel bread, Qiaole croissant gradeThe average value of new products is growing rapidly. The company’s product structure has continued to upgrade and its competitiveness has gradually increased.
Q2 dumpling products contributed revenue of 1,057.
0.2 million yuan (accounting for 0.
41%), +7 over the same period last year.
85%; moon cakes reached 49.
650,000 yuan (accounting for 0.
02%), an annual increase of 633.
From the market area: Northeast (45%).
97%), North China (23%).
7.6 billion (+15.
300 million (+22.
74%), mature markets continue to accelerate the refinement of sales networks and downwards, continue to tap market potential, consolidate and expand the company’s product market share; gradually, the company continues to expand efforts to expand East China (+22.
83%), South China (+38.
91%), Southwest (+12.
87%), Northwest (+17.
07%), waiting for new markets, increasing spending on key customers and improving single-quality.
Scale effect gross margin steadily increased H1 operating costs15.
4.4 billion, previously +17.
42%; Q2 operating cost 8.
51 ppm, +19 a year.
The growth rate of costs basically matches the growth rate of revenue, mainly due to the corresponding increase in operating costs driven by the increase in operating income.
Company H1 gross profit margin 39.
62%, ten years +0.
33pct, single Q2 gross margin of 39.
89%, ten years +0.
The nationwide layout of the company’s production bases has promoted the improvement of scale benefits. Sales and fixed production have increased the level of mechanization and automation of production and processing. At the same time, the raw materials such as flour, oil, sugar, eggs, and yeast purchased by the company can increase the gross profit margin steadily.
The increase in selling expenses led to a slight decrease in net net income. Company H1 achieved net profit attributable to its parent.
40,000 yuan, an increase of 15 every year.
51%, net interest rate 11.
87% every year -0.
26 points; net profit attributable to the mother for single Q2 is 1.
830,000 yuan, an increase of 17 in ten years.
88%, with a net profit of 12.
89% every year -0.
See the specific cost, H1 sales cost 5.
660,000 yuan, +23 a year.
62% (Q2 single season 3.
03 billion, +24.
67%), mainly due to the new product introduction, market expansion and the increase in the number of sales terminals advertising costs (+42.
96%), store expenses (+88.
05%), product delivery service fee (+19.
33%) increase, resulting in a sales expense ratio of 22.
11%, ten years +0.
99pct (Q2 single season 21.
H1 management costs 52.75 million, +14 for ten years.
28%, management expense ratio 2.
06%, -0 per year.
07pct, which reports the employee compensation (+12.)
55%) and lease fees (+29.
In addition, the report budget report anticipates a decrease in interest rate income and an increase in interest expenses due to short-term expenditures. The financial expenses are -5.95 million, an increase of 1.67 million from the previous year, and the financial expense ratio is -0.
23%, ten years +0.
12pct; The report continuously increases the research and development of new products, with a research and development expense of 5.13 million, +94 per year.
32%, R & D expense ratio is 0.
2%, ten years +0.
Earnings forecast: The company is expected to realize revenue from 2019-2021.
4.9 billion yuan, achieving net profit attributable to mothers7.
45 trillion, corresponding to EPS 1.
59 yuan / share.
Risk reminders: food safety risks, increased competition risks, business management risks, etc.