Haitian Flavor (603288) 2019 Third Quarterly Report Review: Performance Maintains Steady Growth

Haitian Flavor (603288) 2019 Third Quarterly Report Review: Performance Maintains Steady Growth

Event: The company released the 2019 third quarter report.

The first three quarters of 2019 achieved total operating income of 148.

2.4 billion, an annual increase of 16.

62%; net profit attributable to mother 38.

$ 3.5 billion, an increase of 22 per year.

48%, performance is in line with expectations.

Opinion: The core products have maintained steady growth, and the number of dealers has continued to grow.

In terms of products, the company’s soy sauce, seasoning sauce and oyster sauce achieved revenue of 86.

7.8 billion, 17.

6.5 billion and 25.

$ 4.5 billion, each growing by 13.

76%, 9.

21% and 20.

33%.

In terms of regions, the 都市夜网 eastern region, the southern region, the central region, the northern region and the western region achieved revenues of 30.

01 billion, 29.

4.3 billion, 28.

5.1 billion, 36.

5.7 billion and 16.

US $ 3.3 billion, an increase of 14 each year.

41%, 12.

23%, 20.

22%, 10.

11% and 26%.

Offline and online revenues were 138 respectively.

04 billion and 2.

US $ 8.1 billion, an increase of 14 each year.

79% and 34.

6%.

At the end of the third quarter, the total number of dealers reached 5,640, an earlier net increase of 693, of which 98, 36, 132, 283, and 144 were added to the east, south, central, north and west respectively.

Gross profit margin decreased and net profit margin increased.

The company’s gross profit margin fell in the first three quarters1.

96 excellent to 44.

51%, the cost rate during the period decreases by 3 every year.

62 good 14.

39%, of which the sales expense ratio drops 2 every year.

59 good to 11.

59%, the management expense rate drops by 0 every year.34 perfect to 4.

38%, the financial expense rate is reduced by 0 every year.

7 excellent to -1.

58%.

Benefiting from the decrease in expense ratio, the increase in net interest rate increased by 1.
.

24 good 25.

88%.

Investment advice: Maintain the recommended level.

The company’s EPS for 2019-2020 is expected to be 1.

97 yuan, 2.

31 yuan, corresponding to PE and 55 times and 47 times.

The company is a domestic condiment leader with brand, scale and channel advantages. It is expected to continue to increase market concentration and maintain recommendation levels 杭州桑拿网 in the future.

risk warning.

Intensified market competition.