Shanxi Fenjiu (600809): Product structure improvement and outreach are carried out simultaneously to achieve the goal gradually and worry-free

Shanxi Fenjiu (600809): Product structure improvement and outreach are carried out simultaneously to achieve the goal gradually and worry-free

I. Event Overview In the first half 深圳桑拿网 of 2019, the company achieved operating income of 63.

77 ppm, an increase of 22 in ten years.

30%; Net profit 11.

9% ten percent, an annual increase of 26.

28%; budget benefit 1.

37 yuan, an annual increase of 25.


Second, the analysis and judgment of both volume and price have risen, and the revenue is a new high in the 25-year period of listing. The company has gradually achieved its goal. The company realized revenue in the first half of the year63.

77 trillion, ten years +22.

30%, mainly due to the smooth expansion of markets outside the province.

Since 2017, the company has made efforts to promote markets outside the province, and has steadily pushed forward terminal construction. In the first half of the year, the market revenue in other provinces reached 31.

6.7 billion, exceeding the 深圳桑拿网 provincial income for the first time, +48 per year.

8%, the proportion of income outside the province in the overall income from 18H1 to 42.

57% increased to 50 in 19H1.

14%, a significant increase of 7.


At the shareholders meeting in mid-June, the company disclosed that from January to May, there were 22 provincial-level markets where the growth rate of extra-provincial income was above 50%.

Within the province, the company achieved revenue 31.

4.9 billion, +9 per year.

68%, achieving solid growth.

The company currently has about 46 terminals.

80,000 (as of the end of May 19), the company’s annual target is to build 550,000 terminals, terminal expansion will ensure continued growth in revenue, and the final advance receipts in 19H114.

810,000 yuan, +80 for ten years.

6% will also effectively guarantee the completion of the expected goal.

The increase in the expense ratio was higher than the gross profit margin, resulting in a small decrease in the net profit margin. The overall report quality was quite high in 19H1 gross profit margin.

46%, ten years +1.

81ppt, mainly due to the high growth of the blue and white series, has significantly promoted the upgrade of the product structure.

Sales / management / finance rates are 21 respectively.

58% / 5.

07% / 0.

56%, period rate growth rate +4.

42ppt, of which the sales expense ratio increased by 3.

57ppt is a core item, mainly due to the company’s expansion outside the province and the expansion of the terminal market, as a result of the initial increase in the basic market investment.

The net interest rate is 19.

84%, a small drop of 0 a year.


Net cash flow from operating activities is approximately 16.

91 ppm, a breakdown of the increase of -2.6 million in the same period last year, mainly due to the increase in sales revenue and discounted bills in the current period.Against the background of high income growth, the scale of operating receivables has decreased, and combined with the increase in advance accounts, it shows that the quality of the growth of this period’s statements is high, and the potential for unexpended growth in the second half of the year.

Promote all-round cooperation with China Resources, and the synergy effect will continue to show. The company currently only connects to 5% of China Resources’ channels. It is still continuing to effectively connect with China Resources in management, marketing, resource sharing, collaborative development, and promote management, marketing, etc. during the year.Key breakthroughs have been achieved in all aspects of collaboration, truly realizing the sharing of resources between the two parties, co-development of the market and win-win cooperation, effectively improving the quality and efficiency of mixed reforms.

Third, profit forecast and investment recommendations are expected to income 118-2019-2021.



2 ‰, +26 a year.

1% / 18% / 14.


Net profit attributable to listed companies19.



3 ‰, +30 a year.

5% / 24.

3% / 19%, equivalent to EPS 2.



27 yuan, corresponding PE is 32X / 26X / 22X.

The current industry estimate is 32 times, and the company’s estimate is similar to the industry estimate, maintaining the “recommended” level.

Fourth, risks indicate that economic growth is dragging demand, performance release is slower than expected, and food safety issues.

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