Yanjinpuzi (002847) Research Report: Layout of Large Categories + Nationalization of the Market + Shop in Island Featured Marketing Three Elements to Promote the Growth of the Company’s Performance

Yanjinpuzi (002847) Research Report: Layout of Large Categories + Nationalization of the Market + “Shop in Island” Featured Marketing Three Elements to Promote the Growth of the Company’s Performance
Key points for investment: Yanjinpuzi is a multi-category, multi-brand snack food company with independent industry R & D, manufacturing and sales.Yanjinpuzi is a snack food company that always insists on “independent production”.The advantage of independent production is that it can ensure product quality, ensure food safety, be conducive to the integration of production and marketing, retain all benefits in the company, and have more advantages in participating in market competition.As a multi-category snack food company, the company has a wide range of products, mainly three types of products: leisure snacks, casual baking, and dried nuts and fruit.Leisure snacks are traditional products with slow growth.Extreme, cut into large categories such as casual baking and dried nuts and fruits, opening up the company’s growth space. At present, the snack food industry is large in scale, with many categories and scattered brands. There is still room for development in Yanjinpuzi. At present, the snack food industry has a large scale, about 510.4 billion yuan in 2018.The development of snack foods is highly related to the level of economic income. As the disposable income of residents increases, the main meals decline, while the consumption of snack foods continues to increase.China’s snack food industry is large, but its brands are scattered.Yanjinpuzi has a certain reputation within the industry, and the company’s marketing capabilities have also developed. In the future, driven by category and market expansion, it is expected that it will continue to develop. The new category of baked goods industry is large in scale and low in concentration. It is expected that the company is expected to maintain rapid growth in the next few years and the scale of the emerging baking industry is large. In 2018, it has about 200 billion yuan in retail sales.Due to the meal replacement function of baked products, the future market expansion and channel sinking, especially the westernization of consumer spending habits, the industry can still maintain better growth.In 2017, the company innovatively launched the “58 Tianxian” Zhongbao baking series products. These products not only have good quality, but also a full range of products, with high consumer acceptance and channel acceptance.Pioneer, the company’s bakery products sales revenue also achieved rapid growth. New products of dried nuts and spicy sticks are being laid out, and there is enough industry space to support the company to further develop the annual retail scale of China’s dried nuts and nuts industry.The company’s existing dried fruit products are mainly processed on behalf of other brands.In the future, if the sales of private labels are carried out, enough industry space is expected to bring a certain amount of profit to the company again. Product sales are mainly in bulk, and the “shop in island” special marketing model has a good effect.About 80% of the company’s products are in bulk, with a focus on supermarkets and convenience supermarkets that sell bulk snacks.The company’s sales in the supermarket channel are mainly based on the “store island” model. “Shop island” is the company’s concentrated snacking area in the mall. It displays the company’s series of products through brand display cabinets, product display, video, audio and other communication methods., To show consumers the company’s brand and sales products in all directions.Since the launch of the Nakashima store in 2018, market feedback has generally been high, and the consumer’s shopping experience index has increased significantly.At present, the company has integrated the “shop in the island” into a “snack house” and “bakery”, which has transformed into a “one China, one west” and “one salty and one sweet” marketing model system.At present, there are about 6,000 large “store islands”, and it is estimated that by the first half of 2020, tens of thousands will be realized. Market Expansion: Mature market channels are sinking, and immature markets focus on the development of Yanjinpu in East and Southwest China. The past base markets were mainly concentrated in central and southern China. For these core markets, the county-level market has been mainly used in the past and will be further realized in the future.Channels sink to reach towns and rural markets.For immature markets other than the base market, the focus is now on developing eastern and southwestern regions with relatively developed economies.Absolutely, the sales growth rate in East China and Southwest China is relatively fast, and the sales share continues to increase. Product structure optimization + maximum production capacity climbing, the company’s profitability is constantly improving, comprehensive prospects, the company will have four factors in the future to promote the company’s profitability.The first is the optimization of item structure.After the expansion of the sales of large-scale baking new products, the company has greater flexibility in profit; the second is the expansion of channel structure.In order to accelerate the expansion of sales 杭州桑拿养生会所 scale, increase the expansion of distribution channels.The gross profit margin of the distribution channel is lower than that of the direct business super channel, but the net profit margin has increased due to the decrease in the relative market input. The third is the optimization of the supply chain.The company continuously optimizes various categories of products and highlights the strategy of expanding single products.With the reduction of SKUs, the costs of procurement, production, sales and management, and logistics services will decrease. Fourth, new product capacity will climb.Since 2017, the company has increased its investment in fixed assets, mainly for new products such as baking, dried fruit and spicy bars. With conventional new product mass production, after the production capacity climbs, the unit fixed asset amortization cost will gradually decrease. Equity 天津夜网 incentive assessment indicators are high, companies with relatively strong pressures on performance and performance mean the first implementation of equity incentive programs on May 10, 2019. According to the program requirements, the revenue for 2019/2020/2021 is not low compared to 2018At 15% / 35% / 60%, the three-year compound growth rate is about 17%.Compared with 2018, the net profit in 2019/2020/2021 has an increase of not less than 95% / 160% / 250%, and the three-year compound capacity is about 52%.Higher fair incentive indicators are both pressure and motivation for companies. Earnings forecast and investment rating: Maintain Buy rating.We believe that the sales model of “shop-in-island” in the commercial supermarket channel will develop more rapidly than that of specialty stores. At the same time, it will cut from small categories to large categories. After the market expands nationally, it will open up the company’s growth space.It is expected to be optimistic about the company’s large-category new product business expansion and increase its earnings forecast for 2019/20/21 EPS to 0.89/1.33/1.92 yuan, corresponding to PE for 2019/20/21 is 39.82/26.53/18.42 times, maintain “Buy” rating. Risk Warning: The growth of traditional business is not up to expectations; the development of new products such as baking is not up to expectations; the channel expansion in the store is not up to expectations; the development of distribution channels is up to expectations; food safety.

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