Yasui Food (603345) 2019 Third Quarterly Report Review-Revenue Steady, Cost Increase, Efficiency Increase, Price Expectations to Shorten Short-Term Pressure

The overall performance of the company’s revenue in Q3 2019 was stable, and the continuous improvement of expenses promoted the high growth of performance.

In the short term, price increases in September are expected to partially reduce Q4 cost pressures, and changes in gross profit margins need to be continuously tracked; in the long term, cumulative release and release of the company’s leading advantages gradually increase the capture of the development bonus of the catering industry chain to achieve sustained and rapid growth.”Into” level.

In the first three quarters of 2019, revenue / net profit also increased by 18.

8% / 21.


The company’s revenue for Q1-Q3 2019 was 34.

9.3 billion, an increase of 18.

8%, net profit attributable to mother 2.

3.8 billion, an increase of 21.

2%, deducting non-net profit 2.

1.3 billion, an increase of 22.


Among them, the company achieved revenue in 2019Q311.

5.8 billion, an increase of 16.

6%, achieving a net profit of 73.01 million yuan, an increase of 35.

0%, non-net profit of 64.02 million yuan, an increase of 25.


From a regional perspective, in Q3 2019, regional revenue in East China increased by 10.

5%, stable performance; North China benefited from market expansion and Liaoning plant reached production, with revenue increasing by 37.


Analysis of income: The growth rate of quick-frozen meat products has changed, and the transformation / rice noodles / surimi products have maintained rapid growth.

In terms of categories, the company’s rice noodle products continued to grow at a higher rate in 2019Q3, achieving revenue3.

2.4 billion, an increase of 19.

1%, Q1-Q3 total increase by 23.

3%; expected to benefit from large-scale single-item products such as egg dumplings / thousand-sheet tofu, and revenue in Q3 20191.

3.7 billion, an increase of 30.

3%, of which Q1-Q3 total increase by 33.

5%; Q3 quick-frozen hot pot ingredients income increased by 13.

1% to 6.

950,000 yuan, of which frozen fish surimi products continued to grow rapidly, and the income in 2019Q3 increased by 20.

6%, Q1-Q3 total increase of 22.

At 7%, the income growth of quick-frozen meat products in Q3 2019 increased, and the income increased by 2%.

8%, the total increase of Q1-Q3 increased by 4.


By channel, 2019Q3 dealers’ revenue increased by 15 as well.

3%, the number of dealers earlier increased by 50 to 668; the sales of Supermarket / Special Channel increased by 23.

6% / 6.

8%, the impact of early billing caused by adjustments has weakened, and the growth rate has resumed from the previous quarter. Profit analysis: pressure on gross profit margin and improvement in expense ratio, investment performance increased.

The company’s gross profit margin decreased by 1 in Q3 2019.

7PCT to 23.

9% (Q1-Q3 decrease by 1.

3PCTs), mainly due to the continuous increase in the price of pigs and raw materials such as poultry.

Benefiting from the scale effect and the continuous release of new production capacity, Q3’s sales expense ratio also dropped to 0.

9PCT to 11.

9%, continuing the 2019H1 optimization trend; Q3 financial expense ratio also decreased by 1.

0PCTs, mainly due to the increase in interest costs of convertible bonds and monetary funds in the same period last year; Q3 management fee rate increased by 0.


In addition, the investment income of the company in Q3 2019 increased by 669 million, which caused the net profit margin of the company to increase by 0 in 2019Q3.

9PCT, Q1-Q3 net interest rate increased by 淡水桑拿网 0.


Short-term price increases ease some cost pressures, and we are optimistic about the company’s growth potential during production.

In the short term, since October, the prices of raw materials such as pork have continued to rise, and the industry is facing cost pressure breakthroughs. The company raised the price of meat-related products by 3% in September?
5%, leading to partial replacement of short-term cost pressures, the company’s final gross profit margin changes still need to be continuously tracked.

However, we believe that the company as a leader will further highlight its ability to raise prices. If the cost of the industry continues to increase in the future, the company will also increase its ability to raise prices.

In the medium and long term, the company’s capacity planning is sufficient, and 合肥夜网 the 15-day capacity of Sichuan will be gradually released. The Hubei / Henan / Liaoning factories (150,000 / 100,000 / 4 tons) will be successively implemented in the future.In the catering industry chain, the company is committed to giving full play to the advantages of explosive money creation / production warehouse allocation / channel layout, etc., to grab the development bonus of the catering industry chain, and open up the company’s development space.

Risk factors: less than expected channel expansion; sharp rise in raw material prices; food safety issues.

Investment suggestion: Maintain EPS forecast for 2019/20/21 to 1.



14 yuan, maintain “Buy” rating.