Yasui Foods (603345): Outstanding performance in cost management, hedging costs, and upward performance

Yasui Foods (603345): Outstanding performance in cost management, hedging costs, and upward performance

The company released three quarterly reports, and achieved revenue of 34 in the first three quarters of 19.

9.3 billion / + 18.

80%, net profit attributable to mothers2.

38 ppm / + 21.

25%, net profit of non-attributed mothers2.

1.3 billion / + 22.


The performance was excellent and in line with expectations.

Q3 achieved revenue 11.

58 ppm / + 16.

59%, achieved net profit attributable to mother 0.

7.3 billion / + 34.

95%, earnings growth is significantly higher than revenue.

The core point of view is that the revenue end will continue to grow at a medium and high speed, basically in line with market expectations.

The company’s overall third quarter revenue growth rate was 18.

8%, single-third quarter revenue growth rate of 16.

59% in the third quarter, based on last year’s high base, although the growth rate was slightly inclined, it still maintained a growth rate of more than 15%, and the overall sales performance was good.

In terms of product segmentation, the company’s frozen fish surimi products achieved revenue4.

29 ppm / + 20.

56%, Q1 / Q2 increased by 16.

11% / 31.

37%, a slight increase from the previous month, but the growth is still strong; meat products achieved revenue2.

$ 6.6 billion / + 2.

81%, an improvement, the company’s structural adjustment is still under the influence of swine fever; rice noodle products / quick-frozen oriented products achieved revenue3.


37 ppm, an increase of 19 in ten years.

11% / 30.

32%, the rapid frozen gradual products still maintained rapid growth, and then the company continued to further cultivate in the catering channel, and the potential for quick freezing was still large.

The medium-to-high growth in the dealer channel continued, the commercial supermarket channel stopped falling and rebounded, and the e-commerce channel grew at a low base.

The Q3 dealer channel achieved revenue of 10.

1.7 billion / + 15.

33%, Q1 / Q2 10-year growth rate of 10.

87% / 32.

At 64%, the distributor channel still maintained medium-to-high-speed growth; the retail sales channel achieved revenue1.

05 billion / + 23.

6%, ranking Q2 at least 38.

69%, stopped falling and rebounded; the special channel achieved 2679 in the third quarter.

430,000 yuan / + 6.81%, the overall revenue in the first three quarters of the e-commerce channel was 1885.

680,000 yuan / + 1360.

41%, achieving a high growth rate based on a small base.

The gross profit margin was improved and affected by the cost of meat products to improve its downward trend, and the expense rate control effectively hedged to achieve a reverse increase in net profit margin.

Company Q3 achieved gross profit margin of 23.

9% /-1.

73pct, score Q1 / Q2 gross margin margin range -0.

58pct / -1.

64pct, the increase in the cost of meat products has an impact on gross profit margin and has slightly expanded.

However, the company achieved a net profit margin of 6 in the third quarter.

31% / + 0.

86pct, reversed the improvement in the background of reduced gross profit margin, mainly reducing the progress of cost rate control.

The company’s Q3 sales 杭州桑拿 expense ratio / administrative expense ratio (recovery of research and development expenses) / financial expense ratio change position 0.

9pct / 0.

16pct / 0.

98pct, effective hedge gross margin expansion, which reflects management capabilities and profit potential.

Financial Forecast and Investment Suggestions As the company’s gross profit margin increases and the expense ratio is better controlled, we adjust the company’s earnings for 2019-2021 to be 1.



12 yuan (1 before adjustment).



20 yuan), comparable company assessment 35 times, taking into account the company’s top and re-conversion performance growth brings 20% estimated premium, giving 19 times 42 times PE, corresponding to a target price of 58.

38 yuan, maintain BUY rating.

Risk reminder food safety risks, 西安耍耍网 capacity expansion is less than expected, cost side growth exceeds expectations