Qiaqia Foods (002557): Business Upward, More Than Expected

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Qiaqia Foods (002557): Business Upward, More Than Expected

Event: Qiaqia Foods released the 2019 performance report, and the company is expected to achieve a total operating income of 48 in 2019.

37 ppm, an increase of 15 in ten years.

25%; realize net profit attributable to shareholders of listed companies.

20,000 yuan, an annual increase of 39.


Revenue accelerated quarter by quarter, and core products performed well: the company’s total operating revenue increased by 15 in 2019.

25%, of which the single quarter revenue growth rate in 2019Q4 reached 25.

About 7%, continuing the trend of accelerated chain.

The main reasons for the acceleration of single-quarter revenue are: 1) The Spring Festival in 2020 is relatively early, and the stocking cycle of dealers is advanced.

2) The main products continue to have good revenue performance. We expect the traditional red bag of sunflower seeds to grow by more than 10% per year; the yellow bag daily nut series will gradually achieve tax-bearing income of more than 8 billion,佛山桑拿网 an increase of about 60%; the blue bag series of seeds will initially achieveTax-included income is more than 900 million, with an annual increase of about 30%.

The profitability of the post-price raising cycle continued to improve: the company’s net profit increased by 39 in 2019.

13%, of which the net profit growth rate in the single quarter of 2019Q4 reached about 55%, and the single quarter net profit margin was close to 12.

5%, an increase of nearly 2 a year.


After the end of the price increase effect of red and yellow bags, the company’s net interest rate has improved for two consecutive quarters, mainly due to the increase in the production automation rate of the yellow bag daily nut series and the increase in revenue.The improvement of profitability driven by multiple factors such as effects and increased 苏州夜网论坛 marketing efficiency.

It is expected that by the end of 2019, the gross profit margin of the yellow bag daily nut series is expected to have reached more than 30%, and the improvement is obvious.

Continue to focus on the company’s operating improvement bonus, and the relative impact of the short-term epidemic is relatively limited: In 2018, the company formulated a clear five-year strategic plan.The most fundamental factor is that the reform dividend is expected to continue to be released.

The impact of the epidemic situation on the company’s products during the Spring Festival is limited to gift box products. The overall demand impact is relatively limited, but the company’s production and transportation and distribution have not yet been fully restored. The epidemic situation is expected to affect the overall production and sales in the first quarter.

Earnings forecast and investment rating: The company’s 2019 performance is better than expected. We raise our profit forecast and expect the company to achieve net profit attributable to mothers in 2019-21.



4.8 billion (previous period 5.



6.9 billion), with annual growth of 39.

3% / 20.

6% / 16.

6%; corresponding EPS is 1.



67 yuan (previous period 1).



52 yuan), the current sustainable corresponding PE in 2020-21 is 29x / 24x, maintaining the “Buy” rating.

Risk Warning: The epidemic affects more than expected; the cost of raw materials increases; the growth of core products falls short of expectations.