Keming Noodle Industry (002661): Significant advantages in the layout of the industrial chain, expanding categories, and strong channels to help development

Keming Noodle Industry (002661): Significant advantages in the layout of the industrial chain, expanding categories, and strong channels to help development

Incident company disclosed 2018 annual report 2018, the company achieved revenue 28.

56 ppm, an increase of 25 in ten years.

86%; net profit attributable to mothers1.

85 ppm, an increase of 65 in ten years.

00%.

Improved budget benefits.

563, an annual increase of 66.

08%.

In 2018, it is planned to distribute cash dividends to all shareholders for every 10 shares2.

5 yuan (including tax), a total of RMB 96,887,595 was found to be combined with dividends (including other methods).

18 yuan.

The company disclosed the first quarter of 2019. The company achieved revenue in the first quarter of 20197.

850,000 yuan, an increase of 17 in ten years.

52%; realized return to mother’s profit 0.

61 ppm, a reduction of 17 per year.

31%; reduced budget gain by 0%.

185 yuan, a decrease of 16 per year.

67%.

Brief comment on the substantial increase in profits, the full release of production capacity to achieve the company’s operating income in 2018.

56 ppm, an increase of 25 in ten years.

86%; company revenue in the fourth quarter alone8.

580,000 yuan, an increase of 27 in ten years.

71%. The increase in revenue was mainly 上海夜网论坛 due to the expansion of the Yanjin production base and the Xinjiang plant to release production capacity. At the same time, the quality of new products was optimized, and revenue growth increased. From the perspective of products, 18 years were mainly revenue from product noodle products26.

59 ppm, an increase of 24 in ten years.

33%, the company’s active sales policy achieved results, steadily contributing to performance growth.

In terms of different regions, the growth rate of Central China achieved revenue10.

190,000 yuan, an increase of 37 in ten years.

67%, mainly due to the expansion of production release capacity of the Yanjin Production Base in Henan. In addition, East China, other regions and South China achieved revenue 8 respectively.

24, 5.

55 and 4.

580,000 yuan, an increase of 14 in ten years.

44%, 20.

73% and 31.

The increase of 11% was due to market promotion, and the channel subsidence expanded to the county-level market.

In addition, the first quarter of 19 revenue was 7.

850,000 yuan, an increase of 17 in ten years.

52%, the successful launch of new products and channel expansion continued 18 years of growth.

The company gradually realized net profit attributable to mothers for 18 years1.86 ‰, an increase of 65 in ten years.

00%, single Q4 returns to the mother’s net profit 0.

22 ppm, an increase of 52 in ten years.

39%, the growth of profit growth is mainly due to the decline in raw material costs and reduction in asset impairment losses; selling expenses3.

1 billion, a growth of 21 in ten years.

34%, mainly through the expansion of sales scale, market promotion, and further accurate investment; management expenses1.

50,000 yuan, an increase of 60 in ten years.

81%, mainly due to the company’s employee compensation, employee dismissal benefits and management expenses of new subsidiaries increased; in addition, financial expenses were zero.

430,000 yuan, an increase of 197 in ten years.

83%, mainly due to the increase in bank loan and bond payable index expenses in the current period; research and development expenses amounted to 27.98 million, a long-term increase of 4.

51%, little change, mainly due to the increase in employee compensation.

In addition, asset impairment losses decreased by 2058.

820,000, and government subsidies increased by 1666.

710,000 leads to other income increases, all directly contribute to profits.

The raw material supply in 18 years pushed up the gross profit margin. The pressure on the gross profit margin in Q1 of 19 came from the vigorous promotion of the company’s gross profit margin in 2013 to 23.

63%, an annual increase of 0.

85pct, gross profit margin of Q4 21.

88%, a reduction of 0 per year.

04ct.

Its main product is rice noodle products with a gross profit margin of 24.

72%, an annual increase of 0.

85%.

Specifically, the company mainly realized partial self-supply of raw material wheat during the reporting period, and the production capacity of the flour production line at the Yanjin production base was fully released, reducing the cost of raw materials1.

07%. At the same time, the Xinjiang plant was put into production, which enabled the company to purchase raw materials more reasonably and reduced the cost of flour purchase.

In addition, the gross profit margin in Q1 of 19 was 21.

01% (-4.

37 pct), mainly because operating costs increase by 24 per year.

41% to 6.

2 billion US dollars, mainly since 19 years, the company has expanded new products and increased marketing efforts, resulting in a larger increase in operating costs than in operating income.

59 uniforms.

Net profit reached another record high and sales efficiency improved significantly. The company’s 18-year net profit was 6.

51%, an increase of 1 over the same period last year.

54 points.

Single Q4 net interest rate 2.

59%, an annual increase of 0.

42 points.

The initial increase in net interest rate was mainly due to an increase in gross profit margin, a decrease in asset impairment losses, a decrease in sales expense ratio, a decrease in research and development expense ratio and an increase in other income.

The asset impairment loss rate is 0.

28%, a reduction of 0 per year.

98pct, mainly due to the impairment of goodwill without scale; the sales expense ratio was 10.86%, a reduction of 0 per year.

40pct, thanks to the company’s precise distribution of sales expenses, the budget process for the entire process control; R & D expense ratio (0.

98%) because the growth rate is slower than the income growth, it decreases by 0 every year.

2pct; the increase in other income is the government grant 3953 in this period.

950,000 yuan, an increase of 228 in ten years.

73%.

In addition, the financial expense ratio (1.

49%) and overhead cost ratio (3.

68%) are growing by 0 each year.

86 and 0.

8pct is due to the increase in interest expenses and the increase in management personnel expenses, dismissal benefits and management expenses of subsidiaries.

In addition, in Q1 of 19, net profit attributable to the mother was 6,116.

840,000, a decrease of 17 per year.

31%; net interest rate 7.

79% every year -3.

24pct; in addition to the main reasons for changes in operating costs, it also lies in the increase in interest expenses and the decrease in other income.

Its interest fee is 1564.

170,000 (+232.

48%), the interest rate accrued for short-term bank borrowings and bonds payable, other income is 520.

910,000 (-68.

11%) is a reduction in government subsidies.

Profit forecast: The company’s performance will grow rapidly. In the future, it is expected that the business will further extend flour processing in the upstream of the industrial chain and reduce costs; at the same time, new products will be launched one after another, channels will continue to sink, and the Northeast market will expand the development territory; it is expected that 2019-2021The company’s net profit is 238.

40298.

52,359.

80 million yuan, the corresponding EPS is 0.

72,0.

90 and 1.

08 yuan / share.

Risk warning: the price of wheat caused by fluctuations in raw materials; the risk of food safety and health accidents.