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Xiang Piaopiao (603711) 2019Q3 financial report review: growth rate gradually does not change long-term logic expenses expenditure murder planning

Xiang Piaopiao (603711) 2019Q3 financial report review: growth rate gradually does not change long-term logic expenses expenditure murder planning
Event: The company achieved revenue 23 in the first three quarters of 2019.80 ppm, an increase of 41 per year.67%, net profit attributable to mothers1.32 ppm, a 57-year increase of 57.41%.Among them, 2019Q3 achieved revenue of 10.03 trillion, an annual increase of 23.85%, net profit attributable to mothers1.09 million yuan, an increase of -21 in ten years.57%. The ready-to-drink field has achieved phased victories, and the growth rate has gradually not changed the company’s big beverage layout.The company’s rapid growth in the third quarter results slowed down in the second quarter, mainly due to the slightly lower-than-expected sales of juice tea in the third quarter and the expansion of expenses.The 南京桑拿网 company’s juice tea in the third quarter achieved revenue1.830,000 yuan, compared with 4 in the second quarter.The increase of 1.7 billionths of a second was due to the accelerated accumulation in the second quarter, which caused a certain inventory accumulation in the third quarter. More importantly, the competition in the ready-to-drink segment in the third quarter intensified and the company’s freezing rate was lower than expected.The company’s ready-to-drink segment is different from the original sales channel of solid milk tea. The ready-to-drink segment is more competitive. As a new entrant, the company still lacks experience in the ready-to-drink channel.However, the company still increased the freezing rate in the third quarter by launching freezers to the terminal.We believe that the channel construction has a certain period of precipitation, transforming the company’s 夜来香体验网 deep cultivation in the field of ready-to-drink, and the company’s ready-to-drink performance will still achieve steady growth. The brewing of milk tea has repositioned itself into the leisure sector, and the two-wheel drive has accelerated the company’s expansion into consumer scenarios.The company released a new “Shuangpin series” of brewed milk tea in August, which transformed the company’s positioning from functional beverages to “enjoyable” beverages. This shift broadened the consumption scenarios of the company’s products.In terms of scale, the two-wheel drive of “Brew + Ready to Drink” accelerates the development of the company’s consumption scene.In the third quarter, the conversion company’s new product listing and new packaging were launched, and the performance of the brewing segment showed a steady recovery trend. The revenue from brewing in Q1 to Q3 of 2019 was 14.86 ppm, a 10-year increase2.70%.In the future, the company will expand the positioning of the brewing series and deepen the field of ready-to-drink. The company’s consumption scenario will be expanded several times and the company’s performance will be guaranteed. Strong research and development helps the company’s product matrix to continue to enrich, and brand marketing cultivates consumer groups.The company’s long-term value lies in the continuous expansion of consumption scenarios, which requires a rich product matrix and strong brand marketing support.The first is the company’s strong R & D strength, which has continuously improved the company’s product matrix.The company launched a new product “Light Milk Tea” in May, and launched a new product “Shuangpin Series” in August. Through continuous innovation and transformation of the product, the company’s product matrix will be continuously improved, a longer product life cycle, and a new productGrowth drivers.Second, brand marketing has accelerated the expansion of consumption scenarios.The company’s sales expenses increased significantly in the third quarter.43%, mainly because the company changed spokespersons and increased advertising efforts.The beverage consumption scene is still dominated by impulse consumption, and consumer training needs to be conducted through continuous advertising marketing.With the continuous promotion of products and the penetration of channels, we believe that the sales of the company’s products are expected to achieve rapid growth in large-scale consumption scenarios. Profit forecast: The company is expected to realize revenue 42 from 2019-2021.15/53.21/68.1.3 billion, 29 per year.64% / 26.23% / 28.05%, achieving a net profit of 3.88/5.12/6.9.3 billion annually 23.38% / 31.90% / 35.27%.EPS are 0.93/1.22/1.65, 12-month target price of 37 yuan, 30% space, maintaining the company “strongly recommended” level. Risk warning: food safety risks; new product promotion is less than expected.