Yili Co. (600887) Annual Report Commentary Report: Earnings and Profits Exceed Expectations, Top Five, 100 Billion Just Awaiting
Both revenue and profit exceeded expectations, and long-term bullishness maintains a “recommended” rating: the company achieved revenue of 789 in 2018.
800 million / + 16.
92%, achieving net profit of 64.
400 million / + 7.
31%, sales revenue of key products increased by 34 each year.
3%, new product sales accounted for 14.
8%, an increase of 5 per year.
6pct; Q4 total operating income 182.
2.6 billion / + 16.
93%, net profit attributable to mother 13.
9.2 billion / + 30.
87%, we are optimistic about the company’s brand power, continued to increase its share and gradually expand its international business. The profit forecast is 65% in 2018/2019.
0ppm is adjusted to 67/2019 net profit.
6ppm, the current sustainable corresponding PE is 24X / 21X, maintaining the “recommended” level.
The gross profit margin rebounded month-on-month, and the sales expense ratio returned to the normal range: the cost of packaging materials fell, and the volume of high-margin products before the holiday increased. The gross profit margin in 2018 was 37.
82% / + 0.
54pct, gross profit margin increased by 2 in the fourth quarter.
54pct; the confirmation of online branding expenses for the Winter Olympics sponsorship expenses has returned to the normal rhythm, Q4 buying efforts and the replacement of the previous quarters, and the sales expense ratio in 2018 was 24.
9% in the fourth quarter were 24 expenses.
36% / + 0.
The channel is intensively cultivated, and the market penetration ability continues to increase: the company has channel advantages of “going north-south, radiating east-west” through channel sinking and depth expansion, and has directly controlled nearly 60 village-level outlets in 2018.
80,000, increase by 14 every year.
7pct, the channel penetration ability of the product in the domestic market continues to increase, driving the city’s share to rise steadily.
The market penetration of normal temperature liquid dairy products is 82.
3% / + 2.
The market share of retail sales of normal temperature and low temperature liquid milk business was 36.
6%, increase by 2 respectively.
5pct; the retail market share of infant formula is 5.
8%, increase by 0 北京夜网 every year.
Entered into large health industries such as plant protein drinks and functional beverages, and a global food giant has taken shape: In addition to continuing to cultivate in the areas of room temperature yogurt, high-end white milk, and dairy products, the company also entered the Indonesian market with “Joy Day” ice cream, and acquired THE CHOMTHANA in Thailand. COMPANY LIMITED continued to enter the large health industries such as plant protein drinks and functional drinks, and accelerated the strategic layout of the health food business.
Compared with Nestlé and Danone’s development path, in the process of integrating global resources and serving the global market, the prototype of global food giants has basically appeared. Risk warning: raw material prices fluctuate, and channel expansion is less than expected