Yangyuan Beverage (603156): Competitive pressure, competition affects current performance, cultivates new products, seeks breakthroughs

Yangyuan Beverage (603156): Competitive pressure, competition affects current performance, cultivates new products, seeks breakthroughs

The event released the third quarter of 2019 report Q1-Q3 2019 to achieve operating income of 48.

810,000 yuan, at least -15.

21%, net profit attributable to shareholders of listed companies17.

310,000 yuan, at least -0.

59%; single third quarter revenue 14.

2.5 billion, ten years -10.

59%, net profit attributable to shareholders of listed companies in the third and third quarters.

62 trillion, ten years +6.


  Affected by intensified competition in the industry, revenue decreased. The company achieved revenue in the first three quarters of 48.

81 ppm, a decrease of 15 per year.

21%, the revenue in Q3 alone is 14.

250,000 yuan, a decrease of -10.


Reported higher income endurance pressure, mainly due to the impact of the overall consumption environment is not ideal, at the same time, the gift attributes of the company’s products are constantly changing, meanwhile, Yili and Mengniu’s two dairy companies have fierce price competition, which affects the company’s product sales.

From the perspective of sales channels, the distribution channels achieved revenue of 47 in the first three quarters.

12 ppm, 15-year average.

86%, the number of dealers accumulated a decade to 1883.

Direct sales channels 1.

68 ppm, a ten-year increase of 8.

54%, but the proportion is only 2.

68%, little impact on the overall.

From a regional perspective, the report scale shows a slight change in the average sales revenue of each specific region. Northeast China (-29.

82%), Northwest Territories (-25.

7%) has the largest gradual change, and mature markets have also shown some pressure: East China (-13.

40%), Central China (-18.

34%), Southwest (-10.

27%), North China (-15.


  Cost gross profit margin increased by 2019Q1-Q3 to achieve a gross profit margin of 51.

85%, ten years +2.

6pct, Q3 achieved a gross profit margin of 52.

76%, ten years +2.

52 points.

Initially, the company carried out a unified price adjustment. At the same time, it reported that the main company’s main product raw material price control had improved, and there was a certain degree of deviation. During this period, mechanization and automation of production and processing, and continuous improvement and deepening of traditional walnut milk also drove a steady increase in gross profit margin.

  Selling expenses continued to increase, benefiting from supplemental purity net profit to replace the company Q1-Q3 to achieve net profit attributable to mother.

3 ‰, which decreases by 0 every year.

59%, single Q3 achieved net profit attributable to mother 4.62 trillion, ten years +6.

82%, net profit showed earnings performance, expanded gross profit during the reporting period, gradually reported and enjoyed the benefits of high-tech enterprises, and decreased by 1.

4.9 billion, directly driving profit performance.

Looking at Q3 alone, better cost control is another major reason for the increase in annual profits.

Net profit attributable to mothers in the first three quarters of 35.

45%, +5 per year.

21pct, 深圳桑拿网 single Q3 returns to the net interest rate of the mother 32.

44%, ten years +5.

28 points.

  Looking at the specific expenses, the selling expenses for the first three quarters7.

8.9 billion, previously +2.

65%, sales expense ratio 16.

16%, ten years +2.

81pct, mainly due to the expansion of advertising costs for the promotion of new products and maintenance of market share, and increased marketing expenses.

Looking at Q3 alone, the company appropriately controlled the sales expenses based on the overall layout and delivery rhythm.

5.7 billion, at least -11.

44%, sales expense ratio 18.

05%, one year -0.

18 points.

In the first three quarters, the company continued to improve its management layout, achieving management expenses of 46 million, -5 per year.

82%, the management expense rate is 0.

94%, ten 苏州桑拿网 years +0.

09pct; single Q3 management fee 0.

1.4 billion, at least -8.

73%, management cost rate is 1%, ten years +0.

02 points.

In addition, during the reporting period, the company increased its investment in research and development projects and actively cultivated new products. After five stars and six walnuts, it developed and launched new products such as walnut coffee and walnut fermented milk, and upgraded some existing product formulas at the same time.37.


Reported budgeted financial expenses of -55.2 million, ten years -93.

77%, mainly due to the increase in the index revenue of the company’s financial expenses by 26.29 million, and the financial expense ratio of -1.

13%, -0 per year.


  Earnings forecast: The company is expected to achieve revenue 77-2019-2021.

91, 83.

04, 90.

900,000 yuan, 27 net profit attributable to mother.

47, 28.

91, 31.

33 trillion, corresponding to EPS 2.

60, 2.74, 2.

97 yuan / share.

  Risk reminders: food safety risks, single category dependence on excessive risks, walnut milk being affected by competing products, etc.