Xiangpiaopiao (603711): The profitability of the juice tea volume market during the replenishment period needs to be improved

Xiangpiaopiao (603711): The profitability of the juice tea volume market during the replenishment period needs to be improved
Event: On August 12, the 19-year interim report was disclosed, with operating income of 13.800 million, previously +58.3%, the net profit attributable to the mother is 23.53 million yuan, and the same period last year was -45.59 million yuan.280,000 yuan, 66.58 million yuan in the same period last year, turning losses into profits. Core views: 1. Fruit juice tea continues to exert its strength, and initial business such as brewing tea is under pressure: Q2 single-quarter company revenue increased by 148.2% to 5.4 trillion, faster than the previous month, mainly due to the second quarter of the fruit juice and tea list contributed 4.1.7 billion, a total of 5 in the first half.8.8 billion in revenue, a phenomenal performance, and other businesses were a drag.In the first half of the year, brew tea juice 2.8% to 7.1 ppm, average performance in the off-season, is expected to be related to the company’s preparation for new packaging listing, destocking, and is still planning a positive growth.Of which the classic series income 4.700 million, Q1 / Q2 revenue growth was 14 respectively.9%, -24.1%; Good material series income 2.40,000 yuan, Q1 / Q2 revenue growth rate were -6.3%, -57.4%.At the same time, the company’s liquid tea revenue decreased to 50 in the first half.6% to 6258.80,000 yuan, a slight expansion from the first quarter, the product is still in the process of adjustment, and the proportion 厦门夜网 is not high. 2. The performance in the first half of the year has improved slightly, and the gross profit margin of juice tea has continued to increase. The peak season of the second half is the key to brewing business: the company’s performance is clear in the busy season, and the current profit is mainly based on traditional brewing.Contribution for half a year.In the second quarter of this year, the company still decreased by 28.43 million yuan, but the average annual increase of more than 82.89 million yuan in the same period has obviously improved, driving the first half of the results to turn a profit.In the first half of the year, the company’s gross profit margin increased by 6pct to 36.97%, mainly due to the increase in the price of cupped tea last year, and the reformation and commissioning of the integrated liquid milk tea production line for juice tea production. The scale effect appears, which has an effect of increasing the overall gross profit margin.We estimate the gross profit margin of juice tea from 23 last year.37% increased to about 32%. In the second quarter, the freezer display and promotion costs were mainly reflected in the gross profit margin. The transfer scale increased, and the gross profit margin still has room to rise.Over the same period, the sales expense ratio decreased by 8.1pct to 28.4%, we judge that the increase in liquid tea in the first half of the year is not only a small contribution to the beverage business, but the increase in advertising costs of new products is not much. New endorsement items in the second half may increase, it should be compared in the dimension dimension; managementExpense rate increased by 2.9pct, mainly the new equity incentive expenses of 3180 in the first half of the year.90,000 yuan, accounting for revenue 2.3%; financial expenses increased by 0.15pct, mainly due to the company’s payment to suppliers and advertisers, the increase in bills payable resulted in increased bill costs. 3. Juice tea innovation takes over, issuing convertible bonds to expand production capacity to support future development: Juice tea was launched in July last year, mainly in three flavors, including kumquat lemon. In May this year, it also launched the “Matcha Latte”.”White peach oolong” and “toffee milk red” and other three types of light milk tea flavors, the market feedback is good.In the first half of the year, the company’s fruit tea sales rate was only 12.6%, accounting for only 48% of its own outlets.9%, the market still has a lot of room for cargo.And the company’s maximum liquid tea production capacity reached 94 in the first half.1%. In the short term, the production capacity of 2 Jiangmen and 3 liquid tea production lines at the Huzhou plant will be gradually reached. This will support 21 years of production. In the long term, convertible bonds will be used for capacity construction in Chengdu and Tianjin.Provide capacity support for development. 4. Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 0.87/1.08/1.42 yuan, corresponding estimates are 44/35/27 times, maintain the “recommended” level! 5. Risk warning: New product promotion is less than expected, raw materials increase, food safety issues.


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