Xiang Piaopiao (603711) Interim Review: High Revenue Growth Performance Elasticity Continuous Release

Xiang Piaopiao (603711) Interim Review: High Revenue Growth Performance Elasticity Continuous Release
Brief performance review The company released its semi-annual report on August 12, and achieved operating income of 13 in the first half.77 trillion, +58 for ten years.26%; net profit attributable to the mother is 23.53 million yuan, which is successfully turned into profit;06 yuan.Q2 achieved operating income 5.4 trillion, +148 a year.22%; net profit attributable to mother-0.28 trillion, expected to narrow. Business Analysis Revenue of Juice Tea in the First Half of the Year 5.USD 8.8 billion, ten years of high growth can be expected: Juice tea market size exceeded 700 million US dollars a year, thanks to factors such as the speed up of production capacity production + promotion and promotion + channel specialization and other factors.In the first half of the year, the sales scale of juice tea was close to 600 million, accounting for 48%. In the second half of the year, the production capacity of Tianjin (which has entered the trial production period) and the expansion of the scale of distributors will continue to set a new record.In the long run, the scale of the juice tea category is expected to continue to expand through the increase of the company’s terminal load rate, the increase in aerial layout efforts, the optimization of dealer relationships and the continuous expansion of products and channels. The brewing series is about to be upgraded, and it is recommended to focus on the second half of the year: the company’s H1 brewing products will achieve revenue7.11 ‰, at least -2.81%, of which the classic and good materials series increased by +7 respectively.9%, -18.34%, mainly due to the company’s initiative to reduce channel inventory.However, although the brewing series of Q2 has decreased significantly, Q2 is the off-season sales, accounting for less than 10% of the overall brewing series size, with limited impact.We are more optimistic about the company’s product upgrade in 北京夜网 the third quarter and the release of new products, which will promote the peak season sales of the brewing series in the second half of the year, and activate the brewing tea market. Diversified channels have been formed, and the dealer structure has continued to be optimized. In terms of channels, dealers are still the core channels, with revenue in the first half of the year12.0.94 million yuan, an increase of 57 in ten years.16%; E-commerce, export, direct sales and other channels recorded 57.47 million yuan, 9.7 million yuan and 1.77 million yuan, respectively. The scale is small but the growth rate of each channel is extremely fast, and the sales channels are constantly diversified. In terms of different regions, the average growth rate of all regions except East China is more than 50%. In addition, the revenue scale of East China / Southwest China / Central China / Northwest China exceeds 1 trillion, and the growth rate of North China / Northeast China exceeds 100%.More dealers value the experience of selling ready-to-drink products. The dealer structure has been continuously optimized, and the logic of the nationwide layout has been gradually verified. The gross profit margin of fruit juice tea exceeds 30%, and the efficiency of expense and expenditure continues to improve: the company’s Q2 single-quarter operating income5.400 million yuan, net profit attributable to mother may be zero.28 trillion, mainly due to the small scale of brewing products (0.8.9 billion) and temporarily decreased (-39.9%), but compared to last year (-0.8.3 billion) was significantly narrowed, and the gradual gradual smoothing.The company’s gross profit margin was 36 in the first half of the year.97%, an increase of 6 per year.02 average values, the gross profit margin of juice tea also smoothly exceeded 30%, the scale effect gradually appeared.In the first half of the year, the sales expense ratio and management expense ratio were 28.38% and 8.57%, the sales expense ratio drops 8 every year.In the first half of the year, the variety shows had a good effect in the first half of the year. After the ready-to-drink series was added, the cost was released more effectively. The increase in the management fee rate was mainly due to an increase of 3181 billion shares in the distribution of incentive costs. The replacement of the distribution of incentive costs reduced the management costs.95%, a decline of 0 every year.With a total of seven, the overall cost placement efficiency has been continuously improved. Profit forecast predicts that the company’s revenue for 19-21 will be 45.1 ppm / 54.5 ppm / 62.80,000 yuan, an increase of 38 in ten years.8% / 20.9% / 15.1%; net profit attributable to mothers is 3.9 ‰ / 5.0 ‰ / 6.6 ppm, an increase of 23 in ten years.7% / 28.6% / 32.6%; EPS are 0.93 yuan / 1.19 yuan / 1.58 yuan; corresponding PE is 41X / 32X / 24X, maintaining the “buy” level. Risk reminder: Juice tea sales fall short of expectations, sales of solid brewed milk tea, raw material prices rise

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