N Liangpin (603719): Online and offline double-flowered snack faucet
Originated from the offline grasp of the line, the two-line blooming snacks leader Liangpinpu was established in August 2006 and is headquartered in Wuhan, Hubei. The company has built an omni-channel sales network with “store terminals and online platforms as its core”.
Off-line channels, the company adheres to the strategic layout of “deep cultivation in central China and radiates the whole country”. On June 30, 2019, the company set up a total of 2,237 terminal stores 四川耍耍网 in Hubei, Jiangxi, Hunan, Sichuan and other regions.
For online channels, the company has achieved comprehensive coverage of online channels in accordance with the development principles of “platform e-commerce + social e-commerce + self-operated channels”.
The quantity and price of snack food will rise in the future, and there is no national retail brand of snack food market space of nearly 500 billion yuan. The CAGR of 2011-2017 is 6%, and the volume has increased (3.
3%) higher than the price increase (2.
In terms of different channels, the online growth rate is much faster than the industry, and the offline share is high (about 90%).
In the future, the national income will gradually increase and the consumption upgrade will continue. The leisure and snack industry is gradually heating up, and the overall 武汉夜网论坛 market size continues to expand. Among them, the volume increase: the increase in disposable income of residents drives the increase in consumption;
Snack foods have the characteristics of scattered categories, low biological properties of manufacturers, delayed consumption, and similar standard products. From the perspective of categories, they have the characteristics of retail brand predominance and online and offline parallelism.
The three online squirrels / bamboo flavors / good-quality shops have a stable layout, gradually differentiate from other brands, and gradually increase the concentration of leading brands in the future. The offline sales model is diversified and the regional brand scale; in terms of all channels, there is no countryThe emergence of retail brands.
Looking at the future of the industry, the online leader is still a common defense battle, and the cost-effectiveness ratio is slowly increasing. New retail is expected to solve the traditional offline disadvantages and help market development.
The company’s revenue has steadily increased, its net interest rate has continued to increase, and its supply chain management capabilities have continued to grow. From 2015 to 2018, the company’s operating income increased from 3.1 billion to 7.4 billion, with a CAGR of 26.
52%, deducting non-net profit from the mother.
32 ppm increased to 2.
08 thousand yuan, CAGR is 85.
The gross profit margin constant remained at around 32%, which is in the midstream of the industry, and the net profit margin continued to rise from 1 in 2016.
57% increased to 4 in 2019H1.
46%, second only to three squirrels in the same mode.
The revenue and profit of Liangpinpu have grown steadily from the company’s supply chain management capabilities and good brand power.
The company connects upstream suppliers, downstream customers, and various partners such as logistics and sales platforms through research and development, procurement, logistics distribution and operations.It also continuously carries out continuous information construction and replacement to achieve the full system management of core business., Finally formed a benign closed loop of consumer experience and product development.
Pioneer of omni-channel marketing network, the company entered the new era of nationalization. The company plans to raise funds this time4.
200 million US dollars for “omni-channel marketing network construction project”, “warehouse and logistics system construction project”, “good product information system digital upgrade project” and “food R & D center and testing center transformation and upgrade project”.
The company’s offline store layout is concentrated in central China, and other areas are relatively weak. At the same time, some old stores have shortcomings such as small overall areas and old decoration. If the fund-raising project can be successfully completed, the company’s development will enter a new stage.
Profit forecast We predict that the company’s operating income for 2019-2021 will be 7.7 billion, 9.2 billion, and 11.3 billion, and the net profit will be 3 respectively.
3.8 billion, 4.
1.3 billion, 5.
31 trillion, the diluted EPS are 0.
84 yuan, 1.
03 yuan, 1.
The 32 yuan leisure snack market has a lot of space, and there is no omni-channel leading brand.
At present, the whole channel of leisure snacks is still in the development stage of the industry, and enterprises mainly occupy the market through horse racing enclosures.
We believe that Liangpinpu started off-line, entered the online market, has strong cross-channel operation capabilities, and has the potential to become a leading channel brand in the future.
Focusing on the development stage of the industry and the company’s core competitiveness, we propose to use PS to estimate, and a reasonable PS in 2020 is 2-2.
Combined with our forecast of the company’s 2020 performance, a reasonable estimate range is 46-57 yuan.