It is committed to becoming the leading enterprise in the subdivision of Chinese chicken conditioning industry.
Spring Snow Food was founded in 2012, specializing in white feather chicken food research and development, production and processing and sales business, the main products are chicken condiments and fresh products. The company is currently a small number of large-scale white feather chicken food enterprises focusing on the production and sales of chicken conditioning products, and is committed to becoming the leading enterprise in the subdivision industry of chicken conditioning products in China. In 2020, the company achieved revenue of 1.863 billion yuan (down 4.11% from the same period last year) and net profit of 148 million yuan (up 52.20% from the same period last year).
The deep processing industry of chicken food is in the ascendant, and the conditioning track is booming.
China's chicken food market shows a steady growth trend, the concept of health leads people to pay attention to chicken products, in line with the development trend of consumption upgrading. The concentration of chicken conditioning industry is relatively low, but it has shown a trend of concentration to the head. In the future, the "cooked food" strategy of many poultry concept companies will intensify the competition in this industry, and the development of conditioning products market is expected to benefit.
Core competitive advantage deepens the competitive barriers of enterprises.
The company's core team has accumulated experience in the field of food production for nearly 20 years and has obvious first-mover advantages.
The commissioned breeding model adopted by the company ensures the stable and safe source of chicken. In addition, the company's product strength is outstanding, R & D is market demand-oriented, build a solid advantage in the quality of conditioned food; multi-level sales channel layout to help products sell at home and abroad; through e-commerce, social media in-depth contact with consumers to build brand awareness.
Profit forecast and investment advice: the core advantage is significant, and capacity expansion brings stable performance growth. The company's fund-raising projects focus on the expansion of the main business, which can give full play to the original market and management advantages in the future, deeply develop the chicken condiment business, and have outstanding growth potential. From 2021 to 2023, the company is expected to achieve operating income of 2.152 million yuan, net profit of 1.06 million yuan, net profit of 1.06 million yuan, EPS of 0.71 pound and 1.38 yuan of PE, respectively, and the first overweight rating of 22.7x/16.1x/11.6x.
Risk tips: the risk of animal diseases, the risk of a sharp rise in raw material prices, the risk of food safety and environmental protection and so on.