The company is located in Fujian Province, specializing in the field of condiment segmentation of domestic well-known enterprises, its "Anji" won the national well-known trademark. The company specializes in compound condiments, and the products have a high market share. In the future, the company will further focus on the positioning of "pork flavor". We are optimistic about the launch of the company's innovative products and the increasing improvement of the channel.

The company focuses on the seasoning industry for 20 years, focusing on compound condiments. Founded in 1995, the company is one of the well-known domestic composite seasoning enterprises, has led and participated in the drafting and formulation of a number of national standards and industry standards for condiments. Since its inception, the company has been focused on the research and development, production and sales of condiments, the main products include compound seasoning powder, natural extract seasoning, spices, sauces, flavor soup and other five categories more than 500 varieties. The operating income of the company in 12-14 years is 305 million, 268 million and 279 million respectively, and the net profit is 63 million, 53 million and 57 million respectively. The company's leading products are compound seasoning powder, including sparerib king seasoning, big bone soup seasoning, beef seasoning, chicken powder and so on. The 13-year output of these products is 16600 tons, accounting for 7.6% of the total production of 22 comparable enterprises, with a high market share. At the same time, it accounted for 76.29%, 80.42% and 78.64% of the main business income in the past three years, respectively. It is the main source of revenue and profit for the company. The company's sales are mainly concentrated in south-central and eastern China, accounting for about 90% of the sales.

With the rapid development of the industry, compound seasoning leads the development trend in the future. The condiment industry is a typical "small product, big market". The annual turnover of condiments in China accounts for about 10% of the turnover of the food industry, which is mainly transported to the catering industry and household consumption, of which about 70% of the condiments are sold to the catering industry. China's condiment industry is in a period of rapid development, with an average growth rate of 15% in the past decade, with a growth rate of more than 30% for some emerging products, with a total output value of more than 140 billion yuan and a total output of more than 10 million tons. We believe that condiments have the characteristics of simplicity, convenience, delicacy and portability, which can significantly improve the taste of food and improve the quality of life. With the further increase of residents' income, the market demand for the output and diversity of condiments will increase. At the same time, due to the changes of consumers' living habits, living standards and dietary taste, condiments have changed from single type to compound type (flavor type). There is great room for development of compound seasoning in the future.

"Anji" brand advantage is obvious, the dealer-led marketing network radiates the whole country. The company's "Anji" trademark won the well-known trademark in China in 2011 and has high popularity and brand influence in the field of compound seasoning powder, in which the market share of ribs flavor king products ranks in the forefront of similar products. good brand and word-of-mouth accumulation to help enterprises win a solid customer base. The company's sales channels are mainly circulation channels, supplemented by catering channels, special channels and overseas channels, covering 25 provinces, autonomous regions and municipalities directly under the Central Government, with more than 400 dealers. It has absolute competitiveness in the central and southern and eastern regions with Fujian as the core. The channel of the company mainly adopts the dealer agency system, and the proportion of distribution revenue reached 96.36% in 2014, and there is a trend of further improvement. In the future, the company will further strengthen and expand the construction of channels in order to obtain higher market share. In addition, the company has its own competitive advantages in quality control, production process and formula, product research and development capabilities, and is one of the condiment enterprises whose products can be directly exported to the European Union.

Focus on "pork flavor" to define the brand image, and innovative products are the driving force for the growth of profits in the future. In the future, the company will continue to focus on the condiment industry and, among the leading compound condiments, further focus on the relevant pork flavor seasoning powder represented by "Chop King", so as to seize the market share of pork flavor seasoning in the Chinese market. "Pork flavor" will be branded as "Anji Food", so as to strengthen the image of "Anji" among customers. At the same time, the company will continue to develop and optimize products, develop edible fungus extract and Tetra Pak packaged bone soup and other innovative products, in order to better meet consumers. We believe that at present, the company fully possesses the technical, production and management capabilities of products such as edible fungus extract and Tetra Pak packaged bone soup, and has established a sound sales network, with the good market recognition of the company's products, the launch of innovative products will directly hit consumers in the market with increasing demand for seasoning diversity, and innovative products will become a new profit growth point for the company.

Fund-raising projects are in line with the market development trend. The company raised funds to invest in the five projects, of which the two main investment projects are used in the production of Tetra Pak seasoning bone soup products and edible fungus extract, accounting for 62% of the total investment. The new products developed by the fund-raising project cater to the market demand and meet the future trend. after the project reaches production, it will effectively expand the company's product supply category and increase the company's original product system, so as to increase the market share of the products. enhance the company's pricing power and profitability, we are optimistic about this fundraising project, which will help to consolidate and enhance the company's industry position.

Profit forecast and investment advice. According to the calculation of 30 million shares of IPO and 120 million shares of total share capital after issuance, it is estimated that the EPS of the company in 15-17 years will be 0.49max 0.62 40xPE respectively. With reference to the PE valuation of comparable listed companies, the company will be given 30-40xPE in 2015, corresponding to a price of 14.7-19.6 yuan.

The main uncertain factors. Food safety risk, fund-raising project risk.