Main points of investment
The company is a leading enterprise in the big market of small products.
The turnover of the condiment industry accounts for about 10% of the turnover of the food industry, which is a typical "small product, big market". After 2003, the condiment industry has entered a period of rapid development, and the products in the condiment market will develop in the direction of product diversity, compound convenience, nutrition and health. With the improvement of people's quality of life, the use of condiments increases gradually. from the trend, the market demand for single condiment decreases, while the market demand for compound seasoning and its production and sales increase.
The company has been deeply engaged in the research and development, production and sales of condiments, 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. natural extract seasoning and flavor clear soup products have been widely used in the domestic high-end catering industry.
In the future, the company will consolidate the market leading position of the existing compound seasoning powder, such as Chop King, and vigorously develop the relevant pork flavor seasoning powder represented by it as the company's leading product in the future, so as to seize the market share of pork flavor seasoning in the Chinese market. "Pork flavor" is synonymous with "Anji food". At the same time, the company will vigorously develop products such as edible fungus extract and Tetra Pak packaged bone soup, and it is expected that edible mushroom extract and Tetra Pak packaged bone soup will become new profit growth points for the company in the future.
Profit forecast.
In 2014, the company realized operating income of 279 million yuan, net profit of 57 million yuan belonging to the parent company, and earnings per share of 0.63 yuan.
We expect the company's operating income from 2015 to 2017 to be 273 million yuan, 301 million yuan and 359 million yuan, attributable to the parent company's net profit of 59 million yuan, 64 million yuan and 78 million yuan, and the corresponding post-IPO earnings per share of 0.50,0.54 and 0.65 yuan.
Pricing conclusion.
Considering the fundamentals of the company and the valuation of comparable companies in the same industry, at present, the average price-to-earnings ratio of condiments in the industry as a whole is about 37 times, and there will be a certain premium for the listing of new shares. We think that it is more reasonable to give the company a price-to-earnings ratio of 33-40 times. According to 15-year estimated earnings of 0.50 yuan per share, the reasonable valuation range of the company is 16.5-20 yuan.