The leading company of compound condiment has a long history.
1. Since its inception, the company has high popularity and brand influence in the field of compound seasoning powder. In 2017, the revenue of the largest category of compound seasoning powder was 68.5%, and the proportion of sauce seasoning, natural extract seasoning and flavor clear soup was 9.13%, 8.77%, 1.54% and 2.23%, respectively.
two。 The company has a long history. The history of the company can be traced back to 1901, when Lin's ancestors arrived in Vietnam to set up a "ANKEE" store. Anji Food was founded in 1995 and became a joint-stock company in 2012. In order to cope with the decline in per capita consumption of high-end catering in the past two years, the company has carried out product and channel reform.
Core competitive advantage: outstanding flavor research and development ability and excellent depth and width of catering channels
Core competitive advantage 1: the company's strong R & D capability and rich categories will help to increase the market share. The company has developed more than 500 varieties of products including compound seasoning powder, natural extract seasoning, spices, sauces, flavor soup and other five categories, which can meet a wide range of consumer needs. Anji has a special R & D center, puts forward a number of industry standards, and the R & D expense rate is relatively leading in the industry.
Core competitive advantage 2: carry out product and channel reform, curry volume, food and beverage channel depth and width are good. Continuous research and production of curry products, attach importance to the construction of super channels, NKA has entered 2097 stores, LKA into 1370 stores, other types of 1385, to strengthen e-commerce development. In the past two years, we have actively adjusted the strategy of catering channels, paid attention to channel construction, developed public catering, and laid the product foundation for expanding the width of channels. Anji has formed a national sales network with Quanzhou City in Fujian Province as the production base.
Focus on business growth: Curry business volume + to C share is expected to continue to increase
Growth point 1: Anji curry business is growing rapidly, and it is expected that the curry business will be close to 300 million yuan in 2020. The future curry industry has development potential, the company channel construction to curry block products as the core, the development of Shang Chao and e-commerce business, channel sinking. Stabilize the original KA supermarket channel, build B and C supermarket sales network, sink channel to develop rural e-commerce business, marketing direction conforms to the market trend. House, the leading company in the curry industry, Anji Curry has a variety of flavors and has a certain competitive advantage.
Growth point 2: the proportion of to C is expected to increase in the future. The company adjusts the sales strategy of food and beverage channels and strives to develop public catering. Attach importance to the construction of Shang Chao channels, strengthen the development of household consumer products, and carry out sinking construction in circulation channels.
Profit forecast and investment rating: from 2018 to 2020, revenue is estimated to be RMB 665 million, with a growth rate of 32.4%, 41.2%, 40.2%, and net profit of RMB 0.50, 0.72, and 1.07 million, with a growth rate of 22%, 43%, 49%, 0.42, 0.60, 0.89. Considering that the old business has been stable, the volume of large curry, and potential opportunities for the release of probiotics, it is expected to cooperate with the main business in the future. We believe that the valuation of the company still has room to rise, giving the company 31 times PE in 2020, with a target price of 27.59 yuan, covering it for the first time and giving the company a "buy" rating.
Risk tips: food safety control risk, raw material price fluctuation risk, income below-expected risk, channel expansion risk, new business promotion risk