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福成股份(600965):2020年福成股份企业深度研究报告

Fucheng Co., Ltd. (600965): 2020 Fucheng Joint Stock Company In-depth Research Report

頭豹研究院 ·  Nov 30, 2020 00:00  · Researches

In 2020, Fucheng shares formed a business pattern with food processing as the main body, and its food processing business was customer-oriented and concentrated in the field of OEM contract manufacturing and independent product development. with a variety of product categories and good brand effect, the company has established a long-term and stable cooperative relationship with many high-quality customers, such as Wang Laoji, the whole family chain, Ikea, McDonald's Corp, Xibei, Aviation Food, Oriental Haoke, Green Tea chain and so on. At the same time, Fucheng shares in JD.com to create a series of products online e-commerce, to expand C-end customers. Fucheng share catering service business model to lead nutrition and health consumption, serve the public for the purpose, all take direct store operation, food quality control ability is strong.

B-end customers are stable and pay attention to product research and development.

Fucheng shares main business is customer-oriented, taking into account OEM contract manufacturing and independent product research and development, product quality control capacity industry leading. Fucheng food processing business pays attention to research and development, professional production, professional supply chain and professional food safety development. B-end customers cover catering chain, retail, baking and other industries. Enterprises are actively expanding online e-commerce revenue channels.

Meat processing track has unique advantages

Fucheng stock production line has high efficiency, stable downstream customers and good business growth prospects. Beef cattle processing products are concentrated in chilled meat, frozen meat, cooked food and gift box products. Fucheng shares have strong control over the beef cattle industry chain, in which the upstream cost control ability is strong, the downstream B-end customer order price is high and the relationship is stable.

Customer expansion, production line automation reform is expected to help enterprises to enhance the revenue potential of Fucheng shares, including food processing automation, C-end revenue share, factory capacity expansion and so on. According to the research results of Leopard enterprises and the actual production capacity of Fucheng food processing plant, it is expected that the food processing output value of Fucheng shares will maintain steady growth. After the capacity of the original factory has reached saturation, Fucheng shares can break through the capacity bottleneck by setting up new production lines, opening new factories on all land owned by Fucheng Group, or opening new factories in areas with lower labor costs. setting up factories in new areas can also enhance the distribution of downstream customers.

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