Main points of investment
Events:
The company issued the announcement of the annual profit distribution plan for 2012. The annual profit distribution plan for 2012 is based on the company's total share capital of 400 million shares on December 31, 2012, and the capital reserve fund is used to increase 10 shares for every 10 shares of all shareholders, resulting in a total increase of 400 million shares. After the increase of share capital, the total share capital of the company is changed to 800 million shares. At the same time, based on the total share capital of 400 million shares on December 31, 2012, it is proposed to pay a cash dividend of RMB0.80-2.00 (including tax) for every 10 shares, totaling RMB 32 million-80 million.
Comments:
Since its listing in November 2009, the company has carried out high delivery and cash dividends for two consecutive years in 2011 and 2012. The restriction on the sale of shares in the company was lifted on November 12, 2012.
After high delivery, the company's capital reserve fund was reduced to 222 million yuan. After the company's share offering in 2011, the capital reserve dropped from 834 million to 622 million. After this share offering, the capital reserve will drop to 222 million.
The company's future development plan: around the main catering industry, to further expand and strengthen one is the restaurant business as one of the company's business format, rather than the only one. The direct operation store maintains the natural expansion speed, no longer insists on the quantity, changes the joining strategy, expands the franchise store proportion; second, buys the flavor capital, tries the water Chinese fast food business; third, acquires long Dehua, intends to do the big group meal business; fourth, prepares to set up its own team to enter the food processing industry.
The restaurant business is no longer the only format of the company, and the future development strategy is focused on joining: after years of development and summing up successful experience, the restaurant business is the most mature format of the company, after the company enters the field of fast food and group meals, this business will become one of the company's formats rather than the only one. In the future, the restaurant business will rely on the company's high-level restaurant management capacity, production capacity and standardization ability to build new stores for management output, focusing on the development of franchise stores, natural development of direct stores, light asset management export road.
The company opened six franchise stores in the first half of 2012, charging a franchise fee of 26.6 million yuan, and each one charged a franchise fee ranging from 300 yuan to 6 million yuan according to the business area, which was significantly higher than the first franchise fee of 1 million yuan for Quanjude. The main reason is the company's management export, strict quality control of franchise stores, including the standardized process of preparing for the construction of new stores, including the management output of financial managers, store managers, chefs, foremen and other core employees. The central kitchen can cover the area to share the central kitchen and the uncovered area to share the supply chain, so that customers will not feel that there is a difference between direct stores and franchise stores. Franchisees are mainly responsible for providing funds, site selection suggestions and customer relationship maintenance in the process of operation. At present, there are about 40-50 restaurants that are willing to join with the company, and the company will select suitable franchisees to gradually expand its stores in the economically developed areas in line with the company's goal.
After listing, due to the pressure of the use of raising funds and other aspects, the company experienced a period of rapid expansion of direct stores. Due to the hasty site selection and other reasons, some stores such as Nanjing stores and Hohhot stores suffered losses. The company will continue to expand its direct stores in the future, but it will be good at early preparation, opening large flagship stores in economically developed areas, and so on.
The acquisition of Weizhi City will test the waters of the Chinese fast food industry: in recent years, Weizhi City will continue to develop mainly in the Shanghai area, and thickening the existing individual store revenue is the near-term goal. Weizhidu team's culture and cohesion are very strong, after more than ten years of development, has more than 60 stores, but there are still some deficiencies, first, based in Shanghai, taste limitations, in other regions of the replication ability is not strong; second, the supply chain is not perfect, which is not conducive to expansion. After the Hunan and Hubei situation enters the master, it is hoped that through the preparation of the Shanghai Central Kitchen, we can provide the support of the supply chain to the flavor capital, and play a synergistic role with the reform and replication ability, standardization and management ability of the existing dishes in Hunan and Hubei. We are going to test the waters of the Chinese fast food industry to see if we can go out. As of December 31, 2011, Qiding Restaurant had unaudited total assets of 118 million yuan and net assets of 47.22 million yuan, with an income of 140 million yuan and a net profit of 17.96 million yuan. The acquisition is priced at 10 times the audited net profit of PE, but the price does not exceed 150 million yuan, that is, the price for the acquisition of 90 per cent of the equity is no more than 135 million yuan. In view of the fact that the agreement requires Qi Dawei to preside over the operation and management one year after the transfer, and to maintain a profit growth of no less than 20%. The company has independently audited Qiding Restaurant before the acquisition, and it is expected that the net profit will not be too different. After the completion of the acquisition, the annual performance of the business will increase by EPS0.0449 yuan for the whole year. According to the calculation of the consolidated table from August 16, the company is expected to increase EPS0.017 yuan this year.
Buy long Dehua, take a fancy to the group meal market space: recently, the group meal market has been widely concerned by the market, mainly because the market share of this business is very large, but it is greatly influenced by non-market factors. In the past, most of them were digested by enterprises themselves. In recent years, with the influence of food safety and enterprises' own canteens are not professional enough, employee satisfaction is not high and other factors, the release of power is relatively large, and the degree of marketization continues to improve. Long Dehua has more than 30 large and medium-sized customers in the Beijing group meal market, and has signed major customers such as IBM and Huawei in 2012, and the number of customers is expected to reach 40 this year. In addition, long Dehua has been included in the list of student meals provided by the Beijing Municipal Education Commission, and the cold chain student lunch box will be promoted in the future. With the help of the company's accumulated brands, product R & D capabilities and automated cooking robot technology in the mid-and high-end catering market, long Dehua's future revenue is expected to maintain rapid growth.
In 2011, long Dehua has total assets of 27.17 million yuan, total liabilities of 14.51 million yuan, operating income of 70.34 million yuan, net profit of 10.43 million yuan and net interest rate of 14.8%. According to the 20% increase in net profit this year, after the completion of the acquisition, the full-year net profit of the business will increase by EPS0.031 yuan. According to the consolidated table from July 7, the company will be thickened by EPS0.016 yuan this year.
Lengthwise extend the industrial chain of agricultural products, plan to cooperate in the development of fruit juice drinks, waiting for an opportunity to enter the food processing industry. On January 9, the company signed a strategic cooperation agreement with Longyuan shares, which aims to strengthen the industrial chain of agricultural products, expand the market network, expand the field of cooperation, and enhance the influence of the brand. The business scope of Longyuan shares includes the cultivation, storage, processing and sale of fruits, vegetables, raisins, nuts and nuts. This strategic cooperation agreement is a useful exploration for the company to strengthen cooperation with upstream enterprises. The two sides plan to jointly invest in the development of fruit juice drinks, integrate the company's economic resources, enrich the company's products, and realize the company's plan to wait for an opportunity to enter the food processing industry. it will not have a significant impact on the company's business performance in the short term.
Since 2012, the company's capital market has operated frequently, expanded significantly, and basically completed the company's four main business plans.
Profit forecast: according to the company's operating situation, we maintain the company's operating income structure in the third quarter, but according to non-operating income and other reasons, temporarily maintain the company's profit forecast of 2012-2014 EPS of 0.41 yuan, 0.46 yuan and 0.55 yuan. It is expected that the company will complete the stock offering at the end of 2013, when the profit forecast for 2013-2014 will be 0.23 yuan and 0.28 yuan.
Risk tips: 1, the effect of chain expansion of remote stores needs to be observed; 2, the progress of M & An integration business and later management need to be observed; 3, food safety risk.