BRIGHT DAIRY & FOOD(600597):IMPROVEMENTS IN DOMESTIC OPERATION WHILE SWINGS IN OVERSEAS PROFITS
BRIGHT DAIRY & FOOD(600597):IMPROVEMENTS IN DOMESTIC OPERATION WHILE SWINGS IN OVERSEAS PROFITS
Company Profile
公司簡介
BRIGHT DAIRY & FOOD CO., LTD. is a China-based company, principally engaged in the development, production and distribution of dairy products. The Company's products mainly include fresh milk, fresh yogurt, lactobacillus drinks, normal temperature yogurt, milk powder for infants and middle-aged and old people, cheese and butters.
光明乳業食品有限公司。是一家總部位於中國的公司，主要從事乳製品的開發、生產和分銷。本公司產品主要包括鮮奶、鮮優酪乳、乳酸菌飲料、常溫優酪乳、嬰幼兒和中老年人奶粉、奶酪和黃油。
The Company is also engaged in raising and breeding of dairy cow, as well as logistics and distribution businesses.
該公司還從事乳牛的飼養和養殖，以及物流和配送業務。
The Company distributes its products within domestic markets and to overseas markets. (Source: Reuters)
本公司產品在國內市場和海外市場均有銷售。(來源：路透社)
Event
事件
BRIGHT DAIRY & FOOD CO., LTD. ("BRIGHT"/ the company) announced its first-half financial numbers of 2023.
光明乳業食品有限公司。(“光明”/公司)公佈了2023年上半年的財務數據。
In 1H23, the company reported its revenue/ net income attributable to shareholders/ net income deducting non-recurring items at CNY 14.139 billion/ CNY 338 million/ CNY 317 million, down 1.88%/ up 20.07%/31.03% from a year ago.
2013年第一季度，公司收入/股東應佔淨收入/扣除非經常性專案的淨收入為141.39億元/3.38億元/3.17億元，同比下降1.88%/上升20.07%/31.03%。
In 2Q23, BRIGHT turned in revenue/ net income attributable to shareholders/ net income deducting non-recurring items of CNY 7.068 billion/ CNY 151 million/ CNY 142 million, down 1.34%/ up 30.14%/ 39.00% from a year ago.
2013年第二季度，亮麗的收入/股東應佔淨收入/扣除非經常性專案的淨收入為人民幣70.68億元/人民幣1.51億元/人民幣1.42億元，同比下降1.34%/上升30.14%/39.00%。
Comments
評論
The growth of liquid milk in Q2 improved from a quarter earlier, while Synlait saw fluctuations.
第二季度液態奶的增長比上一季度有所改善，而Synlait則出現了波動。
By product categories, in the reporting period, liquid milk/ other dairy products/ husbandry products reported revenue of CNY 8.005 billion/ CNY 4.189 billion/ CNY 1.053 billion, accounting for 56.9%/ 29.8%/7.5%, up 3.1%/ down 5.1%/ down 27.2% from a year ago.
分產品類別看，報告期內，液態奶/其他乳製品/畜牧產品實現營收80.05億元/41.89億元/10.53億元，佔56.9%/29.8%/7.5%，同比增長3.1%/下降5.1%/下降27.2%。
In 2Q23, the liquid milk/ other dairy products/ husbandry products posted revenue of CNY 3.934 billion/ CNY 2.037 billion/ CNY 577 million, up 5.4%/ down 9.8%/ down 23.5% from a year ago. The quarterly acceleration of liquid milk in Q2 showed its better momentum.
2013年第二季度，液態奶/其他乳製品/畜牧產品實現營收39.34億元/20.37億元/5.77億元，同比增長5.4%/下降9.8%/下降23.5%。Q2季度液態奶提速勢頭向好。
The fresh milk is expected to see double-digit growth, low-temperature milk is to achieve positive growth, while room-temperature products will likely take on a falling momentum, with white milk seeing a moderate decline.
預計鮮奶將出現兩位數的增長，低溫奶將實現正增長，而常溫產品可能會出現下降勢頭，白奶將出現溫和下降。
Due to less sales volume of feed and raw milk, the revenue from husbandry products saw greater declines.
由於飼料和原料奶銷售量減少，畜牧業產品收入下降幅度較大。
The gross margin lifted and the selling expense rate stabilized, showing its operation quality in China improved.
毛利率上升，銷售費用率企穩，顯示其在中國的經營質量有所改善。
In 1H23, the gross margin was 20.12%, up 1.01pps from a year ago, with Q2 at 20.28%, up 1.86pps from a year ago, which was mainly due to less costs of raw milk in the upstream, at CNY 4.04 in Q1 and CNY 3.87 in Q2, down 4.61% and 6.90% from a year ago.
2013年第一季度毛利率為20.12%，同比增長1.01pps，其中第二季度毛利率為20.28%，同比增長1.86pps，這主要是由於上游原料奶成本降低所致，第一季度毛利率為4.04元，第二季度毛利率為3.87元，同比下降4.61%和6.90%。
The selling expense rate in 1H23 was 12.16%, down 0.02pps year on year, 12.55% in Q2, up 1.51pps from a year ago, which was mainly due to less investments in expenses in 2Q22 over the epidemic. The overall selling expense rate is expected to maintain stable.
2013年第一季度銷售費用率為12.16%，同比下降0.02pps，第二季度銷售費用率為12.55%，同比上升1.51pps，這主要是由於疫情導致22年第二季度的費用投資減少。預計整體銷售費用率將保持穩定。
Given the above factors, the net margin attributable to shareholders in 1H23 climbed by 0.44pps to 2.39%, and 2.13% in Q2, up 0.52pps from a year ago.
考慮到上述因素，23年上半年股東應佔淨利潤率上升0.44個百分點至2.39%，第二季度上升2.13%，同比增長0.52個百分點。
In addition, Synlait made CNY 85 million in 1H23, contributing CNY 33 million to BRIGHT's profits.
此外，Synlait在23年上半年實現利潤8500萬元，為光明貢獻了3300萬元的利潤。
The net margin of Synlait was 2.25%, down 1.17pps. Deducting the impacts of Synlait, the profit growth in China was 32%, net margin was 2.94%, up 0.77pps from a year ago.
Synlait的淨利潤率為2.25%，下降1.17個百分點。扣除Synlait的影響，中國的利潤增長為32%，淨利潤率為2.94%，同比增長0.77個百分點。
Earnings forecast and investment recommendation
盈利預測和投資建議
According to the semi-annual earnings report, we revised our earnings forecasts and estimated its revenue at CNY 29.72 billion/ CNY 33.125 billion/ CNY 36.631 billion in 2023/2024/2025, up 5.33%/11.46%/10.59% from a year ago, its net income attributable to shareholders at CNY 648 million/ CNY 770 million/ CNY 896 million, up 79.79%/18.80%/16.25%, and its EPS at CNY 0.47/CNY 0.56/CNY 0.65, implying a P/E ratio to 22.02x/18.54x/15.95x. Maintain "Outperform".
根據半年度財報，我們修正了收益預期，預計2023/2024/2025年其收入為297.2億元/人民幣331.25億/元，同比增長5.33%/11.46%/10.59%，股東應佔淨收益6.48億元/7.7億元/8.96億元，增長79.79%/18.80%/16.25%，每股收益0.47元/元0.56/0.65元。這意味著本益比為22.02x/18.54x/15.95x。保持“跑贏大盤”。
Potential risks
潛在風險
intensified competition; hikes in raw material prices; food safety
競爭加劇；原材料價格上漲；食品安全
譯文內容由第三人軟體翻譯。